business.gov.au

Self-Insurer Licence - Australian Capital Territory

Description

You will need this licence 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 licence provides exemption from this requirement.

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 you must demonstrate core competencies across a range of areas. These include:

 

  • 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.

Duration

3 years

Fees

Fees Details for this service in table format.

Task Type Business Structure Description
Apply Application All Please contact the agency for more information.

Forms

Act(s) name

Workers Compensation Act 1951 Australian Capital Territory

Regulation(s) name

Workers Compensation Regulation 2002 Australian Capital Territory

Administering agency

Chief Minister, Treasury and Economic Development Directorate

Contact details

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