Notifiable Circumstance in Private Health Insurance
The Obligation to Advise
Appointed Actuaries in PHI have been given the opportunity to be truly the “trusted advisor” for PHI insurers, avoiding the “Compliance work” epithet which now often seems to diminish the role in life or general insurance.
Under Private Health Insurance legislation, the Appointed Actuary role has a continuous responsibility to monitor and advise, rather than being limited to a specific set of compliance tasks. This is a regime known as Notifiable Circumstances, requiring a comprehensive framework to ensure constant communication between the Appointed Actuary and the PHI insurer, different to other insurance regimes.
In this article, Stuart explains how the regime works, the legal obligations for insurers, and professional implications for PHI Appointed Actuaries.