104
CurrentContingency account
Chapter 2Employer’s obligations
Part 4Employer’s self-insurance
Division 5Cancellation of self-insurer’s licence
104 Contingency account
(1)
The Regulator may establish and maintain a contingency account to meet any future liability against a former self-insurer.
(2)
A regulation may prescribe that a specified percentage of the self-insurer’s annual levy may be paid to the account.
(3)
Payments may be made from the contingency account if—
(a)
a self-insurer’s licence is cancelled; and
(b)
the former self-insurer’s section 84 security is exhausted or has been returned; and
(c)
WorkCover is unable to recover claims costs from the former self-insurer.
This Act’s bill:Explanatory memorandum
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