The Australian Prudential Regulation Authority (APRA) has released information for private health insurers on the implementation of the Governance, Fit and Proper, and Audit prudential standards, due to commence on 1 July 2019.

APRA has set out its proposed approach to assessing applications for transitional arrangements relating to the three new prudential standards:

  • Prudential Standard CPS 510 Governance (CPS 510); 
  • Prudential Standard CPS 520 Fit and Proper (CPS 520); and 
  • Prudential Standard HPS 310 Audit and Related Matters (HPS 310).

APRA  recognises that in some instances PHIs may be working towards compliance, but may not have been able to fully comply with the requirements in CPS 510, CPS 520 and HPS 310 for valid reasons. In such instances, APRA will consider applications for transitional arrangements on a case by case basis to determine if a requested variation or transitional arrangement is necessary and appropriate.

APRA has extended the time for bringing transition applications to 31 March 2019.