4Discount available for premiums paid in full

4 Discount available for premiums paid in full

4 Discount available for premiums paid in full

(1) An employer (other than a small employer) is entitled to a discount of 3 percent on the initial premium payable by the employer for a policy of insurance if:

(a) the period of insurance to which the policy relates is 12 months (or a period of less than 12 months if the policy is issued to an employer who is member of a group to enable the policy to renew on the same date as the policies of other members of the group), and

(b) the employer has paid the discounted amount of the premium in full by the date on which payment of the premium is due, and

(c) the employer has not elected to pay the premium by instalments, and

(d) the employer has notified the insurer, in accordance with the regulations, of the reasonable estimate of the wages that will be payable during the period of insurance.

Note—

Clause 147 of the Workers Compensation Regulation 2010 requires an employer to notify the insurer concerned of the matter referred to in paragraph (d).

(2) A small employer is entitled to a discount of 5 percent on the initial premium payable by the small employer for a policy of insurance if:

(a) the period of insurance to which the policy relates is:

(i) 12 months, or

(ii) a period of less than 12 months but only if the policy is issued to a small employer who is member of a group to enable the policy to renew on the same date as the policies of other members of the group, or

(iii) a period of less than 12 months but only if the policy is issued to a small employer to enable the policy to expire at the end of a month, and

(b) the small employer has paid the discounted amount of the premium in full by the date on which payment of the premium is due, and

(c) the small employer has not elected to pay the premium by instalments.