business.gov.au

Self-insurer Licence - New South Wales

Description

This licence allows you to manage your own workers' compensation claims 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 on the job.

This licence may be granted to an employer (single licence) or to a holding company and all wholly owned subsidiaries (group licence). Gaining this licence will provide you with full responsibility for the payment of claims liabilities and for the management of those claims. You will also be liable for any associated risk.

Self-Insurance can provide:

  • better work health and safety conditions
  • fair and equitable treatment
  • improvement in rehabilitation and injury management.

Service type

Licence

A licence defines the need to obtain recognition / certification and registration to undertake a certain business activity.

Eligibility requirements

In order to be eligible for this licence you must:

  • prove you have a minimum of 500 workers in NSW
  • prove you have the financial viability and strength to fund future claims liabilities
  • prove you have appropriate internal (or outsourced) resources to manage claims and injured workers from the first day of the licence
  • prove you have an effective work health and safety management system to prevent injuries occurring.

Duration

New applicant licences are granted for a period up to 3 years. Licences may be granted up to 8 years.

Fees

Fees Details for this service in table format.

Task Type Business Structure Amount Description
Apply Application All $40000.00

Self-insurer licence. Fees for 2023-24
Apply Application All $45000.00

Group self-insurer licence. Fees for 2023-24

Forms

Act(s) name

Workers Compensation Act 1987 New South Wales

Regulation(s) name

Workers Compensation Regulation 2016 New South Wales

Administering agency

Department of Customer Service

State Insurance Regulatory Authority

Contact details

Contact Email, Phone and Address Details for this service in simple two column table format, header then data.