Discount available for premiums paid in full
4 Discount available for premiums paid in full
An employer is entitled to a discount of 3 percent on the initial premium payable by the employer for a policy of insurance if:
the period of insurance to which the policy relates is 12 months, and
the employer has paid the discounted amount of the premium in full by the date on which payment of the premium is due, and
the employer has not elected to pay the premium by instalments, and
the employer has notified the insurer, in accordance with the regulations, of the reasonable estimate of the wages that will be payable during the period of insurance.
Note—
Clause 130 of the Workers Compensation Regulation 2003 requires an employer to notify the insurer concerned of the matter referred to in paragraph (d).
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