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Review of Solvency and Capital Adequacy Standards

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. 

Review of Capital Standards

PHIAC undertook a review of the capital standards to ensure that the risks faced by insurers continue to be consistently and accurately reflected, and to enhance both insurers’ engagement with those risks and the quality of information available to PHIAC in support of its regulation of the industry.

In September 2013 the Council made new standards to replace previous arrangements in stages from 31 March 2014 to 1 July 2014.

Final Standards and Regulatory Impact Statement

Consultation Documentation

Initial Consultation Documents and Stakeholder Responses

PHIAC issued the following discussion papers on 2 July 2012 and invited submissions by 1 October 2012:

  • Circular 12/17
  • Consultation Paper
  • Technical Annexure
  • QIS1a (.xlsx) / QIS1a (.xls)


    • The QIS was an important element in PHIAC’s reform of the capital standards. The QIS enabled insurers to better understand the nature and extent of changes to capital requirements and the practices applied to determine those requirement and provided PHIAC with qualitative and quantitative information not presently available, but which will be important to the reform process. The QIS was to be based on the position of the health benefits fund as at 30 June 2012.

  • Round 1 submissions
    • (QIS results not publicly available)

Second Round Consultation Documents and Stakeholder Submissions

Draft Legislation Release