Document ID: chunk:federal_register_of_legislation:F2024L01523:body:0:p4
Version: federal_register_of_legislation:F2024L01523
Segment Type: other
Provision Reference: 
Character Range: 9630–12773

economic and financial market conditions, and other factors affecting the private health insurer's risk profile and capital resources;
         4.           a summary of the private health insurer's policy for reviewing its ICAAP, including who is responsible for the review, details of the frequency and scope of the review, and mechanisms for reporting on the review and its outcomes to the Board and senior management;
         5.           a description of the basis of measurement of capital used in the ICAAP, and an explanation of the differences where this basis differs from that used for regulatory capital; and
         6.            references to supporting documentation and analysis, as relevant.
 6.          A private health insurer must ensure its ICAAP is subject to regular and robust review by appropriately qualified persons who are operationally independent of the conduct of capital management. The frequency and scope of the review must be appropriate to the private health insurer, having regard to its size, business mix, complexity of its operations, and the nature and extent of any changes that have occurred or are likely to occur in its business profile or its risk appetite. A review must be conducted at least every three years. The review must be sufficient to reach a view on whether the ICAAP is adequate and effective.
 7.          A private health insurer must, on an annual basis, provide a report on the implementation of its ICAAP to APRA (ICAAP report). A copy of the ICAAP report must be provided to APRA no later than three months from the end of the ICAAP annual reporting period to which it relates.
 8.          The ICAAP report must include:
         1.           detailed information on current and three-year projected capital levels relative to minimum regulatory capital requirements and target levels for the private health insurer and each fund;
         2.           detailed information on the actual outcomes of applying the ICAAP over the period, relative to the planned outcomes in the previous ICAAP report (including analysis of the private health insurer's actual capital position relative to minimum regulatory capital requirements and capital targets and actual-versus-planned capital management actions);
         3.           description of material changes to the ICAAP since the previous ICAAP report;
         4.           detail and outcomes of stress testing and scenario analysis used in undertaking the ICAAP;
         5.           a breakdown of capital usage over the planning horizon, as relevant, by material:
                 1.             business activity;
                 2.          geographic spread of exposures; and
                 3.         risk types;
         6.            an assessment of anticipated changes in the private health insurer's risk profile or capital management processes over the planning horizon;
         7.           details of any review of the ICAAP since the previous ICAAP report, including any recommendations for change and how those recommendations have been, or are being, addressed; and
         8.           references to