APRA Consults on Data Collection on Private Health Insurance Reforms
APRA is consulting on HRS 605.0, which is a draft reporting standard on data collection for private health insurance reform. The reporting standard sets out requirements for the provision of information to APRA related to a private health insurer’s implementation of the private health insurance reforms. The standard includes the reporting form HRF 605.0 and the associated instructions. The consultation closes on October 11, 2019. APRA intends to release the finalized reporting standard in early 2020, giving private health insurers sufficient notice to adapt their systems to allow them to begin reporting on a quarterly basis. The reporting will start from the quarter ending June 2020, with the first returns due on July 28, 2020. This is the first data collection specifically designed to take advantage of the new data collection solution of APRA.
APRA proposes to collect, on behalf of the Department of Health, data on private health insurance reform measures that were announced in October 2017 and introduced from April 01, 2018 by the Department of Health. The proposed data collection formalizes the existing Excel-based reporting through the implementation of the reporting standard HRS 605.0. Feedback is being welcomed on the design of the proposed data collection, instructions included in the standard, the proposed implementation timeline, and the treatment of the data as non-confidential. Feedback is also invited on the financial impact of the proposed collection, which includes implementation and ongoing costs of reporting, and on whether these costs are expected to increase or decrease over time. The Department of Health and APRA also seek feedback on any barriers or associated costs with implementing the changes in the proposed time frame. Submissions can also indicate whether any aspects of the proposed data collection could be improved or removed to reduce compliance costs, or whether certain data items are more or less difficult to provide.
The proposed implementation of HRS 605.0 is expected to coincide with the start of the new data collection solution of APRA, which replaces Direct to APRA (D2A), the current data collection tool of APRA. Thus, APRA intends that entities will submit HRS 605.0 data in the new data collection solution, or in an alternative file-based method, and expects that private heath insurers will be able to submit data via manual entry or upload of XBRL or Microsoft Excel files. The new Data Collection Solution will replace Direct to APRA (D2A) as a system for reporting entities to submit data to APRA. It will be easier to use, require less maintenance, and be adaptable, as reporting requirements, data analytics, and technology evolve. The new data collection solution is scheduled to become operational in the second half of 2020.
Related Links
Comment Due Date: October 11, 2019
Keywords: Asia Pacific, Australia, Insurance, Private Health Insurers, D2A, HRS 605.0, Data Collection, Reporting, APRA
Featured Experts

María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer

Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.

David Fihrer
Skilled life insurance actuary; subject matter expert on IFRS 17 and source of earnings
Previous Article
DNB Publishes Banking and Insurance Newsletters for June 2019Related Articles
EBA Clarifies Use of COVID-19-Impacted Data for IRB Credit Risk Models
The European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using the internal ratings based (IRB) credit risk models.
EP Reaches Agreement on Corporate Sustainability Reporting Directive
The European Council and the European Parliament (EP) reached a provisional political agreement on the Corporate Sustainability Reporting Directive (CSRD).
PRA Consults on Model Risk Management Principles for Banks
The Prudential Regulation Authority (PRA) launched a consultation (CP6/22) that sets out proposal for a new Supervisory Statement on expectations for management of model risk by banks.
EC Regulation Amends Standards for Calculating Credit Risk Adjustments
The European Commission (EC) published the Delegated Regulation 2022/954, which amends regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.
BIS Hub Updates Work Program for 2022, Announces New Projects
The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.
EIOPA Issues Cyber Underwriting Proposal, Statement on Open Insurance
The European Insurance and Occupational Pensions Authority (EIOPA) published two consultation papers—one on the supervisory statement on exclusions related to systemic events and the other on the supervisory statement on the management of non-affirmative cyber exposures.
US Senate Members Seek Details on SEC Proposed Climate Disclosure Rule
Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)
EIOPA Consults on Review of Securitization Framework in Solvency II
The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on the advice on the review of the securitization prudential framework in Solvency II.
UK Authorities Issue Regulatory and Reporting Updates for Banks
The Prudential Regulation Authority (PRA) issued a statement on PRA buffer adjustment while the Bank of England (BoE) published a notice on the statistical reporting requirements for banks.
BCBS Issues Climate Risk Principles while HKMA Expresses Its Support
The Basel Committee on Banking Supervision (BCBS) issued principles for the effective management and supervision of climate-related financial risks.