Federal Register of Legislation - Australian Government

Primary content

Rules/Other as made
This instrument amends the Private Health Insurance (Insurer Obligations) Rules 2009 to make minor amendments to remove obsolete references to margins, and provides a role for actuaries in assessing the reasonableness of stress test outcomes required in the Capital Adequacy Standard.
Administered by: Health
Registered 11 Sep 2013
Tabling HistoryDate
Tabled HR12-Nov-2013
Tabled Senate12-Nov-2013
Date of repeal 01 Apr 2014
Repealed by Division 1 of Part 5A of the Legislative Instruments Act 2003

Commonwealth Coat of Arms

The Private Health Insurance Administration Council makes the following rule under section 333-25 of the Private Health Insurance Act 2007.

Dated 6 September 2013

LYNN RALPH



 

1              Name of rule

                This rule is the Private Health Insurance (Insurer Obligations) Amendment Rule 2013 (No. 1).

2              Commencement

Each provision of this rule specified in column 1 of the table commences in accordance with column 2 of the table.

 

Commencement information

 

Column 1

Column 2

 

Provision(s)

Commencement

1

Sections 1 to 3 and anything in this regulation not elsewhere covered by this table

The day after this rule is registered

2

Schedule 1 Items [1] to [4];

31 March 2014

3              Authority

This rule is made under the Private Health Insurance Act 2007.

4              Schedule(s)

The Private Health Insurance (Insurer Obligations) Rules 2009 are amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

 



Schedule 1 — Amendments

[1]           Part 1, Preliminary, Rule 4 Definitions, after the definition of related person;

insert

“stress test amount of a health benefits fund, has the meaning given by subclause 10 (1) of Schedule 3 of the Private Health Insurance (Health Benefits Fund Administration) Rules 2007.”

[2]           Part 2, Reporting and notification requirements, Rule 6 Information to be given to the Council

Repeal the section.

[3]           Part 2, Reporting and notification requirements, Rule 7 Certification requirements

Repeal the section.

[4]           Schedule 2 Appointed Actuary Standard, Part 2 Duties and powers of appointed actuaries, subrule 7 (2) (c)

repeal

“(c)  the assessment of the reasonableness of any discretionary margin adopted by the insurer for the purpose of assessing the capital adequacy of a fund; and”

substitute

“(c)  the assessment of the reasonableness of the amount of uncertainty allowed for by the insurer in calculating the stress test amount in the capital adequacy standard; and”

 


Note

1.       All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See www.comlaw.gov.au.