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Legislative Assembly for the ACT: 2001 Week 10 Hansard (28 August) . . Page.. 3530 ..
(3) In this regulation:
107 corresponding approval means an approval or licence under a law of a State that has the same effect or substantially the same effect as an approval under this part.
29 When must Minister not approve
insurer?(1) The Minister must not approve an insurer unless satisfied that the insurer will be able to meet the insurer's likely liability under the Act.
(2) Also, the Minister must not approve an insurer unless satisfied that the insurer will comply with the conditions of the approval.
30 How long does approval last?
The Minister may approve an insurer under this division for up to 3 years.31 What must approval state?
The approval must state the name of the approved insurer and how long the insurer is approved for.
Division 5.2 Conditions on approvals
32 Providing information about ability to pay compensation
It is a condition of an insurer's approval that the insurer provides information that is reasonably required in writing by the Minister to allow the Minister to assess the continuing ability of the insurer to pay compensation under the Act.
33 Information about workers compensation
It is a condition of an insurer's approval that the insurer provides information that is reasonably required in writing by the Minister about the claims that have been made against the insurer under the Act.34 Information on working out of premiums
(1) It is a condition of an insurer's approval of that-(a) on written request by the Minister, the approved insurer must give the Minister any relevant information asked for by the Minister about how the insurer works out premiums for compulsory insurance; and
(b) the insurer must provide information under paragraph (a) within the period stated in the request that is not less than 21 days after the Minister requested the information.
(2) The information the Minister may ask for is information that the Minister is satisfied, on reasonable grounds, will help the Minister to decide whether the premiums are being worked out in accordance with the principles for working out premiums under regulation 35.
35 Principles for working out premiums
(1) In working out premiums, an insurer must do the following:(a) provide for sufficient (but not excessive) income from premiums to fully fund liability arising from policies of insurance to which the premiums relate;
(b) be structured so as to minimise, as far as is reasonably practicable, the cross subsidisation of premium rating groups.
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