You will require this approval if you intend to manage your own workers compensation policies instead of paying workers compensation premiums to a licensed insurer. Workers compensation is a system whereby an employer must pay, or provide insurance to pay, the lost wages and medical expenses of an employee who is injured in the workplace. Employers are required by law to hold workers compensation insurance. This approval provides exemption from this requirement.
To be granted this approval you will have to meet set conditions, obligations and requirements under the Act.
Please use the contact details below to find out more information.
A licence defines the need to obtain recognition / certification and registration to undertake a certain business activity.
To be eligible for this approval you must demonstrate core competencies across a range of areas, including:
- Case management
- Decision making
- Customer service and dispute resolution
- Reporting and data quality
- Understanding of, and compliance with, the Regulatory Framework.
You must also prove your ability to meet present and future claims made by employees by providing:
- Copies of your annual report and balance sheet for each of the previous 3 years
- A statement from your Chief Finance Officer about your financial solvency
- A copy of your business plan for the next 3 years
- An actuarial report outlining an estimate of your current outstanding and expected ongoing liability in relation to compensable injuries
- Evidence that you have a guarantee from an authorised deposit-taking institution for an amount that will cover the estimate of outstanding claims liability
- Evidence of reinsurance for a single event that will cover your future liability
- Evidence that you have a place of business in the Australian Capital Territory.
Please consult the Contact Officer for more information regarding eligibility requirements.
Chief Minister, Treasury and Economic Development Directorate
Workers Compensation Act 1951 (Australian Capital Territory)
Workers Compensation Regulation 2002 (Australian Capital Territory)
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