APRA consults on new data collection to assess private health insurance reforms
The Data Collection Solution will replace Direct to APRA (D2A) as a system for reporting entities to submit data to APRA. It will be easier to use, require less maintenance and be adaptable as reporting requirements, data analytics and technology evolve. It is scheduled to become operational in the second half of next year.
As the central statistical collection agency for the financial sector, APRA has been asked by the Commonwealth Department of Health to collect data related to the private health insurance reforms that came into effect from 1 April last year. The data will be aimed at helping the Department assess the reforms’ impact on insurers, policyholders and other stakeholders, and for use in future policy planning.
Acting on the request, APRA today released for consultation draft Reporting Standard HRS 605.0 Private Health Insurance Reform Data Collection, alongside a letter to private health insurers outlining the purpose and terms of the consultation.
Although APRA has already begun to informally collect this data on behalf of the Department, the introduction of HRS 605.0 will make reporting the data a legal requirement for PHIs, and increase its consistency and reliability.
A four-week consultation on HRS 605.5 closes on 11 October. APRA intends to release the finalised reporting standard in early 2020, giving PHIs sufficient notice to adapt their systems so they can begin reporting data under HRS 605.5 starting from the quarter ending June 2020.
The letter to industry and draft HRS 605.5 are available on the APRA website at Consultations on private health insurance reform data collection.
More information on APRA's new Data Collection Solution can be found at APRA is replacing D2A.
The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding $6 trillion in assets for Australian depositors, policyholders and superannuation fund members.