Workers Compensation Act 1987

Without limiting the generality of section 181, the conditions to which a licence granted under this Division may be subject include conditions for or with respect to—

requiring the licensed insurer to undertake a specified amount of workers compensation insurance or of workers compensation insurance of a specified kind,

preventing an insurer from undertaking more than a specified amount of workers compensation insurance or of workers compensation insurance of a specified kind, or

requiring a charge or other security to be taken by the Authority in respect of the assets of an insurer, or otherwise requiring the insurer to provide security, for the purpose of securing the payment of the insurer’s liabilities (including contingent liabilities) for the payment of compensation under this Act.

Conditions may be imposed on a licence—

for the purpose of promoting an equitable distribution of high risk insurance business among licensed insurers,

for the purpose of ensuring compliance with the obligations of the licensed insurer,

for the purpose of preserving premiums paid for policies of insurance,

for the purpose of the efficiency of the workers compensation system generally, or

for any other purpose of the same or of a different kind or nature that is not inconsistent with this Act.

An amount of workers compensation insurance may be prescribed in a condition of a licence by specifying a level of premium income or in any other manner.