Private Health Insurance (Prudential Supervision) Bill 2015

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
44

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Summary

Part of a package of five bills to create a regime for the prudential regulation of private health insurers, the bill: transfers the prudential supervisory functions from the Private Health Insurance Administration Council to the Australian Prudential Regulation Authority (APRA); provides for the registration of private health insurers and prohibits unregistered entities from carrying on a health related business; requires private health insurers to have health benefit funds; provides that APRA approves restructures, mergers, acquisitions and terminations of health benefit funds; empowers APRA to appoint an external manager of a health benefit fund; outlines duties and liabilities of directors; enables APRA to establish prudential standards and to exercise powers under the standards; outlines obligations of private health insurers; provides for the monitoring and investigation of private health insurers; provides that APRA can obtain an enforceable undertaking from a person in connection with a matter in relation to which APRA has a power or function; provides that APRA may seek remedies for a contravention of an enforceable obligation; provides for the Administrative Review Tribunal to review decisions made by APRA; and sets out matters in relation to approvals, determinations and rules.

Progress

House of Representatives
Introduced and read a first time 27 May 2015
Second reading moved 27 May 2015
Second reading debate 04 Jun 2015
Second reading debate 15 Jun 2015
Second reading agreed to 15 Jun 2015
Third reading agreed to 15 Jun 2015
Senate
Introduced and read a first time 16 Jun 2015
Second reading moved 16 Jun 2015
Second reading debate 22 Jun 2015
Second reading agreed to 22 Jun 2015
Committee of the Whole debate 22 Jun 2015
Third reading agreed to 22 Jun 2015
Finally passed both Houses 22 Jun 2015
Assent
  • Act no.: 85
  • Year: 2015
26 Jun 2015

Documents and transcripts

Text of bill

Explanatory memoranda

Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

No documents at present

Bills digest

Notes

Helpful information

Text of bill

  • First reading: Text of the bill as introduced into the Parliament
  • Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
  • As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

  • Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
  • Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
  • Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changes to the bill. For details about the outcome of proposed amendments please refer to either the Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.

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