APRA and PHIAC - Interdependence
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1 Memorandum of Understanding between PRIVATE HEALTH INSURANCE ADMINISTRATION COUNCIL and AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY
2 2 MEMORANDUM OF UNDERSTANDING BETWEEN THE AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY (APRA) AND PRIVATE HEALTH INSURANCE ADMINISTRATION COUNCIL (PHIAC) 1. Objective 1.1 This memorandum of understanding (MOU) sets out a framework for cooperation between APRA and PHIAC (the agencies ) in areas of common interest where cooperation is essential for the effective and efficient performance of their respective financial and insurance regulation functions in respect of the relevant parts of the insurance industry for which they are responsible. 1.2 The agencies mutually decide that, consistent with their separate roles, they will cooperate where it is within their administrative powers to reduce duplication and compliance costs and achieve effective enforcement and compliance outcomes for both industry and the agencies. 1.3 This MOU is not intended to create binding obligations on either agency and each agency has the right to vary its terms at any time by agreement following consultation with the other agency. 2. Responsibilities 2.1 APRA is responsible for the prudential regulation of authorised deposit taking institutions ( ADIs banks, building societies and credit unions), life insurance companies (including benefit fund friendly societies), general insurance companies and superannuation funds. In performing its functions to protect the interests of depositors, policyowners and fund members, APRA is required to balance financial safety with efficiency, competition, contestability and competitive neutrality. Benefit fund friendly societies are regulated under the Life Act following amendments to the Life Act by the Financial Sector Reform (Amendments and Transitional Provisions) Act (No.1) APRA does not regulate friendly societies that carry on solely health insurance business; these are
3 3 regulated under the Health Act by PHIAC. However, APRA does regulate the non-health benefit fund business of those friendly societies that carry on both health insurance business and life insurance business. Friendly societies such as these are called jointly regulated friendly societies. 2.2 PHIAC is responsible for the administration and enforcement of the relevant parts of the Health Act for the supervision and regulation of the private health insurance industry. In performing its functions PHIAC is required to balance the protection of the interests of health benefit fund contributors and the financial safety of health benefit funds, with the promotion of an efficient competitive, and economically strong private health insurance industry. As part of its responsibilities PHIAC is responsible for the supervision and regulation of registered organisations, and the health benefit funds of those registered organisation, that also carry on a life insurance business and which are jointly regulated friendly societies. 2.3 APRA and PHIAC have a general interest in cooperation in the development of administration policy for the regulation of those parts of the insurance industry for which they each have responsibility. They have a particular interest in the supervision and regulation of the jointly regulated friendly societies for the protection of health benefit fund contributors, other fund members, insurance policyowners, and the financial health and stability of the respective parts of the life and private health insurance industry for which they are each responsible. 3. Regulatory Policy Development 3.1 Changes in regulatory policy or regulatory decisions on particular matters by either agency may have implications for the other agency. Each agency therefore will notify the other of any proposed changes in regulatory policy or regulatory decisions likely to impact on the responsibilities of the other and provide the other with the opportunity to comment on any proposed changes. 3.2 Where the implementation of regulatory policy or regulatory decisions by either agency have implications for the other agency, each agency will notify the other.
4 4 3.3 The agencies agree that, where appropriate, it is desirable for them to consult with each other in relation to policy statements and media releases, which are being formulated and which may be of interest to or have an effect on each agency. Where appropriate, the agencies may consider whether to issue a policy statement or media release on a joint basis, having regard to the subject matter of the release, the policy objectives of each regulator, and the objectives of this MOU. 4. Mutual Assistance 4.1 The agencies recognise that it is important that they cooperate to promote public confidence in those parts of the insurance industry for which they respectively have responsibility, and to engender the confidence and informed participation of all stakeholders in that system. 4.2 The agencies agree to provide each other with mutual assistance in relation to the exchange of information, appropriate referral of matters and cooperation in regulation, compliance, supervisory intervention and enforcement within the framework of this MOU and which is consistent with all relevant laws. 5. Major Supervisory Intervention 5.1 APRA and PHIAC will cooperate to ensure the effective and efficient initiation, conduct and resolution of major supervisory interventions of jointly regulated entities in accordance with their relevant legislative responsibilities. 5.2 Without limiting the generality of clause 5.1 each agency will: notify the other agency where it considers that it might commence a major supervisory intervention in respect of a particular jointly regulated friendly society or a fund of such a friendly society; consult the other agency about the form of a major supervisory intervention proposed in relation to the jointly regulated friendly society, and whether either agency or both agencies might most appropriately undertake the intervention;
5 5 where appropriate, determine jointly with the other agency the most appropriate and effective course of action in relation to a major supervisory intervention into a jointly regulated friendly society; and provide appropriate information and support to the other agency in the course of the conduct and resolution of the major supervisory intervention. 6. Information Sharing 6.1 Full and timely exchange of information is a crucial element in coordination between the agencies. 6.2 APRA gathers a wide range of information on life insurance companies, which are prudentially regulated. PHIAC gathers a wide range of information in its role in supervising and regulating the Australian private health insurance industry. 6.3 The agencies agree that, subject to legislative provisions, information available to one agency, which is relevant to the responsibilities of the other agency, will be shared as requested. Each agency will provide relevant information to the other on a best endeavors basis, with due regard to the urgency of doing so. This will be subject to any relevant legal and operational considerations and any conditions, which the provider of the information might place upon the use or disclosure of the information, such as claims of legal professional privilege. 6.4 When exchanging confidential information, including personal and protected information, APRA and PHIAC acknowledge the confidentiality and secrecy requirements of the laws under which each agency operates. The agency providing information has the right to specify the level of confidentiality attached to the information it provides to the other, in order to protect that information from unauthorised use or disclosure. The agency receiving the information will take all reasonable steps to ensure such information is used or disclosed only for the purposes for which it was obtained.
6 6 6.5 Each agency agrees not to disclose any confidential information obtained pursuant to this MOU to a third party unless it has obtained the prior consent of the agency which has provided the confidential information or that disclosure is otherwise required by law. 7. Unsolicited Assistance 7.1 Each agency recognises that, in the course of carrying out its functions and exercising its powers, it will come into possession of information which would, if provided to the other agency, be likely to assist that other agency in administering or enforcing the laws for which it is responsible. 7.2 Each agency agrees, subject to any applicable legal restrictions, to use its best endeavors to notify the other agency, with due regard to the urgency of doing so, of the existence of any information of a kind referred to in clause 7.1 even though it may not have received a request from the other agency for such information. 8. Cost of Provision of Information 8.1 In general, the agency which receives the request for information will bear the whole cost incurred by it in locating and providing the information to the agency that requests the information. 8.2 If it appears to the agency that receives the request that it will incur substantial costs in responding to the request it may make representations to that effect to the requesting agency, and the agencies may mutually negotiate a cost sharing arrangement for the provision of that information.
7 7 9. Definitions 9.1 In this MOU: Health Act means the National Health Act 1953 (Cth) as in force for the time being; Life Act means the Life Insurance Act 1995 (Cth) as in force for the time being; Major Supervisory Intervention means: (a) (b) (c) (d) the appointment by PHIAC of an inspector to a health benefit fund or a registered organisation under s.82r of the Health Act; the issuing of a written direction, a show cause notice, or an investigation by APRA under Division 3 of Part 7 of the Life Act; the appointment by PHIAC of an administrator to a health benefit fund or registered organisation under s.82xf of the Health Act; the application by APRA for the appointment of a judicial manager under s.157 of the Life Act; (e) the application by APRA for the appointment of a liquidator under s.181 of the Life Act; (f) (g) (h) the giving of a written notice by PHIAC under s.82xzd of the Health Act following a recommendation by an administrator under s.82xzc of the Health Act; an approval by PHIAC of a resolution for the voluntary winding up of a health benefit fund under s.82yh of the Health Act, or of a registered organisation under s.82yl of the Health Act; and an application by PHIAC for the winding up of a health fund under s.82yo of the Health Act, or of a registered organisation under s.82yt of the Health Act.
8 8 Registered organisation means an organisation registered under s.73 of the Health Act.
9 9 SIGNED on behalf of PRIVATE HEALTH INSURANCE ADMINISTRATION COUNCIL by Gayle Ginnane Chief Executive Officer Gayle Ginnane Chief Executive Officer in the presence of Dated this day of January 2000 SIGNED on behalf of THE AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY by Tom Karp Tom Karp Acting Chief Executive Officer Acting Chief Executive Officer in the presence of Dated this day of January 2000
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