Approval of a Merger and Acquisition of Health Insurance Funds Arrangement - Australian Government

Service summary

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.

Service type

Licence

A licence defines the need to obtain recognition / certification and registration to undertake a certain business activity.

Eligibility requirements

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.

Duration

Ongoing.

Fees

 TypeDescription
ApplyApplication

No fees are required.

Forms

 Resources
Apply

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.

Administering agency

Australian Prudential Regulation Authority

Act(s) name

Private Health Insurance (Prudential Supervision) Act 2015 (Australian Government)

Regulation(s) name

Private Health Insurance (Prudential Supervision) Rules 2016 (Australian Government)

Contact details

Enquiries
Australian Prudential Regulation Authority

Phone:

02 8037 9015

Toll Free:

1300 558 849

Contact us website:

http://www.apra.gov.au/Pages/Contact-APRA.aspx Opens in a new browser window

Website:

Australian Prudential Regulation Authority Opens in a new browser window

Disclaimer

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