APRA consults on amendments to private health insurance reporting standards
The Australian Prudential Regulation Authority (APRA) has released for consultation its proposed amendments to three private health insurance (PHI) reporting standards, following amendments to PHI legislation.
In the letter released today, APRA proposes to replace any references to the terms prosthesis, prostheses and prosthetic with medical device/s or human tissue product/s, to ensure consistency between the terminology used in the updated PHI legislation and APRA reporting standards.
Submissions on this consultation should be sent to APRA by 31 August 2023.
The consultation letter and amended reporting standards are available on the APRA website at: Amendments to private health insurance reporting standards.
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The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9 trillion in assets for Australian depositors, policyholders and superannuation fund members.