sec.84Security

### sec.84 Security A self-insurer must lodge a security with the Regulator before the issue or renewal of a licence. The security must be— in favour of WorkCover; and 150% of the self-insurer’s estimated claims liability. Also, if the security is a bank guarantee or financial guarantee, the security— must be irrevocable and unconditional, including not being conditional on— another right or obligation contained in another document; or WorkCover proving that a demand has been made; and must be payable immediately on demand; and must not be given by an entity that is a related body corporate to the self-insurer; and must be satisfactory to the Regulator. The estimated claims liability— must be assessed annually by an actuary approved by the Regulator; and must be calculated in the way prescribed under a regulation. The security must remain in force or, if it is a cash deposit, the Regulator must hold the cash deposit— at all times during the period of the licence; and after cancellation of the licence, as required by section 102 . The security is not liable to be attached or levied on or made the subject of any debts or claims against the self-insurer by a person other than WorkCover. If a self-insurer lodges a financial guarantee under subsection (1) and the insurance company that gave the guarantee stops being an approved security provider, the self-insurer must— notify the Regulator of the matter without delay; and lodge another security under this section within 20 business days after the date of the notice given under paragraph (a) . In this section— approved security provider means an approved security provider as defined under the Financial and Performance Management Standard 2009 , section 36 . bank guarantee means a guarantee given by a bank or the Queensland Treasury Corporation. estimated claims liability means the actuarial estimate of— the liability for— claims expected to arise in the 12 months after the assessment; and existing claims incurred for which a self-insurer is liable under section 68C or 87 ; less the total amount expected to be paid in the 12 months after the assessment. financial guarantee means a security given by an insurance company that is an approved security provider. security means— a bank guarantee; or a financial guarantee; or a cash deposit. s 84 amd 2003 No. 85 s 28 sch ; 2004 No. 45 s 11 ; 2013 No. 52 s 114 sch 2 ; 2016 No. 44 s 8 (sec.84-ssec.1) A self-insurer must lodge a security with the Regulator before the issue or renewal of a licence. (sec.84-ssec.2) The security must be— in favour of WorkCover; and 150% of the self-insurer’s estimated claims liability. (sec.84-ssec.3) Also, if the security is a bank guarantee or financial guarantee, the security— must be irrevocable and unconditional, including not being conditional on— another right or obligation contained in another document; or WorkCover proving that a demand has been made; and must be payable immediately on demand; and must not be given by an entity that is a related body corporate to the self-insurer; and must be satisfactory to the Regulator. (sec.84-ssec.4) The estimated claims liability— must be assessed annually by an actuary approved by the Regulator; and must be calculated in the way prescribed under a regulation. (sec.84-ssec.5) The security must remain in force or, if it is a cash deposit, the Regulator must hold the cash deposit— at all times during the period of the licence; and after cancellation of the licence, as required by section 102 . (sec.84-ssec.6) The security is not liable to be attached or levied on or made the subject of any debts or claims against the self-insurer by a person other than WorkCover. (sec.84-ssec.7) If a self-insurer lodges a financial guarantee under subsection (1) and the insurance company that gave the guarantee stops being an approved security provider, the self-insurer must— notify the Regulator of the matter without delay; and lodge another security under this section within 20 business days after the date of the notice given under paragraph (a) . (sec.84-ssec.8) In this section— approved security provider means an approved security provider as defined under the Financial and Performance Management Standard 2009 , section 36 . bank guarantee means a guarantee given by a bank or the Queensland Treasury Corporation. estimated claims liability means the actuarial estimate of— the liability for— claims expected to arise in the 12 months after the assessment; and existing claims incurred for which a self-insurer is liable under section 68C or 87 ; less the total amount expected to be paid in the 12 months after the assessment. financial guarantee means a security given by an insurance company that is an approved security provider. security means— a bank guarantee; or a financial guarantee; or a cash deposit. - (a) in favour of WorkCover; and - (b) 150% of the self-insurer’s estimated claims liability. - (a) must be irrevocable and unconditional, including not being conditional on— (i) another right or obligation contained in another document; or (ii) WorkCover proving that a demand has been made; and - (i) another right or obligation contained in another document; or - (ii) WorkCover proving that a demand has been made; and - (b) must be payable immediately on demand; and - (c) must not be given by an entity that is a related body corporate to the self-insurer; and - (d) must be satisfactory to the Regulator. - (i) another right or obligation contained in another document; or - (ii) WorkCover proving that a demand has been made; and - (a) must be assessed annually by an actuary approved by the Regulator; and - (b) must be calculated in the way prescribed under a regulation. - (a) at all times during the period of the licence; and - (b) after cancellation of the licence, as required by section 102 . - (a) notify the Regulator of the matter without delay; and - (b) lodge another security under this section within 20 business days after the date of the notice given under paragraph (a) . - (a) the liability for— (i) claims expected to arise in the 12 months after the assessment; and (ii) existing claims incurred for which a self-insurer is liable under section 68C or 87 ; less - (i) claims expected to arise in the 12 months after the assessment; and - (ii) existing claims incurred for which a self-insurer is liable under section 68C or 87 ; less - (b) the total amount expected to be paid in the 12 months after the assessment. - (i) claims expected to arise in the 12 months after the assessment; and - (ii) existing claims incurred for which a self-insurer is liable under section 68C or 87 ; less - (a) a bank guarantee; or - (b) a financial guarantee; or - (c) a cash deposit.