Treasury and Other Laws Amendment (Private Health Insurance Prudential Supervision) Regulation 2015

Select Legislative Instrument No. 226, 2015

I, General the Honourable Sir Peter Cosgrove AK MC (Ret’d), Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulation.

Dated 10 December 2015

Peter Cosgrove

Governor‑General

By His Excellency’s Command

Kelly O’Dwyer

Assistant Treasurer

Contents

1 Name

2 Commencement

3 Authority

4 Schedules

Schedule 1—Amendments

Australian Prudential Regulation Authority Regulations 1998

Financial Sector (Collection of Data) Regulations 2008

Life Insurance Regulations 1995

Privacy Regulation 2013

1  Name

  This is the Treasury and Other Laws Amendment (Private Health Insurance Prudential Supervision) Regulation 2015.

2  Commencement

 (1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.

 (2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3  Authority

  This instrument is made under the following Acts:

 (a) the Australian Prudential Regulation Authority Act 1998;

 (b) the Financial Sector (Collection of Data) Act 2001;

 (c) the Life Insurance Act 1995;

 (d) the Privacy Act 1988.

4  Schedules

  Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.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

Australian Prudential Regulation Authority Regulations 1998

1  Paragraphs 5(a) and (b)

Repeal the paragraphs, substitute:

 (a) the Private Health Insurance Ombudsman established by section 20C of the Ombudsman Act 1976;

 (b) the Department administered by the Minister administering the Private Health Insurance Act 2007;

Financial Sector (Collection of Data) Regulations 2008

2  Regulation 5

Repeal the regulation, substitute:

5  Financial sector agencies

  For paragraph (c) of the definition of financial sector agency in section 31 of the Act, the following agencies are prescribed:

 (a) the Australian Bureau of Statistics;

 (b) the Department administered by the Minister administering the Private Health Insurance Act 2007.

Life Insurance Regulations 1995

3  Regulation 2A.01

Repeal the regulation, substitute:

2A.01  Modifications of the Act in its application to friendly societies

  The Act is modified in its application to friendly societies as set out in Schedule 5.

Note: The Act applies to friendly societies subject to the provisions of Part 2A of the Act. See also section 16ZC of the Act.

4  Regulation 9.01 (heading)

Repeal the heading, substitute:

9.01  Copy of scheme for transfer etc. to be given to APRA

5  Regulation 9.01

Omit “(and to PHIAC, and the Minister for Health and Aged Care, if required)”.

6  Regulation 9.02 (note 2)

Omit “However, for a jointly regulated friendly society an affected policy owner is the owner of a policy that is referable to a health benefits fund or approved benefit fund affected by a scheme: see Sch 6, item 40.”.

7  Item 33 of Schedule 5

Repeal the item.

8  Item 34 of Schedule 5

Omit “, or of a health benefits fund (if any),”.

9  Schedule 6

Repeal the Schedule.

Privacy Regulation 2013

10  Schedule 1 (table item 74)

Repeal the item.