The Australia Prudential Regulation Authority (APRA) is seeking industry feedback on proposed changes to private health insurance (PHI) reporting standards following amendments to PHI legislation.
APRA has proposed amendments to three PHI reporting standards:
The regulator proposed to replace the terms “prosthesis,” “prostheses,” and “prosthetic” with medical devices or human tissue products to ensure consistency between the terminology used in the updated PHI legislation and APRA reporting standards. It also made minor amendments, including removing references to the Health Insurance Act in the definition of nursing home type patient in HRS 601.0.
On December 01, 2022, three bills were introduced to the Parliament to change four PHI legislations:
The bills passed in March 2023 and came into effect on July 01, 2023.
The amended reporting standards are expected to apply to reporting periods ending on, or after, December 31, 2023. The consultation is open for submissions until August 31, 2023.
“In the meantime, APRA expects entities to continue reporting in line with the current reporting standards,” APRA chief data officer Surabhi Jain said in a letter to private health insurers.