PHI 42/15

This circular issued by the Private Health Insurance Branch contains information about changes to private health insurance legislation

Page last updated: 10 July 2015

Printable version of 42/15 (PDF 398 KB)

6 July 2015

Changes to private health insurance legislation

As part of the Smaller Government – additional reductions in the number of Australian Government bodies initiative announced as part of the 2014-15 Budget, the Private Health Insurance Administration Council (the Council) was to cease as a separate body, and its prudential supervisory functions be transferred to the Australian Prudential Regulation Authority (APRA) from 1 July 2015.

The enabling legislation to give effect to the transfer of the Council’s prudential supervisory functions to APRA included amendments to the Private Health Insurance Act 2007. These amendments are specified within the Private Health Insurance (Prudential Supervision) (Consequential Amendments and Transitional Provisions) Act 2015 (Consequential and Transitional Provisions Act) which received Royal Assent on 26 June 2015.

A link to the Consequential and Transitional Provisions Act has been provided.

Further, as a result of the Consequential and Transitional Provisions Act the following private health insurance rules have been revoked and remade to reflect APRA’s assumption of the position of private health insurance prudential regulator:

Private Health Insurance (Complying Product) Rules 2015

Private Health Insurance (Risk Equalisation Policy) Rules 2015

Private Health Insurance (Levy Administration) Rules 2015

Private Health Insurance (Health Benefits Fund) Policy Rules 2015

NB: Please note that information contained within this circular is provided as a courtesy notification only. It is the responsibility of industry members to ensure they are operating in compliance with the Private Health Insurance Act 2007 and all other relevant Commonwealth legislation.

If you require further information please telephone: (02) 6289 9853/24 hr answering machine or email the enquiry to Private Health Insurance Branch.

For more information visit 2015 Private Health Insurance (PHI) Circulars.

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