ARTICLE · 20 APRIL 2015

Private Health Insurance In Australia: APRA Releases Its Proposed Prudential And Reporting Framework

Clyde & Co

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We will keep you informed of any developments with respect to the Discussion Paper, the Bill and the implementation of Prudential Standards by APRA with respect to private health insurers.

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Crystal Lawton

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As we indicated in our January 2015 article "New era of supervision of Australian private health insurers", we are continuing to provide updates as the supervision of Australian private health insurers transitions from PHIAC to APRA. In this latest update, we report on APRA's release of its proposed prudential and reporting framework for Australian private health insurers.

It has been proposed that by 1 July 2015 the Private Health Insurance Administration Council (PHIAC) will cease to exist and the prudential supervision of the Australian private health insurance industry that is currently managed by PHIAC under the Private Health Insurance Act 2007 (PHI Act) will be transferred to the Australian Prudential Regulation Authority (APRA).

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