Commonwealth Numbered Acts

PRIVATE HEALTH INSURANCE (PRUDENTIAL SUPERVISION) ACT 2015 (NO. 85, 2015) - SECT 95

             (1)  A private health insurer commits an offence if:

                     (a)  the insurer becomes aware of:

                              (i)  a contravention by it of a prudential standard, other than a contravention that is merely of a minor or technical nature; or

                             (ii)  any other matter or occurrence that materially affects its financial position; and

                     (b)  the insurer fails to notify APRA, as soon as practicable, in writing of the contravention or of the other matter or occurrence.

Penalty:  30 penalty units.

Note:          If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.

             (2)  A notification given to APRA of a matter referred to in paragraph (1)(a) must not include personal information relating to a person insured under a complying health insurance product that is referable to a health benefits fund conducted by the insurer, unless the information relates to prudential matters relating to the insurer.