business.gov.au

Approval of a Workers' Compensation Insurer - Australian Capital Territory

Description

You will need this approval if you intend to provide workers' compensation insurance. An approved insurer's responsibilities include the following:

  • the establishment, maintenance and implementation of injury management programs
  • the provision, coordination and management of the claims management process
  • the rejection or acceptance of injury claims and the payment of compensation when a claim is made
  • continued contact with the injured worker, employer, and other involved parties.

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 approval, you must:

  • have a place of business in the Australian Capital Territory
  • provide a written statement that you will be able to meet all present and future claims for workers' compensation
  • provide evidence that you have reinsurance, or other arrangements in place, to cover future liability
  • provide a copy of your annual report and balance sheet for each of the previous 3 years
  • provide a written agreement allowing the Minister to discuss your performance as an insurer with Commonwealth or State Ministers responsible for workers compensation
  • provide a written agreement to provide information and fees, as needed, for a compliance or financial audit
  • provide a written statement that you will comply with the Act and regulation and any conditions of approval.

Duration

3 years

Fees

Fees Details for this service in table format.

Task Type Business Structure Description
Apply Application All

Please consult the Contact Officer for information on fees to be submitted.

Forms

Act(s) name

Workers Compensation Act 1951 Australian Capital Territory

Regulation(s) name

Workers Compensation Regulation 2002 Australian Capital Territory

Application process

Lodge

Documentation to be lodged with your application includes:

  • evidence that you have a place of business in the Australian Capital Territory and that you are able to meet present and future claims
  • evidence that you have adequate reinsurance or other arrangements to cover your future liability
  • a copy of your annual report and balance sheet for each of the previous 3 years
  • written agreement to allow the Minister to discuss your affairs and performance with Commonwealth and State Ministers responsible for workers' compensation or corporate or prudential regulation
  • written agreement for an audit by the Minister (paid for by yourself) to establish that you have adequate resources to meet your current and expected liabilities
  • a written statement that you will be able to meet your obligations in relation to injury management programs and personal injury plans.

Administering agency

Chief Minister, Treasury and Economic Development Directorate

WorkSafe ACT

Contact details

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