Structure, organisations and key people
PHIAC is the financial regulator for the private health insurance industry. The main powers and functions of the council are set out in section 264-10 of the Private Health Insurance Act 2007: to monitor the financial performance of private health insurers to ensure that the statutory reserve requirements are being met; to administer the Risk Equalisation Trust Fund; and to collect and disseminate financial and statistical data, including tabling of an annual report to Parliament on the operations of private health insurers. PHIAC collects and disseminates information about private health insurance to allow consumers to make informed choices about the product.
Last Reviewed: 22 March 2013. Report an error