APRA Delays Implementation of Reporting Standard for Health Insurers
APRA published a letter to inform private health insurers about the postponement of the implementation of HRS 605.0, which is the reporting standard on private health insurance reforms data collection, to support insurers to devote resources to handling the impact of COVID-19. HRS 605.0 was initially scheduled to commence for the quarter ending June 2020. This letter also contains information regarding further changes to HRS 605.0 following feedback from insurers. This consultation will be delayed until at least September 2020. Consequently, the first collection would be for the quarter ending March 2021. APRA will advise entities when consultation on HRS 605.0 opens in due course.
Although APRA is pausing the implementation of the December 2019 version of HRS 605.0, private health insurers will continue submitting data using the Excel-based collection. APRA and the Department of Health are concerned that entities may have progressed into building and implementing processes to prepare and submit HRS 605.0 data and, therefore, wish to provide details of the changes prior to further implementation. APRA and the Department have drafted two key changes to HRS 605.0. These changes are relatively minor but will improve the usefulness of HRS 605.0 data. The changes include removing co-payment from Table 2 on insured persons and Table 3 on policies and adding an additional dimension (column) to Table 4 on hospital services, benefits, fees charged, and treatment days and episodes to separately collect psychiatric services.
Related Links
Keywords: Asia Pacific, Australia, Insurance, Private Health Insurers, HRS 605.0, COVID-19, Data Collection, Reporting, APRA
Featured Experts

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

Victor Calanog, Ph.D.
Leading economist; commercial real estate; performance forecasting, econometric infrastructure; data modeling; credit risk modeling; portfolio assessment; custom commercial real estate analysis; thought leader.

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