Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A private health insurer commits an offence if:
(a) the insurer becomes aware of:
(i) a contravention by it of a prudential standard, other than a contravention that is merely of a minor or technical nature; or
(ii) any other matter or occurrence that materially affects its financial position; and
(b) the insurer fails to notify APRA, as soon as practicable, in writing of the contravention or of the other matter or occurrence.
Note: If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.
(2) A notification given to APRA of a matter referred to in paragraph (1)(a) must not include personal information relating to a person insured under a complying health insurance product that is referable to a health benefits fund conducted by the insurer, unless the information relates to prudential matters relating to the insurer.