Summary
Part of a package of five bills to create a regime for the prudential regulation of private health insurers, the bill amends: the Australian Prudential Regulation Authority Act 1998 to establish a new special account to administer the collapsed insurer levy; the Financial Institutions Supervisory Levies Collection Act 1998 to provide for the collection of the private health insurer supervisory levy and the collapsed insurer levy; the Financial Sector (Collection of Data) Act 2001 to provide for the collection of data from private health insurers by the Australian Prudential Regulation Authority (APRA); the Australian Prudential Regulation Authority Act 1998, Ombudsman Act 1976 and Private Health Insurance Act 2007 to provide for matters relating to the secrecy and sharing of information concerning private health insurers; and five Acts to make consequential amendments. Also: repeals the Private Health Insurance (Council Administration Levy) Act 2003; and provides for transitional arrangements, including the transfer of the Private Health Insurance Administration Council’s staff, assets, liabilities and records to APRA.