Pursuant to a resolution of the Senate of 13 May 2015, the provisions of the following bills have been referred to the Senate Economics Legislation Committee for inquiry and report by 15 June 2015. On 15 June 2015, the Senate granted an extension to the committee to report by 17 June 2015.
- Private Health Insurance (Prudential Supervision) Bill 2015;
- Private Health Insurance (Prudential Supervision) (Consequential Amendments and Transitional Provisions) Bill 2015;
- Private Health Insurance Supervisory Levy Imposition Bill 2015;
- Private Health Insurance (Risk Equalisation Levy) Amendment Bill 2015;
- Private Health Insurance (Collapsed Insurer Levy) Amendment Bill 2015.
The Private Health Insurance (Prudential Supervision) Bill 2015 creates a regime for the prudential regulation of private health insurers by the Australian Prudential Regulation Authority (APRA).
The Private Health Insurance (Prudential Supervision) (Consequential Amendments and Transitional Provisions) Bill 2015 makes consequential amendments to relevant legislation including the repeal of the provisions relating to the formation of the Private Health Insurance Administration Council (the Council) in the Private Health Insurance Act 2007 (PHI Act). It also provides for necessary transitional arrangements to facilitate the transfer of the Private Health Insurance Administration Council’s (the Council) prudential functions to APRA from 1 July 2015.
The Private Health Insurance Supervisory Levy Imposition Bill 2015, the Private Health Insurance (Risk Equalisation Levy) Amendment Bill 2015 and the Private Health Insurance (Collapsed Insurer Levy) Amendment Bill 2015 provide for the continued imposition of levies upon the private health insurance industry to fund APRA’s supervision of the industry, the Risk Equalisation Trust fund and a levy to fund should there be a collapsed insurer.
Submissions closed on 10 June 2015.