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The letter issued today responds to the consultation released in August 2023 on consequential updates to three PHI reporting standards to ensure consistency between the terminology used across the updated PHI legislation and APRA PHI reporting standards.
The letter to industry issued today follows the consultation released in June 2023 on APRA's proposed updates to ensure that the framework for ADIs and insurers is refreshed in a timely manner between more comprehensive reviews of prudential standards.
The letter released today follows the publication of the final Prudential Standard CPS 511 Remuneration in August 2021, and APRA's commitment to publish the findings of a review of its implementation.
The statistics provides industry aggregate summaries of key financial and membership statistics. Specific sets of statistics are also provided in the areas of membership, coverage, benefits paid, medical gap, prostheses, and medical services.
This consultation aims to ensure consistency between the terminology used in the amended private health insurance (PHI) legislation and APRA's PHI reporting standards.