Document ID: chunk:federal_register_of_legislation:F2023L00631:body:0:p3
Version: federal_register_of_legislation:F2023L00631
Segment Type: other
Provision Reference: 
Character Range: 5536–8746

the report is provided must state whether the auditor has examined the issues identified and is satisfied that the private health insurer has taken the appropriate steps to rectify the matters raised in the previous report.

    14.         The auditor's report must:

       (a)          state details of the program adopted to carry out the audit; and

       (b)          include the name of, and be signed by, the auditor who takes responsibility for the accuracy of the report.

Authorisation
    15.         A person who submits the information required under this Reporting Standard must be suitably authorised by an officer of the private health insurer.

Variations
    16.         APRA may, in writing, vary the reporting requirements of this Reporting Standard in relation to a private health insurer.

Interpretation
    17.         In this Reporting Standard:

       (a)          unless the contrary intention appears, words and expressions have the meanings given to them in Prudential Standard HPS 001 Definitions (HPS 001); and

       (b)          the following definitions are applicable:

       APRA means the Australian Prudential Regulation Authority established under the Australian Prudential Regulation Authority Act 1998;

       capital standards means the prudential standards which relate to capital adequacy as defined in HPS 001;

       officer has the same meaning as in the Act;

       private health insurer has the same meaning as in the Act;

       reporting period means a period mentioned in paragraph 6 or, if applicable, paragraph 7; and

       the Act means the Private Health Insurance (Prudential Supervision) Act 2015.

    18.         Unless the contrary intention appears, a reference to an Act, Prudential Standard, Reporting Standard, Australian Accounting or Auditing Standard is a reference to the instrument as in force from time to time.

Reporting Standard HRS 118.0

Operational Risk Charge

General instructions

Reporting tables

Tables described in this reporting form list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set. Constraints on the data that can be reported for each field have also been provided.

Any specific combination of values in the table must not appear on more than one row in that table when reported.

Definitions

Terms highlighted in bold italics indicate that the definition is provided in these instructions.

G

General fund                        General fund has the same meaning as in HPS 001.

(Private health insurer fund type)

H

Health benefits fund                Health benefits fund has the same meaning as in the Act.

(Private health insurer fund type)

O

Operational Risk Charge (ORC)                                                                     This is a derived item and is calculated using the formula in accordance with HPS 118.

ORC - Central estimate of insurance liabilities                                                   This is the value of the central estimate component of insurance liabilities, determined in accordance with Prudential Standard HPS 340