Nigel Scullion (NT, Country Liberal Party, Minister for Indigenous Affairs) Share this | Hansard source

I present two government responses to committee reports as listed on today’s Order of Business. In accordance with the usual practice, I seek leave to incorporate the documents in Hansard.

Leave granted.

The documents read as follows—

Australian Government response to the Senate Economics Legislation Committee report:

An inquiry into the Private Health Insurance (Prudential Supervision) Bill 2015 [Provisions] and related bills.

Senate Economics Legislation Committee

An inquiry into the Private Health Insurance (Prudential Supervision) Bill 2015 [Provisions] and related bills.

Government Response

Recommendation 1

APRA meets regularly with the industry representative bodies for the private health insurance industry to discuss matters of mutual interest and maintains open and transparent engagement with them.

APRA has undertaken a range of actions in relation to guidance to assist the private health insurance industry:

APRA has published a three year plan to comprehensively review the prudential framework for private health insurers (refer http://www.apra.gov.au/PHI/consultations/Pages/prudential-policy-outlook.aspx). As part of the review program, APRA released for consultation a prudential practice guide (PPG) and draft prudential standard on risk management in December 2016. PPGs are intended to assist insurers to understand their obligations under the prudential standards and provide APRA's view of better practice. The industry has the opportunity to provide comment on the PPG and prudential standard before they are finalised.

Financial Sector (Collection of Data) Act 2001

In addition to the guidance materials now available to the private health insurance industry on the APRA website, APRA is undertaking reviews of parts of the PHI prudential framework over the next 3 years. For example:

In the interim, APRA' s broader set of prudential guidance applicable to other industries assist private health insurers to understand APRA's expectations of better practice, as the key principles of each guidance document are consistent on a cross-industry basis. This guidance material is readily available on APRA's website and APRA has encouraged private health insurers to familiarise themselves with these documents.

Australian Government response to the Senate Economics References Committee report:

Foreign Investment Review Framework

Response to Recommendations

Foreign Acquisitions and Takeovers Act 1975

Register of Foreign Ownership of Agricultural Land

Taxation Administration Act 1953 Register of Foreign Ownership of Water or Agricultural Land Act 2015,

Response to Senator Xenophon's Recommendations

Foreign Acquisitions and Takeovers Act 1975