Memorandum of Understanding
Memorandums of understanding (MoU) are documents setting out a framework of cooperation between Private Health Insurance Administration Council (PHIAC) and other agencies. PHIAC refreshed its existing MoU with the Australian Prudential Regulation Authority (APRA) and developed two new MoUs with the Australian Competition and Consumer Commission (ACCC) and the Australian Securities and Investments Commission (ASIC). These documents are designed to facilitate a greater sharing of information, policies, training and expertise around regulation, investigations and compliance resolution strategies.
Memorandum of Understanding with APRA
PHIAC has updated the existing MoU between PHIAC and APRA. APRA is the prudential regulator of banks, insurance companies and superannuation funds, credit unions, building societies and friendly societies. In the past, PHIAC benefited from APRA’s expertise as a prudential regulator. This renewed MoU intends to ensure the cooperation between the two agencies will continue to deliver positive outcomes.
Memorandum of Understanding with ACCC
PHIAC developed a MoU with the ACCC to increase the level of cooperation between the two agencies in relation to consumers and competition. The ACCC promotes competition and fair trade in the market place to benefit consumers, business and the community. As per March 2011, PHIAC engaged a consumer policy officer to ensure consumers were informed and protected.
Memorandum of Understanding with ASIC
PHIAC developed a MoU with ASIC, Australia’s corporate, markets and financial services regulator in charge of enforcing company and financial services laws to protect consumers, investors and creditors. ASIC also regulates and informs the public about Australian companies.