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
Pierre-Etienne Chabanel
Brings expertise in technology and software solutions around banking regulation, whether deployed on-premises or in the cloud.
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Related Articles
FSB Sets Out Effective Practices for Cyber Incident Recovery
FSB finalized the toolkit of effective practices to assist financial institutions in their cyber incident response and recovery activities.
HKMA Urges Early Action for Adherence to IBOR Fallbacks Protocol
HKMA urged authorized institutions to take early action to adhere to the IBOR Fallbacks Protocol, which ISDA is expected to publish soon.
FSB Sets Out Roadmap for Transition to Alternative Reference Rates
FSB published a global transition roadmap for London Inter-bank Offered Rate (LIBOR).
HM Treasury Publishes Response to Proposal on BRRD2 Transposition
HM Treasury published a document that summarizes the responses received from a consultation on the approach of UK to transposition of the revised Bank Resolution and Recovery Directive (BRRD2).
HM Treasury Publishes Response to Proposal on CRD5 Transposition
HM Treasury published the government response to the feedback received on the consultation for updating the prudential regime of UK before the end of the Brexit transition period.
BoE Publishes Reporting Schedule for Statistical Returns
In a recent statistical notice, BoE announced publication of the reporting schedule for statistical returns for 2021.
EC Welcomes Declaration by Member States on EU Cloud Federation
EC welcomed the joint declaration by 25 EU member states on building the next generation of cloud in Europe.
MAS Amends Notice on Issuance of Covered Bonds by Banks in Singapore
MAS published amendments to Notice 648 on the issuance of covered bonds by banks incorporated in Singapore.
FDIC Selects Technology Companies for Rapid Prototyping Competition
FDIC has selected 14 technology companies—including Accenture Federal Services, LLC, Fed Reporter, Inc, and S&P Global Market Intelligence, LLC—for inclusion in the next phase of the rapid prototyping competition.
GLEIF Defines New Validation Agent Role for Financial Institutions
GLEIF announced that financial institutions worldwide can realize a variety of cost, efficiency, and customer experience benefits by assuming a new “validation agent” role within the Global Legal Entity Identifier (LEI) System.
