Deposit required for self-insurers and former self-insurers
213 Deposit required for self-insurers and former self-insurers
A self-insurer who is granted a licence under this Division must on the grant of the licence deposit with the Authority an amount of money determined by the Authority in respect of the self-insurer.
Maximum penalty—100 penalty units.
A person who is or was a self-insurer must deposit with the Authority, at such time or times as the Authority may direct by notice to the person, such additional amount or amounts as the Authority determines to be necessary to ensure that the amount the person has on deposit under this Division is the person’s required deposit amount for the time being.
Maximum penalty—100 penalty units.
A person who has ceased to be a self-insurer can be required to deposit money with the Authority under this section even if the amount of any previous deposit of the person has been refunded to the person under section 216.
The Authority may at any time refund to a person who has money on deposit with the Authority under this section any amount by which the person’s deposit exceeds the person’s required deposit amount for the time being.
A person who is or was a self-insurer must comply with any written direction of the Authority to provide the Authority with specified information (including actuarial information) for the purpose of enabling the Authority to determine the person’s required deposit amount from time to time.
Maximum penalty—50 penalty units.
No deposit is payable under this Division by—
a Government employer, or
any other employer approved by the Authority.
In this section—
required deposit amount of a person means the amount that the Authority determines to be the amount required to adequately provide for all the accrued, continuing, future and contingent self-insurer liabilities of the person and of the person’s subsidiaries.
self-insurer liabilities of a person means—
any liabilities of the person under this Act in respect of workers employed by the person while a self-insurer, or
any liabilities of the person independently of this Act (but not including a liability for compensation in the nature of workers compensation arising under any Act or other law of another State, a Territory or the Commonwealth or a liability arising under the law of another country) for injuries received by workers employed by the person while a self-insurer (including any injury that is a dust disease as defined in the Workers’ Compensation (Dust Diseases) Act 1942 and the aggravation, acceleration, exacerbation or deterioration of a dust disease as so defined).
This Act’s bill:Explanatory memorandum
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