Document ID: chunk:federal_register_of_legislation:F2024L00146:front:0:p1
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Financial Sector (Collection of Data) (reporting standard) determination
No. 3 of 2024

Reporting Standard HRS 605.0 Private Health Insurance Reform Data Collection

Financial Sector (Collection of Data) Act 2001
I, Andrew Robertson, delegate of APRA, under paragraph 13(1)(a) of the Financial Sector (Collection of Data) Act 2001 (the Act) and subsection 33(3) of the Acts Interpretation Act 1901:

    (a) revoke Financial Sector (Collection of Data) (reporting standard) determination No. 12 of 2021, including Reporting Standard HRS 605.0 Private Health Insurance Reform Data Collection made under that Determination; and

    (b) determine Reporting Standard HRS 605.0 Private Health Insurance Reform Data Collection, in the form set out in the Schedule, which applies to the financial sector entities to the extent provided in paragraph 3 of the reporting standard.

Under section 15 of the Act, I declare that the reporting standard shall begin to apply to those financial sector entities, and the revoked reporting standard shall cease to apply, at the start of the day after the instrument is registered on the Federal Register of Legislation.

This instrument commences at the start of the day after the day that the instrument is registered on the Federal Register of Legislation.

Dated: 1 February 2024

Andrew Robertson
General Manager – Chief Data Officer
Technology and Data Division

Interpretation

      In this Determination:

APRA means the Australian Prudential Regulation Authority.

Federal Register of Legislation means the register established under section 15A of the Legislation Act 2003.

    financial sector entity has the meaning given by section 5 of the Act.

Schedule

Reporting Standard HRS 605.0 Private Health Insurance Reform Data Collection comprises the document commencing on the following page.

Reporting Standard HRS 605.0

Private Health Insurance Reform Data Collection

Authority
     1. This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.

Purpose
    2.             Information collected under this Reporting Standard is for the purpose of enabling APRA to assist the Department of Health in performing its functions. This information may also be used by APRA for prudential and publication purposes.

Application
    3.             This Reporting Standard applies to all private health insurers.
    4.             This Reporting Standard applies to reporting periods ending on or after 31 March 2024.

Information required
    5.             A private health insurer must provide APRA with the information required by HRF 605.0 in respect of each reporting period.
    6.             The information required by this Reporting Standard, as set out in HRF 605.0, must be provided for each health benefits fund of the private health insurer.

Method of submission
    7.             The information required by this Reporting Standard must be given to APRA:
       (a)          in electronic format using an electronic method available on APRA's website;
       (b)          or by a method notified by APRA