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Health Insurance (prudential standard) determination No. 8 of 2023

Prudential Standard HPS 310 Audit and Related Matters

Private Health Insurance (Prudential Supervision) Act 2015

I, Helen Rowell, a delegate of APRA:

    (a)          under subsection 92(5) of the Private Health Insurance (Prudential Supervision) Act 2015 (the PHIPS Act) revoke Health Insurance (prudential standard) determination No. 1 of 2019, including Prudential Standard HPS 310 Audit and Related Matters made under that Determination; and

    (b)          under subsection 92(1) of the PHIPS Act determine Prudential Standard HPS 310 Audit and Related Matters, in the form set out in the Schedule, which applies to all private health insurers.

This instrument commences on 1 July 2023.
Dated: 24 May 2023

[Signed]

Helen Rowell
Deputy Chair

Interpretation

In this instrument:

APRA means the Australian Prudential Regulation Authority.
private health insurer has the meaning given in section 4 of the PHIPS Act.

Schedule

Prudential Standard HPS 310 Audit and Related Matters, comprises the document commencing on the following page.

Prudential Standard HPS 310

Audit and Related Matters
Objectives and key requirements of this Prudential Standard
This Prudential Standard establishes requirements for the provision, to the Board and senior management of a private health insurer, of independent advice in relation to the operations, financial position and risk controls of the business operations of the private health insurer. This independent advice is designed to assist the Board and senior management in carrying out their responsibilities for the sound and prudent management of the business operations of the private health insurer.
This Prudential Standard outlines the roles and responsibilities that a private health insurer must require of its Appointed Auditor. It also outlines the obligations of a private health insurer to make arrangements to enable its Appointed Auditor to fulfil his or her responsibilities.
The key requirements of this Prudential Standard, are that a private health insurer:
     * must appoint an auditor (Appointed Auditor);
     * must make arrangements to enable its Appointed Auditor to undertake his or her responsibilities to audit the financial statements and annual information required by APRA in relation to a private health insurer, and to review other aspects of that private health insurer, (including special purpose engagements) and provide a report to the private health insurer regarding such reviews;
     * must submit to APRA all reports required to be prepared by its Appointed Auditor including the Appointed Auditor's report or a special purpose report by an agreed auditor engaged to prepare a such a report, as required under this Prudential Standard; and
     * will facilitate APRA liaison with an Appointed Auditor if required.

Table of Contents
Authority
Application and commencement
Interpretation
Obligations of a private health insurer – Auditor appointment
Obligations of a private health insurer –