Featured Product

    APRA Consults on Data Collection on Private Health Insurance Reforms

    September 28, 2019

    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
    Related Articles
    News

    US Agencies Requests Comments on Use and Impact of CAMELS Ratings

    US Agencies (FDIC and FED) are seeking information and comments from interested parties regarding the consistency of ratings assigned by the agencies under the Uniform Financial Institutions Rating System (UFIRS).

    October 18, 2019 WebPage Regulatory News
    News

    BoE Announces Date for Publication of Stress Test Results for Banks

    BoE announced its plans to publish results of the full UK annual stress tests on December 10, 2019.

    October 18, 2019 WebPage Regulatory News
    News

    PRA Consults on Approach to Supervising Liquidity and Funding Risks

    In consultation paper (CP27/19), PRA published a proposal (CP27/19) to update the supervisory statement SS24/15 on the PRA approach to supervising liquidity and funding risk.

    October 17, 2019 WebPage Regulatory News
    News

    US Agencies Consult on Policy Statement on Allowance for Credit Losses

    US Agencies (FDIC, FED, NCUA, and OCC) are consulting on the policy statement on allowances for credit losses and on the guidance on credit risk review systems.

    October 17, 2019 WebPage Regulatory News
    News

    FSI Paper Examines Use of Suptech Initiatives by Financial Authorities

    The Financial Stability Institute (FSI) of BIS published a paper that examines the suptech developments by analyzing suptech initiatives of 39 financial authorities globally.

    October 17, 2019 WebPage Regulatory News
    News

    ECB Publishes Recommendations on Euro Risk-Free Rates Transition

    ECB published a report, by private sector working group on euro risk-free rates, which contains recommendations, from a risk management perspective, on the transition to new risk-free rates.

    October 17, 2019 WebPage Regulatory News
    News

    US Agencies Publish Notice to Extend Form FFIEC 102 for Three Years

    US Agencies (FDIC, FED, and OCC) published a joint notice regarding extension of the market risk regulatory report for institutions subject to the market risk capital rule (FFIEC 102).

    October 17, 2019 WebPage Regulatory News
    News

    FSB Report Examines Implementation and Impact of G20 Financial Reforms

    FSB published fifth annual report on the implementation and effects of the G20 financial regulatory reforms.

    October 16, 2019 WebPage Regulatory News
    News

    EBA Launches Consultation on Comprehensive Pillar 3 Disclosures

    EBA proposed the new comprehensive implementing technical standard (ITS) for public disclosures by financial institutions.

    October 16, 2019 WebPage Regulatory News
    News

    EBA Consults on Revised Technical Standards on Supervisory Reporting

    EBA launched a consultation on the revised implementing technical standards, or ITS, on supervisory reporting.

    October 16, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3997