Medibank Private

Mr Fletcher asked the Minister for Health, in writing, on 14 May 2013:

In respect of the capital adequacy requirements applying to Medibank Private from the beginning of 2011, (a) what are the applicable standards, (b) what examination has the Private Health Insurance Administration Council (PHIAC) and the Government undertaken to ensure that the requirements in part (a) have been met, (c) have the capital adequacy requirements been met, and (d) what was the impact on Medibank Private's capital adequacy requirement of the special dividend of $300 million that was paid to the Government on 15 June 2011.

Ms Plibersek: The answer to the honourable member's question is as follows:

(a) The applicable standards are specified in Schedule 3 of the Private Health Insurance (Health Benefits Fund Administration) Rules 2007.

(b) Compliance is assessed quarterly and annually via an audited annual return.

(c) Yes.

(d) Nil.