Contemporary Issues in Private Health Insurance. Health Practice Committee: Andrew Gale Ben Ooi
|
|
- Sophia Hancock
- 8 years ago
- Views:
Transcription
1 Contemporary Issues in Private Health Insurance Health Practice Committee: Andrew Gale Ben Ooi
2 Outline A new insurer Trends Private Health Insurance Act 2007 Broader Health Cover Appointed Actuary role Risk Equalisation changes Solvency & Capital Adequacy Standards Demutualisations and ASX Listings Health Practice Committee
3 A new insurer First new insurer in 20 years making 38 insurers National Health Benefits Australia Pty Ltd Operates as OneMediFund open and for-profit Managed by Peoplecare from Wollongong Same products Same systems Same management Diversification for Peoplecare
4 Sep-71 Mar-72 Sep-72 Mar-73 Sep-73 Mar-74 Sep-74 Mar-75 Sep-75 Mar-76 Sep-76 Mar-77 Sep-77 Mar-78 Sep-78 Mar-79 Sep-79 Mar-80 Sep-80 Mar-81 Sep-81 Mar-82 Sep-82 Mar-83 Sep-83 Mar-84 Sep-84 Mar-85 Sep-85 Mar-86 Sep-86 Mar-87 Sep-87 Mar-88 Sep-88 Mar-89 Sep-89 Mar-90 Sep-90 Mar-91 Sep-91 Mar-92 Sep-92 Mar-93 Sep-93 Mar-94 Sep-94 Mar-95 Sep-95 Mar-96 Sep-96 Mar-97 Sep-97 Mar-98 Sep-98 Mar-99 Sep-99 Mar-00 Sep-00 Mar-01 Sep-01 Mar-02 Sep-02 Mar-03 Sep-03 Mar-04 Sep-04 Mar-05 Sep-05 Mar-06 Sep-06 Mar-07 Trends Membership 12,000,000 10,000,000 Total Hospital Coverage (number of persons covered) Introduction of Medicare from 1 February 1984 Introduction of Life Time Health Cover from 1 July ,000,000 6,000,000 4,000,000 2,000,000 Commonwealth medical benefits at 30% flat rate restricted to those with at least basic medical cover from September 1981 Medibank began on 1 July A program of universal, non contributory, health insurance it replaced a system of government subsidised voluntary health insurance. Introduction of 30% Rebate from 1 January 1999 A U S T 0
5 Price Increases Trends AVERAGE CONTRIBUTION RATE INCREASES 10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% 7.0% 6.8% 6.9% 7.4% 7.6% 8.0% 5.7% 4.9% 4.5% 1.8% 0.0%
6 Ageing Year ended Trends Hospital Insurance Risk Profile change Dec % Dec % Dec % Dec % Dec % Dec % Dec % Dec % Dec % June %
7 Trends Financial Performance
8 Private Health Insurance Act 2007 Separated from National Health Act 1953 Appointed Actuary role Broader Health Cover Risk Equalisation changes Health Benefits Fund concept (statutory fund) Health insurance business vs health related business Re-registration of health funds required Private health insurance website SIS Health insurance products need to be complying
9 Appointed Actuary Division 160 of Private Health Insurance Act similar to APRA Life Insurance Appointed Actuary regime details in Private Health Insurance (Insurer Obligation) rules Appointed Actuary has qualified privilege whistleblower provisions Specified duties of Appointed Actuary valuation of insurance liabilities and valuation model determination of discretionary margin in Capital Adequacy determination of risk margins for financial statements annual Financial Condition Report
10 Notifiable Circumstances Health funds must advise actuary of: proposed changes to premiums or benefits changes to strategic or business plans development of new products or major changes to products changes to investment policy development of or changes to capital management plan any other event expected to have a significant financial impact Appointed Actuary must provide advice on these matters if warranted
11 Broader Health Cover Hospital Substitute Treatment Chronic Disease Management Programs Actuarial issues Product structure and packaging Benefit design and management Pricing Liability issues Liability Adequacy Test, Outstanding Claims provision
12 Risk Equalisation changes Age based pool Age Old % pooled New % pooled % 0% % 15% % 43% % 60% % 70% % 76% % 78% % 82% % 82% % 82%
13 Risk Equalisation changes High cost claims pool (replaces Chronically ill) Operates within each state (ACT part of NSW) Financed by levy per SEU Single parents: 1 SEU (previously 2 SEUs) 500 SEU minimum removed for state reporting Medical benefit limit of 116% MBS fee removed
14 Review of Capital Standards Solvency & Capital Adequacy Standards developed in 2000 revised in 2003 after initial operating period revised in 2005 for IFRS revised in 2007 for new legislation PHIAC has commenced a review - Initial industry paper: responses by 5 Oct - Preliminary view paper: Oct-Nov Proposed changes paper: Jan-Feb Draft Capital Standards: May-June Implementation of new standards: 1 Jan 2009 PHIAC is establishing a Standards Reference Group
15 Demutualisations and ASX listings
16 Demutualisations and ASX Listings NIB March 2007: announced plans to demutualise 19 July 2007: members vote in favour of demutualisation Late 2007: ASX listing expected MBF 17 August 2007: Council endorse demutualisation proposal 31 August 2007: BUPA announces interest in buying MBF 2008: MBF expects to demutualise and list on ASX Medibank Private December 2006: Medibank Private Sale Act passed 2008: ASX listing expected if coalition government re-elected
17 Health Practice Committee PHI CPD on-line course Submissions on CapAd Standards revision Review of Guidance Notes - GN650 OSC liabilities and provisions - GN660 financial projections - GN670 financial condition reports - new material - appointed actuary role/responsibilities - IFRS
18 Questions & Discussion
Adventures in Health Risk
Adventures in Health Risk A History of Australian Health Insurance Andrew Gale David Watson Outline Origins of health insurance A changing landscape Today s health risk takers Births, Marriages, Divorces
More informationContemporary Issues in Private Health Insurance. Andrew Gale Ben Ooi David Watson
Contemporary Issues in Private Health Insurance Andrew Gale Ben Ooi David Watson 1 Membership trends, financial results & price increases Reports & inquiries into health financing and costs Cost pressures
More informationThe New Private Health Insurance Environment. Gayle Ginnane
The New Private Health Insurance Environment Gayle Ginnane Key Reforms Broader health cover Standards product information Changes to Lifetime Healthcover Risk equalisation Pricing Prudential standards
More informationPRIVATE HEALTH INSURANCE
PRIVATE HEALTH INSURANCE Presentation by Paul Collins to 26 March 2009 Disclaimer: The view expressed in this presentation are the views of the author and may not reflect the views of PHIAC Outline of
More informationContemporary Issues in Private Health Insurance. An industry discussion
0 Contemporary Issues in Private Health Insurance An industry discussion 1 Today s speakers Andrew Matthews, Medibank First Impressions Indula Abeykoon, BUPA Customer Migration Bronwyn Hardy, Teachers
More informationHealth Insurance. 116 PwC
Health Insurance 116 PwC 4 Introduction Andrew McPhail 118 4.1 Statistics 120 4.2 Key developments in 2010/11 122 4.3 Regulation and supervision 124 4.4 Solvency and capital adequacy 127 4.5 Governance
More informationThe facts. Private health insurance.
The facts. Private health insurance. Fact. The rebate on private health insurance reduces pressure on public health spending. Private healthcare is funded through a combination of private health insurance
More informationHealth Insurance. Introduction Andrew McPhail 138. 3.1 Statistics 140. 3.2 Key developments 144. 3.3 Regulation and supervision 146
Insurance 3 Introduction Andrew McPhail 138 3.1 Statistics 140 3.2 Key developments 144 3.3 Regulation and supervision 146 3.4 Solvency and capital adequacy 150 3.5 Management of risk and re 151 3.6 Financial
More informationPrivate Health Insurance. An appointed actuary
Private Health Insurance An appointed actuary Background PHIAC - Private Health Insurance Administration Council Independent Statutory Authority Health Insurance Regulator Established in 1989 under the
More informationPRICING AND FINANCIAL PROJECTIONS FOR PRIVATE HEALTH INSURERS
PRACTICE GUIDELINE 699.01 PRICING AND FINANCIAL PROJECTIONS FOR PRIVATE HEALTH INSURERS September 2012 INDEX 1. INTRODUCTION 3 1.1 Application 3 1.2 Classification 3 1.3 Background 3 1.4 Purpose 3 1.5
More informationBBY 2007 Healthcare & Life Sciences Conference nib holdings limited Michelle McPherson, Deputy CEO & CFO
BBY 2007 Healthcare & Life Sciences Conference nib holdings limited Michelle McPherson, Deputy CEO & CFO 4 December 2007 Disclaimer By attending this presentation, you agree that no part of this presentation
More informationUS Health Reform - What s happened, and does it matter to Australian health insurers?
US Health Reform - What s happened, and does it matter to Australian health insurers? The Australian media have provided a great deal of coverage of US health reforms without really explaining what is
More informationOperations of the Private Health Insurers. Annual Report 2009 10
Operations of the Private Health Insurers Annual Report 2009 10 Operations of the Private Health Insurers Annual Report 2009 10 Report required by section 264 15 of the Private Health Insurance Act 2007
More informationHealth Commission Final Report - Major Changes for Private Health Insurers
Health Commission Final Report - Major Changes for Private Health Insurers The National Health and Hospitals Reform Commission (NHHRC) recently produced its final report. While much of the content of the
More informationPrivate Health Insurance Premium Change Process: A Review
Private Health Insurance Premium Change Process: A Review Dr David Charles, Director, Insight Economics July 2011 Special Note: The objective of the Australian Centre For Health Research Limited (ACHR)
More informationWe welcome the opportunity to make a submission to the National Commission of Audit.
26 November 2013 National Commission of Audit Commonwealth Government of Australia Email: submissions@ncoagov.au Dear Commission nib health funds limited (nib) We welcome the opportunity to make a submission
More informationSeven Up: The Appointed Actuary in Australian Private Health Insurance 7 years on
Seven Up: The Appointed Actuary in Australian Private Health Insurance 7 years on Prepared by Stuart Rodger Presented to the Institute of Actuaries of Australia Biennial Convention 10-13 April 2011 Sydney
More informationRegulation of Private Health Insurance by the Private Health Insurance Administration Council
The Auditor-General Audit Report No.20 2005 06 Performance Audit Australian National Audit Office Commonwealth of Australia 2005 ISSN 1036 7632 ISBN 0 642 80879 1 COPYRIGHT INFORMATION This work is copyright.
More informationThe New Private Health Insurance Environment
The New Private Health Insurance Environment Prepared by Gayle Ginnane Presented to the Institute of Actuaries of Australia Biennial Convention 23-26 September 2007 Christchurch, New Zealand This paper
More informationHIRMAA SUBMISSION. to the. Review of Australia s future tax system
HIRMAA SUBMISSION to the Review of Australia s future tax system Health Insurance Restricted Membership Association of Australia Level 2, 826 Whitehorse Road, Box Hill, Victoria, 3128 Telephone : 03 9896
More informationPrivate Health Insurance (Prudential Supervision) Rules 2015
Private Health Insurance (Prudential Supervision) Rules 2015 I, Ian Laughlin, delegate of APRA make these Rules under subsection 174(1) of the Private Health Insurance (Prudential Supervision) Act 2015.
More informationPennies from Heaven. Health Insurance Demutualisations. Prepared by Andrew P Gale
Pennies from Heaven Health Insurance Demutualisations Prepared by Andrew P Gale Presented to the Institute of Actuaries of Australia 2009 Biennial Convention, 19-22 April 2009 Sydney This paper has been
More informationBarriers to entry in the Australian private health insurance market
Barriers to entry in the Australian private health insurance market 03 Research Paper 3 June 2015 1 About PHIAC The Private Health Insurance Administration Council (PHIAC) is an independent statutory authority
More informationRequest for feedback and comments scoping study for a national not-for-profit regulator
25 February 2011 Manager Philanthropy and Exemptions Unit Personal and Retirement Income Division The Treasury Langton Crescent PARKES ACT 2600 By email: NFPReform@treasury.gov.au Dear Sir/Madam Request
More informationPrivate Health Insurance Administration Council (PHIAC) Cost Recovery Impact Statement. 16 June 2009 Increase in the Council Administration Levy
Private Health Insurance Administration Council (PHIAC) 16 June 2009 Increase in the Council Administration Table of Contents 1. OVERVIEW 1.1 Purpose 1.2 Background 1.3 Australian Government Cost Recovery
More informationNATIONAL REPORT FOR AUSTRALIA
NATIONAL REPORT FOR AUSTRALIA John M. Newman, Australia THE ACTUARIAL PROFESSION The Institute of Actuaries of Australia has professional responsibility for the conduct of the profession in Australia.
More informationour e PHI PHI David Torrance Torrance
T Tour de d PHI David Torrance 29 November 2013 Some observations, thoughts, questions 1 Community Rating Not defined explicitly but is the backbone of Australian health insurance Consistent with the funding
More informationInvitation to Comment November 2005 Policyholder Equity of Friendly Societies and AASB 1038 Life Insurance Contracts
Invitation to Comment November 2005 Policyholder Equity of Friendly Societies and AASB 1038 Life Insurance Contracts Prepared by the Australian Accounting Standards Board Commenting on this Invitation
More informationHow To Write The Private Health Insurance (Risk Equalisation) Rules 2015
Private Health Insurance (Risk Equalisation Administration) Rules 2015 I, Ian Laughlin, delegate of APRA make these Rules under subsection 333-25, for the purposes of section 318-15, of the Private Health
More informationActuaries Institute submission to the Private Health Insurance Review
7 December 2015 The Hon Sussan Ley MP Minister for Health Parliament House CANBERRA ACT 2600 Email: PHIconsultations2015-16@health.gov.au Dear Minister Actuaries Institute submission to the Private Health
More informationLONG TERM CARE : WHAT CAN WE LEARN FROM THE INTERNATIONAL EXPERIENCE?
LONG TERM CARE : WHAT CAN WE LEARN FROM THE INTERNATIONAL EXPERIENCE? Bridget Browne & Romain Bridet Key words: Long Term Care, international social security systems, life insurance Purpose of your paper:
More informationPrivate Health Insurance Australia
Private Health Insurance Australia Quarterly Statistics September 2014 Contents Snapshot of the industry..... 3 Membership and coverage.... 4 Benefits paid..... 6 Service utilisation... 9 Out-of-pocket
More informationShould Private Health Insurers be More Competitive?
d finitive [ private health insurance ] Federal budget announcement. MAY 2012 Should Private Health Insurers be More Competitive? The government will establish PACU the Private Health Insurance Premiums
More informationRe: Senate inquiry into cooperative, mutual and member-owned firms in the Australian economy
30 June, 2015 Committee Secretary Senate Standing Committees on Economics PO Box 6100 Parliament House Canberra ACT 260 Dear Committee secretary Re: Senate inquiry into cooperative, mutual and member-owned
More informationHealth Funds- Extras Cover, Singles From Choice Online Health Insurance Comparisons Review (30 Jun 2014)
Health Funds- Cover, Singles Classification Budget Budget Type of cover Single Single Test results Bupa Australia Pty Ltd Bupa Australia Pty Ltd Bronze - Single Active Saver Monthly premium before $22.80
More informationProposed Transfer of the Life Insurance Business of BT Life Limited to Westpac Life Insurance Services Limited
KPMG Actuarial Pty Ltd ABN: 91 144 686 046 Australian Financial Services Licence No. 392050 Telephone: +61 2 9335 7000 10 Shelley Street Facsimile: +61 2 9335 7001 Sydney NSW 2000 DX: 1056 Sydney www.kpmg.com.au
More informationWhat Price Health? Private Health Insurance cost pressures and product pricing. Prepared by Andrew P Gale
Private Health Insurance cost pressures and product pricing Prepared by Andrew P Gale Presented to the Institute of Actuaries of Australia 2005 Biennial Convention 8 May 11 May 2005 This paper has been
More informationCombined limit for Physiotherapy, Chiropractic,
Health Funds- Cover, Couples Classification Type of cover Test results Budget Couple Bupa Australia Pty Ltd Bronze - Couple Monthly premium before rebate ($) $45.60 State QLD Policy Type Features (%) 12
More informationState of the Health Funds Report
State of the Health Funds Report 2 010 An independent assessment of the comparative performance and service delivery of Australia s private health insurance providers. Private Health Insurance Ombudsman
More informationThe Global Financial Crisis and Australian Private Health Insurers - a healthy future?
The Global Financial Crisis and Australian Private Health Insurers - a healthy future? You will have seen a Finity article on the impact of the Global Financial Crisis ( GFC ) on the general insurance
More informationCANSTAR S GUIDE TO. Choosing health insurance
CANSTAR S GUIDE TO Choosing health insurance AUSTRALIA HAS A TERRIFIC UNIVERSAL HEALTH CARE SYSTEM, CALLED MEDICARE. THIS SYSTEM ENSURES THAT ALL AUSTRALIANS HAVE ACCESS TO FREE HOSPITAL TREATMENT IN THE
More informationCombined limit for Physiotherapy, Chiropractic,
Funds- Cover, Families From Choice Online Insurance Comparisons Review (30 Jun 2014) Classification Type of cover Budget Family Bupa Australia Pty Ltd Bronze - Family Monthly premium before rebate ($)
More informationGuidance Note on Actuarial Review of Insurance Liabilities in respect of Employees Compensation and Motor Insurance Businesses
Guidance Note on Actuarial Review of Insurance Liabilities in respect of Employees Compensation and Motor Insurance Businesses GN9 Introduction Under the Insurance Companies Ordinance (Cap. 41) ( Ordinance
More informationA number of characteristics distinguish the hirmaa member funds (member list attached). They:
14 November, 2014 Professor Ian Harper Chairman, Competition Policy Review Panel c/o- Competition Policy Review Secretariat The Treasury Langton Crescent PARKES ACT 2600 Dear Professor Re: Response to
More informationContemporary Issues in. Nick Stolk
1 Contemporary Issues in Private Health Insurance Nick Stolk 2 A time to keep and a time to throw away (Eccl 3:6) Contemporary Issues in Private Health Insurance has been prepared biennially since 2001.
More informationPrivate Health Insurance Australia
Private Health Insurance Australia Quarterly Statistics December 2014 Contents Snapshot of the industry......3 Membership and coverage.... 4 Benefits paid..... 6 Service utilisation... 9 Out-of-pocket
More informationSubject: Demutualisation of The Doctors Health Fund and sale to Avant Group Holdings Limited
The Directors The Doctors Health Fund Limited 69 Christie Street St Leonards NSW 2065 27 February 2012 Subject: Demutualisation of The Doctors Health Fund and sale to Avant Group Holdings Limited Dear
More informationRisk sharing in the Australian private health insurance market
A Risk sharing in the Australian private health insurance market 04 Research Paper 4 June 2015 1 About PHIAC The Private Health Insurance Administration Council (PHIAC) is an independent statutory authority
More informationRe: Inquiry into the Private Health Insurance Legislation Amendment (Base Premium) Bill 2013
Committee Secretary Senate Standing Committees on Community Affairs PO Box 6100 Parliament House Canberra ACT 2600 Email: community.affairs.sen@aph.gov.au Dear Dr Holland Re: Inquiry into the Private Health
More informationPrivate Health Insurance Australia
Private Health Insurance Australia Quarterly Statistics March 2015 Contents Snapshot of the industry......3 Membership and coverage.... 4 Benefits paid..... 6 Service utilisation... 9 Out-of-pocket payments..
More informationPRIVATE HEALTH INSURANCE ADMINISTRATION COUNCIL. Reform of Capital Adequacy and Solvency Standards
PRIVATE HEALTH INSURANCE ADMINISTRATION COUNCIL Reform of Capital Adequacy and Solvency Standards REGULATION IMPACT STATEMENT (Office of Best Practice Regulation ID No 2012/ 14174) August 2013 i Table
More informationHealth after Lifetime Health Cover. Recent Health Insurance Experience
Recent Health Insurance Experience Andrew P Gale, BSc, ASIA, ASA, FIAA Alan Brown, BA, MSc, DipEd, AIA, FIAA Presented to: The Institute of Actuaries of Australia 2003 Biennial Convention Shaping the Future:
More informationStatistics. Private Health Insurance Quarterly Statistics. June 2015 (issued 18 August 2015)
Statistics Private Health Insurance Quarterly Statistics June 2015 (issued 18 August 2015) www.apra.gov.au Australian Prudential Regulation Authority Contents Snapshot of the industry......3 Membership
More informationGeorge Savvides Managing Director
George Savvides Managing Director Macquarie Australia Conference, 8 May 2015 IMPORTANT NOTICE The information contained in this presentation is for information purposes only. The information contained
More informationInsurance Law Reforms and Requirements for Direct Offshore Foreign Insurers ("DOFIs")
Insurance Law Reforms and Requirements for Direct Offshore Foreign Insurers ("DOFIs") The Clayton Utz contact for this document is Fred Hawke, Partner Clayton Utz Lawyers Level 18 333 Collins Street Melbourne
More informationLife Insurance (Prudential Rules) Determination No. 7 of 2005
Life Insurance (Prudential Rules) Determination No. 7 of 2005 Prudential Rules No. 50 - Revised Starting Amounts Life Insurance Act 1995 I, John Francis Laker, Chair of APRA, under subsection 252(1) of
More informationRisk equalisation and voluntary health insurance markets: The case of Australia
Risk equalisation and voluntary health insurance markets: The case of Australia Luke B Connelly 1, Francesco Paolucci 2, James RG Butler 2 and Paul Collins 3 A presentation to the 31st Australian Conference
More informationA STATUTORY LIABILITY VALUATION STANDARD FOR GENERAL INSURERS. September 1999. Australian Prudential Regulation Authority
A STATUTORY LIABILITY VALUATION STANDARD FOR GENERAL INSURERS September 1999 Australian Prudential Regulation Authority PREAMBLE APRA is seeking comments by 17 December 1999 on the following draft policy
More informationFACT SHEET GREATER CHOICE IN PRIVATE HEALTH INSURANCE PRODUCTS
FACT SHEET GREATER CHOICE IN PRIVATE HEALTH INSURANCE PRODUCTS More choice in health insurance From April 2007, private health funds will be able to offer broader health insurance. This means funds will
More informationPrivate health. Private health sector
8 Private health one of the things that is often overlooked is just how significant the private health insurance sector is in terms of total funding. If you look at how much health funds pay collectively
More informationPrivate Practice Insurers
Private Practice Insurers 1. Have you worked in private practice during the past 12 months? (If response is no, you have completed the survey. Thank you for your participation) Percent Yes 97.1% 67 No
More informationCOMPETITION IN THE AUSTRALIAN PRIVATE HEALTH INSURANCE MARKET
PHIAC Discussion Paper: COMPETITION IN THE AUSTRALIAN PRIVATE HEALTH INSURANCE MARKET Submission by TUH - January 2013 General comments TUH believes that competition is generally good for consumers and
More informationCommunity Rating More Trouble Than Its Worth?
Community Rating More Trouble Than Its Worth? Prepared by Jamie Reid, Ashish Ahluwalia and Sonia Tripolitano Presented to the Actuaries Institute Actuaries Summit 20-21 May 2013 Sydney This paper has been
More informationIncrease of the Income Tax Thresholds for the Medicare levy Surcharge
Department of Health and Ageing Increase of the Income Tax Thresholds for the Medicare levy Surcharge September 2011 Table of contents: PURPOSE OF THE POST-IMPLEMENTATION REVIEW... 1 EXECUTIVE SUMMARY...
More informationGuidelines. Guidelines on registration of life companies. www.apra.gov.au Australian Prudential Regulation Authority. 27 May 2010
Guidelines Guidelines on registration of life companies 27 May 2010 www.apra.gov.au Australian Prudential Regulation Authority Copyright Commonwealth of Australia This work is copyright. You may download,
More informationRisk Committee Charter
Risk Committee Charter St Andrew s Insurance (Australia) Pty Ltd St Andrew s Life Insurance Pty Ltd St Andrew s Australia Services Pty Ltd Scope The Risk Committee ( the Committee ) performs the functions
More informationPrivate Health Insurance (PHI)
Private Health Insurance (PHI) Proposed means testing not consistent with Community Rating 12 July 2011 On 7 July 2011, the Commonwealth government introduced legislation into Parliament to establish a
More informationPrivate Health Insurance in Australia
Private Health Insurance in Australia For: Australia & New Zealand Study Tour Canadian College of Health Leaders Sydney, Australia 21 February 2012 By: Shaun Larkin Managing Director HCF Outline Definition
More information4.1 General 4.2 Draft taxation determination TD2004/D1
4.1 General The following comments: are a general guide to the Australian taxation implications of selling your Shares in the Buy-back; may not apply to you if you buy and sell Shares in the ordinary course
More informationCAPITAL STANDARDS REVIEW
CAPITAL STANDARDS REVIEW Consultation paper A paper detailing the proposed operation of the Capital Adequacy and Solvency requirements established by PHIAC to apply to health insurers in the private health
More informationRebate Indexation Increases Public Health Sector Costs
tht 11 th June 2013 Rebate Indexation Increases Public Health Sector Costs Government legislation to index the Private Health Insurance Rebate to the CPI will result in a decline in membership, higher
More informationChapter 2. Principal issues
Chapter 2 Principal issues 2.1 The bills follow consultation undertaken by Treasury with industry stakeholders on an exposure draft bill. Submitters noted that many, or all, of their key concerns have
More informationPrudential Supervision of Insurance in Australia. Chris Lewis Immediate Past President
Prudential Supervision of Insurance in Australia Chris Lewis Immediate Past President REGULATORY FRAMEWORK RBA APRA ASIC ACCC Monetary Policy System Stability Payments System Prudential supervision - banks
More informationEXTERNAL PEER REVIEW OF GENERAL INSURANCE LIABILITY VALUATIONS
PROFESSIONAL STANDARD 315 EXTERNAL PEER REVIEW OF GENERAL INSURANCE LIABILITY VALUATIONS INDEX 1. INTRODUCTION 2 2. COMMENCEMENT DATE 4 3. DEFINITIONS 4 4. MATERIALITY 5 5. APPOINTMENT AND RESPONSIBILITIES
More informationCan You Put a Price on Health? The Valuation of Health Insurers
Can You Put a Price on Health? The Valuation of Health Insurers Prepared by Ian Burningham and Jamie Reid Presented to the Institute of Actuaries of Australia 2009 Biennial Convention, 19-22 April 2009
More informationRisk Equalisation 2020 Is the current system sustainable?
Risk Equalisation 2020 Is the current system sustainable? Prepared by Ashish Ahluwalia, Jamie Reid and Sonia Tripolitano Presented to the Institute of Actuaries of Australia Biennial Convention 10-13 April
More information2 COMMENCEMENT DATE 5 3 DEFINITIONS 5 4 MATERIALITY 8. 5 DOCUMENTATION 9 5.1 Requirement for a Report 9 5.2 Content of a Report 9
PROFESSIONAL STANDARD 300 VALUATIONS OF GENERAL INSURANCE CLAIMS INDEX 1 INTRODUCTION 3 1.1 Application 3 1.2 Classification 3 1.3 Background 3 1.4 Purpose 4 1.5 Previous versions 4 1.6 Legislation and
More informationCompulsory Health Insurance: Should government still be the health insurer of first resort?
Compulsory Health Insurance: Should government still be the health insurer of first resort? Prepared by Matthew Crane, Kris McCullough, Jamie Reid and Collin Wang Presented to the Actuaries Institute Actuaries
More informationDiscussion Note. Feedback from IAAust members is encouraged and should be forwarded to the LIWMPC (care of Allen Truslove).
Discussion Note Application of AS1.04, AASB 1038 & AASB 139: Effect of Margin on Services Valuation on Friendly Societies Discussion Note Status This Discussion Note was prepared by the Life Insurance
More informationPrivate Health Insurance Administration Council. Annual Report 2009-10
Private Health Insurance Administration Council Annual Report 2009-10 Private Health Insurance Administration Council Annual Report 2009-10 Report required under section 9 of the Commonwealth Authorities
More informationLGSS Pty Limited. November 2014. Version 4
CONFLICTS MANAGEMENT FRAMEWORK (INCORPORATING THE CONFLICTS MANAGEMENT POLICY) November 2014 Version 4 ABN 68 078 003 497 AFSL 383558 Trustee of the Local Government Superannuation Scheme Pool A - ABN
More informationEconomics Legislation Committee
The Senate Economics Legislation Committee Private Health Insurance (Prudential Supervision) Bill 2015 [Provisions] and related bills June 2015 Commonwealth of Australia 2015 ISBN 978-1-76010-242-5 This
More informationLife Insurance (Prudential Rules) Determination No. 6 of 2005
Life Insurance (Prudential Rules) Determination No. 6 of 2005 Prudential Rules No. 49 - Contract Classification for the purpose of regulatory reporting to APRA Life Insurance Act 1995 I, John Francis Laker,
More informationStatistics. Quarterly Superannuation Performance (interim edition) June 2014 (issued 21 August 2014)
Statistics Quarterly Superannuation Performance (interim edition) June 2014 (issued 21 August 2014) www.apra.gov.au Australian Prudential Regulation Authority Copyright Australian Prudential Regulation
More informationReport to the Australian Senate on anti-competitive and other practices by health funds and providers in relation to private health insurance
Report to the Australian Senate on anti-competitive and other practices by health funds and providers in relation to private health insurance For the period 1 July 2007 to 30 June 2008 Report to the Australian
More informationPrescribed phase-in solvency levels as per Regulation 29
Guideline for the preparation of a business plan where a medical scheme is as per Regulation 29 of the Medical Schemes Act 131 of 1998, as amended Prescribed phase-in solvency levels as per Regulation
More informationFor personal use only
GROUP HIGHLIGHTS 1H12 1H11 % Premium revenue $554.4m $495.0m 12.0 Total policyholders 457,768 430,582 6.3 Net underwriting profit $42.7m $40.9m 4.5 Net investment income $12.4m $18.6m (33.2) Net profit
More informationCORPORATE NEWSLETTER
CORPORATE NEWSLETTER Summer 2014 Page 2 Corporate Newsletter - Summer 2014 CORPORATE NEWSLETTER - SUMMER 2014 Dear Reader, Welcome to our quarterly newsletter which will provide updates and reminders of
More informationPrescribed phase-in solvency levels as per Regulation 29 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% Year 1 Year 2 Year 3 Year 4 Year 5
Guideline for the preparation of a business plan where a medical scheme is not meeting the statutory solvency requirements as per Regulation 29 of the Medical Schemes Act 131 of 1998, as amended Prescribed
More informationImplementation Plan: Development of an asset and financial planning management. Australian Capital Territory
Implementation Plan: Development of an asset and financial planning management framework for TAMS Australian Capital Territory NATIONAL PARTNERSHIP AGREEMENT TO SUPPORT LOCAL GOVERNMENT AND REGIONAL DEVELOPMENT
More informationActuarial Methods in Health Insurance Provisioning, Pricing and Forecasting
Actuarial Methods in Health Insurance Provisioning, Pricing and Forecasting Prepared by Peter Lurie Presented to the Institute of Actuaries of Australia Biennial Convention 23-26 September 2007 Christchurch,
More informationLife Insurance Contracts
Compiled AASB Standard AASB 1038 Life Insurance Contracts This compiled Standard applies to annual reporting periods beginning on or after 1 January 2011 but before 1 January 2013. Early application is
More informationpwc.com.au NT WorkSafe Actuarial review of Northern Territory workers compensation scheme as at June 2014
pwc.com.au NT WorkSafe Actuarial review of Northern Territory workers compensation scheme as at June 2014 30 June 2013 Key findings Funding ratio The following table shows the funding ratio for the scheme
More informationAcquisition of TOWER Medical Insurance (NZ) 2 November 2012
Acquisition of TOWER Medical Insurance (NZ) 2 November 2012 1 Transaction highlights Transaction overview nib holdings has agreed to acquire 100% of TOWER Medical Insurance Limited for approximately NZ$102
More informationWhen too much is not enough: capital in a mutual health fund
When too much is not enough: capital in a mutual health fund Peter Carroll Presented to the Institute of Actuaries of Australia Biennial Convention 10-13 April 2011 Sydney, Australia This paper has been
More informationCentre for Efficiency and Productivity Analysis
Centre for Efficiency and Productivity Analysis Working Paper Series No. WP04/2008 Title Regulation of Private Health Insurance Premiums: Can Performance Assessment Play a Greater Role? Authors Roger Carrington,
More informationAustralian health insurance: extrapolated savings from health and medical research Australian Society for Medical Research
Australian health insurance: extrapolated savings from health and medical research Australian Society for Medical Research 2 June 2012 Pty Ltd ACN: 149 633 116 Dr Paul Dawson, President Australian Society
More informationApplication of Insurer Authorisation in Hong Kong
www.pwchk.com Application of Insurer Authorisation in Hong Kong Highlights of the Regulatory Requirements Updated as of January 2012 1. Introduction Under the Hong Kong regulatory regime, institutions
More informationRISK MANAGEMENT FOR PRIVATE HEALTH INSURERS. Consultation Paper. January 2013
RISK MANAGEMENT FOR PRIVATE HEALTH INSURERS January 2013 Consultation Paper Disclaimer This is a discussion paper whose purpose is to stimulate discussion, debate and feedback to the Private Health Insurance
More informationNSW Home Warranty Insurance Scheme. Information on the Scheme as at. 31 March 2014
NSW Home Warranty Insurance Scheme Information on the Scheme as at 31 March 2014 25 August 2014 Home Warranty Insurance Scheme Board NSW Fair Trading Department of Finance and Services Level 11, 10-14
More information