Self Insurer Licence - New South Wales

Description

This licence will allow 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.

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

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.

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

Duration

A licence will be granted for a standard period of 3 years and be capable of renewal for further 3 year periods.

Fees

Fees Details for this service in table format.

Task Type Business Structure Amount Description
Apply Application All $40000.00 General licence.
Apply Application All $45000.00 Group self insurer licence.

Forms

Task Business Structure Resources
Apply All Application for Self Insurer Licence - Please consult the Contact Officer for information on forms to be submitted.

Act(s) name

Workers Compensation Act 1987 NSW

Regulation(s) name

Workers Compensation Regulation 2016 NSW

Lodgement process

Apply

You should contact the Agency prior to lodging an application.

Administering agency

Department of Finance, Services and Innovation

State Insurance Regulatory Authority

Contact details

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

Self and Specialised Insurers

State Insurance Regulatory Authority

Department of Finance, Services and Innovation

Operating address: Level 25
580 George Street
Sydney, New South Wales 2000
Phone: 13 10 50
Email: self&specialisedinsurers@sira.nsw.gov.au
Website: State Insurance Regulatory Authority (Opens in new window)