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Legislative Assembly for the ACT: 2001 Week 10 Hansard (28 August) . . Page.. 3529 ..
23 Insurer to notify renewal
The compulsory insurance policy must provide that the insurer must notify the employer at least 30 days before the insurance policy is to end.24 Services to be provided
The compulsory insurance policy must include a description of the services to be provided under the policy and when they will be provided.25 Cancellation
The compulsory insurance policy must include a provision to the effect that the policy may only be cancelled in accordance with a protocol approved by the Minister.
26 Insurance policy may contain other provisions
The compulsory insurance policy may contain any other provision, that is not inconsistent with the Act, that the parties agree to.Division 4.2 Conditions on compulsory insurance policies
27 Compliance with pt 4 is policy condition
(NSW WIMWCA s 56 (6))It is a condition of a compulsory insurance policy that the employer must comply with the requirements of this part, but only if the insurer has taken appropriate steps to ensure that the employer is made aware of the obligations.
Part 5 Approved insurers
Division 5.1 Approval by Minister
28 Application for approval
(1) An application for approval as an insurer must contain the following:
(a) a written statement by the insurer that the insurer has reasonable grounds for believing that the insurer will be able to meet present and future claims under the Act for which it is, or will be, liable;
(b) for an applicant other than a self-insurer-evidence that the insurer is a corporation listed on the Australian Stock Exchange;
(c) if the insurer has, or is applying for, a corresponding approval in another jurisdiction-evidence of the approval or application;
(d) evidence that the insurer has unlimited reinsurance for a single event to cover the insurer's future liability under the Act;
(e) a copy of the annual report and balance sheet or, if either is not available, of equivalent information for the insurer for each of the previous 3 years;
(f) a written agreement by the insurer to allow the Minister to discuss the affairs and performance of the insurer with other Australian jurisdictions for the purpose of the Act;
(g) a written agreement by the insurer to allow, and pay the costs of, an audit by the Minister to establish that the insurer has adequate resources to meet the insurer's expected liabilities under the Act.
(2) The Minister may, in writing, require further information from the insurer that provides evidence that the insurer is financially and prudentially sound.
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