Div 101 Issue of self-insurer licence by regulator

Division 10.1 Issue of self-insurer licence by regulator Section 84A page 38 Workers Compensation Regulation 2002 (2) The regulator may, in writing, require further evidence from an applicant that demonstrates the applicant— (a) is financially and prudentially sound; or (b) will be able to meet any obligations as an insurer under the Act in relation to injury management programs and personal injury plans. (3) For subsection (1) (e), the actuarial report must contain an estimate of the following information as if the applicant were a licensed self-insurer at the time of the application: (a) the applicant’s existing outstanding liability in relation to compensable injuries; (b) the applicant’s expected liability each year for the 2-year period beginning on the day the applicant applies for the licence; (c) the total expected payments in satisfaction of the applicant’s liability for compensable injuries likely to be made each year for the 2-year period beginning on the day the applicant applies for the licence. (4) For subsection (1) (f), the guaranteed amount is the greater of— (a) $1 000 000; and (b) an amount calculated by an actuary to be the estimate of outstanding claims liability at the balance date, plus a prudential margin of 50%. (5) In this section: corresponding self-insurer licence means a self-insurer licence under a State law that has the same effect, or substantially the same effect, as a self-insurer licence under the Act.

Self-insurer licence conditions Division 10.2 Section 84B