Private Health Insurance Administration Council
PHIAC
1989 – 1 July 2015
Independent statutory authority that regulated registered private health insurers, monitoring their prudential standing and solvency, administering risk equalisation and publishing industry statistics.
How it came into existence
Established in 1989 as a statutory council under the National Health Act 1953 to oversee the financial operation of registered health benefits organisations and administer the reinsurance arrangements between them, functions previously handled by the Department of Community Services and Health.
- Oversight of the finances of registered health benefits organisations
- Reinsurance arrangements between health funds
Legislation: National Health Act 1953; Private Health Insurance Act 2007
Changes during its life
- 1 April 2007The Private Health Insurance Act 2007 replaced the relevant parts of the National Health Act 1953 as its enabling legislation, and the Council took over registration of private health insurers.
How it ended
Abolished on 1 July 2015 under the Private Health Insurance (Prudential Supervision) Act 2015 and related legislation: prudential supervision of private health insurers passed to the Australian Prudential Regulation Authority and its remaining functions to the Department of Health.
- Prudential regulation of private health insurers
- Non-prudential private health insurance functions of the council
Prudential supervision went to the Australian Prudential Regulation Authority, which is also understood to have taken risk equalisation administration and industry statistics; exactly which functions came to the department is not confirmed.
Main functions
- Prudential, solvency and capital adequacy standards for private health insurers
- Administration of reinsurance and risk equalisation arrangements
- Registration of private health insurers (from 2007)
- Private health insurance industry statistics
- Monitoring insurer compliance
Where it sits
Last in the portfolio of Department of Health.
Lineage
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Sources
Primary sources
- Australian Government Organisations Register (Department of Finance, data.gov.au) (listed from 11 December 2014 to 18 May 2015)
Some dates or links for this organisation are not fully confirmed. Corrections are welcome.