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Private Health Insurance (Prudential Supervision) Bill 2015


Type
Government
Originating house
House of Representatives
Status
Act
Portfolio
Treasury

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 of bill

For committee reference information, please see the Notes section at the end of this page.

House of Representatives
Introduced and read a first time 27/05/15  
Second reading moved 27/05/15  
Second reading debate 04/06/15  
Second reading debate 15/06/15  
Second reading agreed to 15/06/15  
Third reading agreed to 15/06/15  
     
Senate
Introduced and read a first time 16/06/15  
Second reading moved 16/06/15  
Second reading debate 22/06/15  
Second reading agreed to 22/06/15  
Committee of the Whole debate 22/06/15  
Third reading agreed to 22/06/15  
     
Finally passed both Houses 22/06/15  
Assent 26/06/15 Act no.: 85 - Year: 2015
     

Text of bill

  • First reading

MS-Word PDF HTML
  • As passed by both Houses

MS-Word PDF HTML

Explanatory memoranda

  • Explanatory memorandum

MS-Word PDF HTML

Second reading speeches


Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

Bills Digest



Notes
  • Referred to Committee (27/05/2015): Senate Economics Legislation Committee; Committee report (17/06/2015)
  • An electronic version of this Act is available on the Federal Register of Legislation (www.legislation.gov.au)