Victorian Numbered Acts Victorian Numbered ActsIn this Part—
"actuary" means a fellow or accredited member of the Institute of Actuaries of Australia approved by the Authority;
"available assets" means the portion of the Authority's total assets assessed by an actuary calculated, with reference to the last audited financial statements of the Authority, to be available to fund the tail claims liabilities;
"exit date" means the date on which an employer becomes a non-WorkCover employer;
"initial assessment" means the assessment of tail claims liabilities under section 415;
"liability period" means the period of 6 years commencing from the exit date;
"non-WorkCover employer" means an employer which—
(a) is licensed under Part VIII of the Safety, Rehabilitation and Compensation Act 1988 of the Commonwealth after a declaration of eligibility under that Part made on the basis that the employer is a corporation carrying on business in competition with a Commonwealth authority or with another corporation that was previously a Commonwealth authority; and
(b) would otherwise be required—
(i) to be a registered as an employer under section 434; or
(ii) to be approved as a self-insurer under Part 8; or
(iii) to be an eligible subsidiary of a holding company that is a self-insurer;
"revised assessment" means the assessment of tail claims liabilities under section 417;
"tail claims" means claims whether made before, on or after the exit date—
(a) in respect of injuries or deaths incurred or suffered by workers employed by the non-WorkCover employer while the non-WorkCover employer was—
(i) insured under a WorkCover insurance policy or registered as an employer under section 434; or
(ii) a self-insurer; or
(iii) an eligible subsidiary of a self-insurer; and
(b) which entitle a worker or the dependants of a worker to compensation under this Act (other than section 576 or 578) or the Accident Compensation Act 1985 (other than section 242AB or 242AD) or 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 section 134AB or 135C of the Accident Compensation Act 1985 ;
"tail claims liabilities" means the sum of the actuarial value of the current, non-current and contingent liabilities immediately before the exit date in respect of tail claims under this Act of the non-WorkCover employer while the non-WorkCover employer was—
(a) a registered employer; or
(b) a self-insurer; or
(c) an eligible subsidiary of a self-insurer.