Document ID: chunk:federal_register_of_legislation:F2023L00721:front:0:p3
Version: federal_register_of_legislation:F2023L00721
Segment Type: other
Provision Reference: 
Character Range: 5685–8864

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 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 previous year (previous report), the current year's auditor's report 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.

Transition

17.         A private health insurer must report under the old reporting standard in respect of a transitional reporting period. For these purposes:

    old reporting standard means the reporting standard revoked in the determination making this Reporting Standard; and

    transitional reporting period means a reporting period under the old reporting standard:
       (a)          which ended before 1 July 2023; and

       (b)          in relation to which the private health insurer was required, under the old reporting standard, to report by a date on or after the date of revocation of the old reporting standard.

    Note: For the avoidance of doubt, if a private health insurer was required to report under an old reporting standard, and the reporting documents were due before the date of revocation of the old reporting standard, the private health insurer is still required to provide any overdue reporting documents in accordance with the old reporting standard.

Interpretation

18.         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:

        AASB references relate to the Australian Accounting Standards made by the Australian Accounting Standards Board;

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

         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.

19.         Unless the contrary intention appears, a reference