PHIAC has commenced a second round of consultation in relation to effecting improvements in the risk management practices across the private health insurance industry.
It has issued a Discussion Paper “Risk Management for Private Health Insurers” which contains a draft proposed Risk Management Prudential Standard for comment.
The draft risk management standard seeks to establish minimum requirements for effective risk management through four key elements:
1. Risk Management Policy – insurers’ risk management practices, objectives, roles, and responsibilities should be established and clearly articulated.
2. Board responsibility – insurers’ boards should play a critical role in setting the organisation’s approach to […]