sec.24Premium payable after cancellation of self-insurer’s licence— Act , s 98

sec.24 Premium payable after cancellation of self-insurer’s licence— Act , s 98

For section 98 of the Act , the way prescribed for the calculation of the premium payable by a self-insurer whose licence is cancelled (the former self-insurer ) for the first 2 periods of insurance after cancellation is according to the method and at the rate specified by WorkCover, by gazette notice under section 54 of the Act , as if the former self-insurer were insuring with WorkCover for the first time. However, the rate specified under subsection (1) must not be less than the rate calculated using the formula— where— administrative costs means the administrative costs associated with claims incurred by the former self-insurer during the final period of licence, calculated by multiplying payments + liability by 0.095. final period of licence means— for a former self-insurer licensed as a self-insurer for 3 or more years immediately before cancellation of the former self-insurer’s licence—3 years; or for a former self-insurer licensed as a self-insurer for less than 3 years immediately before cancellation of the former self-insurer’s licence—the period of the licence. liability means an actuarial estimate of the former self-insurer’s outstanding liability at the end of the former self-insurer’s licence for claims incurred by the former self-insurer during the final period of licence, excluding liability for the excess period. payments means the actual payments made by the former self-insurer for claims incurred during the final period of licence, less recoveries received and payments made that are the equivalent of amounts payable for the excess period. wages means the wages paid, or provided, by the self-insurer during the final period of licence. (sec.24-ssec.1) For section 98 of the Act , the way prescribed for the calculation of the premium payable by a self-insurer whose licence is cancelled (the former self-insurer ) for the first 2 periods of insurance after cancellation is according to the method and at the rate specified by WorkCover, by gazette notice under section 54 of the Act , as if the former self-insurer were insuring with WorkCover for the first time. (sec.24-ssec.2) However, the rate specified under subsection (1) must not be less than the rate calculated using the formula— where— administrative costs means the administrative costs associated with claims incurred by the former self-insurer during the final period of licence, calculated by multiplying payments + liability by 0.095. final period of licence means— for a former self-insurer licensed as a self-insurer for 3 or more years immediately before cancellation of the former self-insurer’s licence—3 years; or for a former self-insurer licensed as a self-insurer for less than 3 years immediately before cancellation of the former self-insurer’s licence—the period of the licence. liability means an actuarial estimate of the former self-insurer’s outstanding liability at the end of the former self-insurer’s licence for claims incurred by the former self-insurer during the final period of licence, excluding liability for the excess period. payments means the actual payments made by the former self-insurer for claims incurred during the final period of licence, less recoveries received and payments made that are the equivalent of amounts payable for the excess period. wages means the wages paid, or provided, by the self-insurer during the final period of licence.