Queensland Consolidated Regulations

WORKERS' COMPENSATION AND REHABILITATION REGULATION 2014 - REG 23

23 Premium payable after cancellation of self-insurer’s licence—Act, s 98

(1) For section 98 of the Act , the premium payable by the former self-insurer for the first 2 periods of insurance after cancellation is to be calculated according to the method and at the rate specified by WorkCover, by gazette notice under section 54 of the Act , as if the employer were a new employer.

(2) However, the rate under subsection (1) must not be less than the rate calculated using the formula—

(3) In subsection (2) —

"administrative costs" means the administrative costs associated with claims incurred during the final period of licence, calculated by multiplying payments + liability by 0.095.

"final period of licence" means—

(a) for an employer licensed as a self-insurer for 3 or more years immediately before cancellation of the licence—3 years; or

(b) for an employer licensed as a self-insurer for less than 3 years immediately before cancellation of the licence—the period of the licence.

"liability" means an actuarial estimate of the outstanding liability at the end of the self-insurer’s licence for claims incurred during the final period of licence, excluding liability for the excess period.

"payments" means the actual payments made by the former self-insurer, less recoveries received and payments made that are the equivalent of amounts payable for the excess period, for claims incurred during the final period of licence.

"wages" means the wages of the self-insurer during the final period of licence.