Specialised Insurer Licence / Specialised Insurer Endorsement - New South Wales

Description

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

Fees Details for this service in table format.

Task Type Business Structure Amount
Apply Application All $50000.00

Other resources

Act(s) name

Workers Compensation Act 1987 NSW

Regulation(s) name

Workers Compensation Regulation 2016 NSW

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)