Today the Government is releasing exposure draft legislation to deliver on its commitment to transfer the prudential regulation of private health insurers from the Private Health Insurance Administration Council to the Australian Prudential Regulation Authority.
The changes will be made by the Private Health Insurance (Prudential Supervision) Bill 2015 and are part of the Government's commitment to reduce the number of government bodies and the costs associated with operating separate governance arrangements.
Interested stakeholders are invited to comment on the exposure draft Bill and its explanatory material. In particular, the Government welcomes feedback from stakeholders on further opportunities within the exposure draft Bill to reduce red tape for stakeholders.
In addition, a consultation paper detailing corresponding amendments to the Private Health Insurance Act 2007, which currently regulates private health insurers, is also available for comment.
The exposure draft Bill and related material are now available for comment on the Treasury website.
Submissions close on 30 January 2015.