Specialised Insurer Licence / Specialised Insurer Endorsement - New South Wales

Service summary

You will require this licence if you intend to provide insurance for workers' compensation risks for employers in a specific industry. A specialised insurer is authorised to insure employers of a particular industry type and take responsibility for the payment of their claim liability and management of those claims.

Please note that every employer, except a licensed self-insurer, must maintain a policy of insurance for the full amount of its liability for all eligible employees.

There are currently only seven specialised insurers in NSW. Application requirements and a licensing policy are currently being developed which will allow new licensed insurers to enter the workers' compensation insurance market.

Please consult the Contact Officer for more information.

Service type

Licence

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

Eligibility requirements

To be eligible for this licence your organisation must:

  • be a corporation or body corporate
  • be licensed to carry on an insurance business in Australia
  • complete the relevant application form
  • pay the required fees.

Please consult the Contact Officer for more information regarding eligibility requirements.

Duration

Up to five years.

Fees

 TypeAmount
ApplyApplication$50,000.00

Other resources

Administering agency

Department of Finance, Services and Innovation
State Insurance Regulatory Authority

Act(s) name

Workers Compensation Act 1987 (New South Wales)

Regulation(s) name

Workers Compensation Regulation 2016 (New South Wales)

Contact details

Self and Specialised Insurers
Department of Finance, Services and Innovation
State Insurance Regulatory Authority


Operating address:
Level 25
580 George Street
Sydney, New South Wales 2000

Phone:

13 10 50
self&specialisedinsurers@sira.nsw.gov.au

Website:

State Insurance Regulatory Authority Opens in a new browser window

Supporting information

Disclaimer

The information contained on the Australian Business Licence and Information Service (ABLIS) web site, or via packages or other sources is intended for general guidance only.

To the full extent permitted by law, the Federal, State, Territory and Local Governments make no representations or warranties (expressed or implied) in relation to the information, including its accuracy, currency or completeness.

The business information provided does not constitute professional or legal advice, nor is the use of any third party resource an endorsement of the information contained, the associated organisation, product or service. It is recommended that you obtain appropriate professional and /or independent legal advice to ensure that the material provided here is relevant to your particular circumstances.

To the full extent permitted by law the Federal, State, Territory and Local Governments, their employees and agents do not accept any liability for any reason, including without limitation, liability in negligence, to any person for the general information which is provided herein, or in respect of anything, including the consequences of anything done, or not done, by any such person in whole or partial reliance upon the information.