Cost Recovery Implementation Statement 2016-17
Financial Industry Levies for 2016-17
Private Health Insurance Levy Rules for 2015-16
For the 2015-16 financial year the existing Private Health Insurance (Council Administration Levy) Rules will remain in-force. APRA will levy the industry participants in accordance with these rules. From 2016-17 the Private Health Insurance industry annual levy will be set in accordance with the existing APRA levy-setting methodology, and annual levy determinations will be put in place.
As part of the abolition of the former Private Health Insurance Administration Council (the Council) by the Private Health Insurance (Prudential Supervision) (Consequential Amendments and Transitional Provisions Act 2015, and the replacement of the prudential regulation of the private health insurance industry by the Australian Prudential Regulation Authority (APRA), the previous Risk Equalisation Trust Fund (the Trust Fund) has been replaced by a Special Account.
The conversion of the Trust Fund into the Special Account is not intended to result in any practical changes for insurers. The same kinds of amounts will be payable into the Special Account under section 318-5 of the Private Health Insurance Act 2007 as were payable into the Trust Fund.