Document ID: chunk:federal_register_of_legislation:F2023L00722:front:0:p2
Version: federal_register_of_legislation:F2023L00722
Segment Type: other
Provision Reference: 
Character Range: 2864–5738

periods and due dates

6.             Subject to paragraph 7, a private health insurer must provide the information required by this Reporting Standard:

      (a)   in respect of each calendar quarter (i.e. the periods ending 30 September, 31 December, 31 March and 30 June); and

      (b)   in respect of each year ending 30 June.

7.             If, having regard to the particular circumstances of a private health insurer, APRA considers it necessary or desirable to obtain information more or less frequently than as provided by subparagraph 6(a) or 6(b), APRA may, by notice in writing, change the reporting periods, or specify reporting periods, for the particular private health insurer.

8.             The information required by this Reporting Standard must be provided to APRA:

      (a)   in the case of quarterly information, within 28 calendar days after the end of the reporting period to which the information relates;

      (b)   in the case of annual information, by 30 September each year; or

      (c)   in the case of information provided in accordance with paragraph 7, within the time specified by notice in writing.

9.             APRA may, in writing, grant a private health insurer an extension of a due date, in which case the new due date will be the date on the notice of extension.
    Note: For the avoidance of doubt, if the due date for a particular reporting period falls on a day other than a usual business day, a private health insurer is nonetheless required to submit the information required no later than the due date.

Quality control

10.         All information provided by a private health insurer under this Reporting Standard must be subject to systems, processes and controls developed by the private health insurer for the internal review and authorisation of that information. It is the responsibility of the Board and senior management of the private health insurer to ensure that an appropriate set of policies and procedures for the authorisation of information submitted to APRA is in place.

Annual audit requirements

11.         The information submitted for the purposes of paragraph 8(b) is to be subject to external audit to ensure consistency with the private health insurer's statutory financial accounts and faithful application of the capital standards.

12.         Audit certification and opinion must be provided to APRA by 30 September each year.

13.         If a private health insurer received a qualified auditor's report for a health benefits fund, the general fund, or the private health insurer for the year previous to the year for which the report is provided, the report for the year for which 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