93Compulsory insurance

93 Compulsory insurance

(1) Subject to subsection (2), an employer, other than the Fund, must on each day: (a) have a policy of insurance or indemnity from an authorised insurer; or (b) be a member of a protection and indemnity association that: (i) is approved in writing by the Authority; and (ii) is a member of the International Group of Protection and Indemnity Associations; or (c) be a member of an employers’ mutual indemnity association that is approved in writing by the Authority; so that the employer is insured or indemnified for the full amount of the employer’s liability under this Act to all employees employed by the employer.

Penalty: 50 penalty units.

(1A) Subsection (1) is an offence of strict liability.

Note: For strict liability, see section 6.1 of the Criminal Code.

(2) A policy of insurance or indemnity, or the terms of membership of a protection and indemnity association or of an employers’ mutual indemnity association, may require that an employer be liable in respect of an amount specified in the policy or terms of membership, as the case may be. (3) An employer applying to an authorised insurer for the issue or renewal of a policy of insurance or indemnity against liability under this Act must give the insurer a full and correct statement of all salaries or wages paid to employees for the period relevant to working out the premium payable under the policy. (4) A policy of insurance or indemnity is not subject to stamp duty or any other tax under a law of a State or Territory.