Note: This page is a representation of information published on the PHIAC website prior to 1 July 2015. This information is provided for reference and research purposes only.
Compliance: Statistical and Financial Reporting
As the regulator of private health insurance, PHIAC exercises a range of auditing activities to monitor the industry and exercise its supervision powers. The information collection function of the Council is to obtain from each private health insurer regular reports about the insurer's operations, including reports supported by actuarial certification. This involves collecting and analysing statistical and financial reports provided by the industry on a quarterly and annual basis or by direction of the Council more often. To check when the next report is due, consult the Calendar of key Industry reporting and activity dates.
To help industry members and auditors with the reporting obligations and ensure consistency and accuracy in the audits, PHIAC provides templates, data definition and guidance.
Separate guidance information is provided for the PHIAC 1 and PHIAC 2 Quarterly Returns. PHIAC 1 relates to statistical information. PHIAC 2 relates to financial information. A template of the audit certificate, to be signed-off by the auditor, is also provided.
The information collected is used for PHIAC to provide quarterly statistics on membership, coverage and others. Check the Industry Statistics section for more information.
Further information on the audit process and the annual reporting requirements can be found in the PHIAC 12/14 circular.