APRA postpones implementation of reporting standard on private health insurance reforms data collection
The Australian Prudential Regulation Authority (APRA) has postponed the implementation of Reporting Standard HRS 605.0 Private Health Insurance Reforms Data Collection (HRS 605.0) to allow private health insurers (PHIs) to focus their resources on handling the impacts of COVID-19.
Implementation of the new reporting standard, through which APRA will collect data on behalf of the Department of Health on private health insurance reforms announced by the Department in October 2017, was initially scheduled to commence for the quarter ending June 2020.
Today’s letter to industry announcing the postponement also outlines further changes to HRS 605.0 following feedback from PHIs.
The letter is available on the APRA website at: Reporting Standard HRS 605.0 Private Health Insurance Reforms Data Collection (HRS 605.0) – Postponed implementation and further changes.
Contact APRA Media Unit, on +61 2 9210 3636
All other enquiries
For more information contact APRA on 1300 558 849.
The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding $7.9 trillion in assets for Australian depositors, policyholders and superannuation fund members.