Australian Capital Territory Numbered Regulations Australian Capital Territory Numbered Regulationssubstitute
Division 10.1 Issue of self-insurer licence by regulator
84A Application for self-insurer licence—Act, s 145U (a)
(1) An application for a self-insurer licence by an employer (the applicant ) must contain or be accompanied by the following:
(a) if the applicant is applying for a corresponding self-insurer licence—include evidence of the application;
(b) if the applicant has a corresponding self-insurer licence—include evidence of the self-insurer licence and any conditions on the licence;
(c) evidence that the applicant has unlimited reinsurance for a single event to cover the applicant's existing and expected liability under the Act;
(d) a copy of the applicant 's audited financial statements (or, if it is not available, equivalent information) for each of the previous 3 years;
(e) an actuarial report in accordance with subsection (3);
(f) a guarantee from an authorised deposit-taking institution in favour of the DI fund for the guaranteed amount in a form that complies with any protocol relating to applying for a licence;
Note The guaranteed amount is defined in s (4).
(g) evidence that the applicant has in place an occupational health and safety management system that complies with any Australian or New Zealand standards in relation to safety mentioned in a protocol relating to applying for a licence;
(h) any other information or evidence mentioned in a protocol relating to applying for a licence.
(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.
84B Criteria for issuing self-insurer licence—Act, s 145U (b)
The regulator may issue a self-insurer licence to the applicant only if satisfied—
(a) the applicant for the licence—
(i) is financially and prudentially sound; and
(ii) if licensed, will—
(A) be able to meet the applicant's existing and expected liabilities as a self-insurer under the Act; and
(B) be able to meet the applicant's obligations as a self-insurer under the Act in relation to injury management programs and personal injury plans; and
(C) be able to comply with the applicant's health and safety duties under the Work Health and Safety Act 2011
; and
(D) comply with the conditions on the self-insurer licence; and
(b) the issue of the self-insurer licence will not adversely affect the operation of the workers compensation scheme under the Act.