You will require this approval if you intend to merge two or more health insurance funds under an arrangement.
Any restructuring of your health benefit fund, in which insurance policies are transferred to another health benefit fund or to your own fund from another company, requires an approval.
Please consult the Contact Officer for more information.
A licence defines the need to obtain recognition / certification and registration to undertake a certain business activity.
To be eligible for this approval you must satisfy the Agency that:
- The restructure will not result in unfairness to the policy holders of a health benefits fund;
- The assets and liabilities that would be transferred to the receiving fund or funds represent a reasonable estimate of what would, immediately before the restructure, be the net asset position of the transferring fund or the sum of the net asset positions of each of the funds; and
- The restructure would not violate any prudential standards.
You must also provide:
- A copy of your proposed arrangement;
- A copy of your business plan for each receiving fund covering the period of the first 36 months of operation from the transfer date;
- Reports from your actuaries; and
- Certifications of Compliance from the Board of the insurer or other governing body that the arrangement meets all requirements.
Please consult the Contact Officer for more information regarding eligibility requirements.
No fees are required.
Application Form for Approval of a Merger and Acquisition of Health Insurance Funds Arrangement - Please consult the Contact Officer for information on forms to be submitted.
Australian Prudential Regulation Authority
Private Health Insurance (Prudential Supervision) Act 2015 (Australian Government)
Private Health Insurance (Prudential Supervision) Rules 2016 (Australian Government)
The information contained on the Australian Business Licence and Information Service
(ABLIS) web site, or via packages or other sources is intended for general guidance
To the full extent permitted by law, the Federal, State, Territory and Local Governments
make no representations or warranties (expressed or implied) in relation to the
information, including its accuracy, currency or completeness.
The business information provided does not constitute professional or legal advice,
nor is the use of any third party resource an endorsement of the information contained,
the associated organisation, product or service. It is recommended that you obtain
appropriate professional and /or independent legal advice to ensure that the material
provided here is relevant to your particular circumstances.
To the full extent permitted by law the Federal, State, Territory and Local Governments,
their employees and agents do not accept any liability for any reason, including
without limitation, liability in negligence, to any person for the general information
which is provided herein, or in respect of anything, including the consequences
of anything done, or not done, by any such person in whole or partial reliance upon