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

    EBA Launches Stress Tests for Banks, Issues Other Updates

    The European Banking Authority (EBA) launched the 2023 European Union (EU)-wide stress test, published annual reports on minimum requirement for own funds and eligible liabilities (MREL) and high earners with data as of December 2021.

    January 31, 2023 WebPage Regulatory News
    News

    EBA Proposes Standards for IRRBB Reporting Under Basel Framework

    The European Banking Authority (EBA) proposed implementing technical standards on the interest rate risk in the banking book (IRRBB) reporting requirements, with the comment period ending on May 02, 2023.

    January 31, 2023 WebPage Regulatory News
    News

    FED Issues Further Details on Pilot Climate Scenario Analysis Exercise

    The U.S. Federal Reserve Board (FED) set out details of the pilot climate scenario analysis exercise to be conducted among the six largest U.S. bank holding companies.

    January 17, 2023 WebPage Regulatory News
    News

    US Agencies Issue Several Regulatory and Reporting Updates

    The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.

    January 04, 2023 WebPage Regulatory News
    News

    ECB Issues Multiple Reports and Regulatory Updates for Banks

    The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.

    January 01, 2023 WebPage Regulatory News
    News

    HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements

    The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.

    December 30, 2022 WebPage Regulatory News
    News

    EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR

    The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.

    December 29, 2022 WebPage Regulatory News
    News

    CBIRC Revises Measures on Corporate Governance Supervision

    The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.

    December 29, 2022 WebPage Regulatory News
    News

    HKMA Publications Address Sustainability Issues in Financial Sector

    The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.

    December 23, 2022 WebPage Regulatory News
    News

    EBA Updates Address Basel and NPL Requirements for Banks

    The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.

    December 22, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8700