WORKERS COMPENSATION REGULATION 2002 - REG 68 Application for insurer licence—Act, s 145J (a)

WORKERS COMPENSATION REGULATION 2002 - REG 68

    (1)     An application for an insurer licence by an insurer (the "applicant") must—

        (a)     include evidence of an authorisation under the Insurance Act 1973

(Cwlth), section 12 to carry on an insurance business in Australia; and

        (b)     if the applicant is applying for a corresponding licence—include evidence of the application; and

        (c)     if the applicant has a corresponding licence—include evidence of the licence and any conditions on the licence; and

        (d)     include evidence that the applicant has adequate reinsurance, or other arrangements in place, to cover the applicant's future liability under the Act; and

        (e)     comply with any protocol relating to applying for a licence.

    (2)     The regulator may, in writing, require further evidence from an applicant that demonstrates the applicant—

        (a)     is financially and prudentially sound; or

        (b)     will be able to meet any obligations as an insurer under the Act in relation to injury management programs and personal injury plans.

    (3)     In this section:

"corresponding licence" means a licence under a State law that has the same effect, or substantially the same effect, as an insurer licence.