Victorian Numbered Acts Victorian Numbered Acts(1) On the application by a body corporate, the Authority may determine that the body corporate is eligible to apply under section 376(1) for approval as a self-insurer.
Note
A body corporate that is applying for the renewal of approval as a self-insurer does not require a determination from the Authority under subsection (1) if it is a self-insurer at the time of the application unless the body corporate has become an eligible subsidiary of another body corporate. See section 376(2)(b).
(2) An application referred to in subsection (1) must be in writing and accompanied by the fee calculated in accordance with Schedule 6.
(3) The Authority may only make a determination under subsection (1) if satisfied that the body corporate is and would be capable of meeting its claims liabilities as and when they fall due.
(4) The Authority must not make a determination under subsection (1) if the body corporate is the subsidiary of another body corporate (other than a foreign company within the meaning of the Corporations Act that, when the application is made, is not a registered foreign company within the meaning of that Act).
(5) A determination under this section remains in force for 12 months or such longer time as the Authority, in its discretion, determines unless, in the meantime—
(a) the Authority approves the body corporate as a self-insurer; or
(b) the Authority refuses to approve the body corporate as a self-insurer.
(6) In this section, "claims liabilities "means the value as estimated by the Authority of the existing and future financial liabilities of the body corporate and its eligible subsidiaries under this Act or in respect of damages at common law as permitted by and in accordance with Division 2 of Part 7 (other than sections 348 to 356 inclusive) or section 366 or any contribution in respect of such damages under section 23B of the Wrongs Act 1958 , in respect of injuries or deaths incurred or suffered, or to be incurred or suffered, by workers employed by the employer and its eligible subsidiaries.