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Legislative Assembly for the ACT: 2001 Week 10 Hansard (28 August) . . Page.. 3533 ..

41 When does revocation make previous insurance policies not compulsory insurance policies? (ACT WCA s 17B (2))

(1) If an insurer's approval is revoked, a policy issued before the revocation (a pre -revocation policy ) is taken not to be a compulsory insurance policy only if a reason for the revocation is the winding up of the insurer.

(2) A pre-revocation policy stops being a compulsory insurance policy 7 days after the revocation takes affect.

42 Under reporting wages

(1) This regulation applies if-

(a) to obtain insurance from an approved insurer, an employer has told the insurer that the employer is paying a stated amount of wages; and

(b) the amount of wages the employer is paying is at least 10% more than the stated amount the employer told the insurer.

(2) The insurer is entitled to an amount equal to double the difference between the premium that the employer paid and the premium that the employer would have paid if the employer had told the insurer the true amount of wages the employer was paying.

(3) An amount under subregulation (2) is a debt owing to the insurer by the employer.

Part 6 Self-insurers

43 What an application for exemption must contain

(1) An application for exemption from the Act, section 16C (1) (which requires employers to maintain a compulsory insurance policy with an approved insurer) must contain the following:

(a) a written statement by the applicant that the applicant has reasonable grounds for believing that the applicant will be able to meet present and future claims under the Act for which it is, or will be, liable;

(b) if the applicant has, or is applying for, a corresponding approval in another jurisdiction-evidence of the approval or application;

(c) evidence that the applicant has reinsurance of at least $5 000 000 cpi indexed for a single event to cover the applicant's future liability under the Act;

(d) a copy of the annual report and balance sheet or, if either is not available, of equivalent information for the applicant for each of the previous 3 years;

(e) an actuarial report;

Note See subregulation (3) for what must be included in an actuarial report.

(f) a guarantee from an authorised deposit-taking institution in favour of the nominal insurer for the guaranteed amount in relation to the applicant;

Note The guaranteed amount is defined in subregulation (4).

(g) a written agreement by the applicant to allow the Minister to discuss the affairs and performance of the applicant with other Australian jurisdictions for the purposes of the Act;

(h) a written agreement by the applicant to allow, and pay the costs of, an audit conducted on behalf of the Minister to establish that the applicant has adequate resources to meet the applicant's expected liabilities under the Act;

(i) a copy of the applicant's OH&S policy and evidence that it has been brought to the attention of the applicant's workers;

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