Insurance facts and figures 2007 - PwC

10 core principles that the Council believes underlie good corporate governance.
Each principle is explained in detail and implementation guidance is provided in the
form of best practice recommendations.
A listed entity must lodge the information set out in Appendix 4E of the listing rules
(preliminary final report) with the ASX. The information must be given to the ASX
immediately as it becomes available and no later than when it lodges any accounts with
ASIC or the regulatory bodies in the jurisdiction in which it is established.
The information must be lodged no later than two months after the end of the
accounting period. All listed entities must also give their annual report to the ASX when
they lodge them with ASIC. Listed entities must also give the ASX a copy of any concise
report at the same time.
PRIVATE HEALTH INSURANCE ADMINISTRATION COUNCIL
PHIAC is an independent statutory authority that regulates the private health insurance
industry. PHIAC administers the reinsurance arrangements, collects and publishes
industry statistics, administers the simplified billing arrangements and monitors the
solvency and capital adequacy of private health insurers. All health insurance funds
must provide PHIAC with returns prepared in accordance with the guidelines set out in
PHIAC circulars. The guidelines state that the accounts and returns should comply with
Australian accounting standards.
Private health insurance policy is set down by the Commonwealth Department of
Health and Ageing.
MEDICARE AUSTRALIA
Medicare Australia is responsible for the administration of the Medicare system and
the Australian Government’s 30 per cent Rebate scheme, which sees persons eligible
for Medicare benefits reimbursed with a percentage of any private health insurance
premiums paid to a RHBO. Many RHBOs will administer this rebate on behalf of their
members and claim reimbursement directly from Medicare Australia.
LIFE INSURANCE ACTUARIAL STANDARDS BOARD
The LIASB was established under the Life Act, which is administered by APRA.
Members are appointed by the Federal Treasurer and comprise a chairperson,
a government member and not more than five other members. All but one must be
members of the Institute of Actuaries of Australia (IAA).
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