208AAContributions by exiting employers

208AA Contributions by exiting employers

208AA Contributions by exiting employers

(1) In this section—

exiting employer means an employer who on or after 1 July 1998 became or becomes—

(a) a self-insurer under this Act or the 1998 Act, or

(b) insured for the purposes of this Act by a specialised insurer under this Act or the 1998 Act, or

(c) licensed under Part VIIIB of the Safety, Rehabilitation and Compensation Act 1988 of the Commonwealth (pursuant to a declaration of eligibility under that Part made on the basis that the employer is a corporation carrying on business in competition with a Commonwealth authority or with another corporation that was previously a Commonwealth authority).

insured liabilities of an exiting employer means the following outstanding liabilities of the exiting employer—

(a) any liabilities of the exiting employer under this Act in respect of workers employed by the exiting employer while insured under a policy of insurance issued by an insurer licensed or previously licensed under Division 3 of Part 7 (other than a specialised insurer),

(b) any liabilities of the exiting employer independently of this Act (but not including a liability for compensation in the nature of workers compensation arising under any Act or other law of another State or Territory or the Commonwealth or a liability arising under the law of another country) for injuries received by workers employed by the person while insured under a policy of insurance referred to in paragraph (a).

responsible insurer for an exiting employer means—

(a) the exiting employer, except in a case in which paragraph (b) or (c) applies, or

(b) in the case of an exiting employer that is covered by a licence under section 211A—the exiting employer and the licence holder (jointly and severally), or

(c) in the case of an exiting employer that is insured by a specialised insurer—the specialised insurer that insures the exiting employer.

(2) The object of this section is to provide for the protection of the Insurance Fund against deficiencies that may result from the insured liabilities of exiting employers.

(3) The Authority may by order published in the Gazette require the responsible insurer for an exiting employer to pay contributions for the purposes of this section. The order is to provide for the amount of the required contributions or for the manner in which they are to be calculated and may require different contributions to be paid by different responsible insurers or in respect of different exiting employers.