New South Wales Consolidated Acts

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Business plans of licensed insurers

202B Business plans of licensed insurers

(1) A licensed insurer must prepare and deliver to the Authority a business plan for its workers compensation insurance business as soon as practicable after it is requested to do so by the Authority.
(2) The licensed insurer must revise its business plan--
(a) whenever it departs significantly from its business plan, and
(b) at such intervals of not less than 12 months as the Authority directs.
(3) The licensed insurer must, as far as practicable, conduct its workers compensation insurance business in accordance with its current business plan, but if it departs significantly from that plan the insurer must notify the Authority accordingly.
(4) A business plan must be prepared in accordance with such guidelines as the Authority determines from time to time and notifies to licensed insurers.
(5) A business plan must describe the manner in which the insurer's workers compensation insurance business is to be conducted (including premiums, claims handling, management, expenses and systems).
(6) In this section, a reference to the workers compensation insurance business of a licensed insurer is a reference to any business associated with policies of insurance.

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