WORKERS COMPENSATION ACT 1987 - SECT 239AF
Insurers to provide Authority with information
WORKERS COMPENSATION ACT 1987 - SECT 239AF
Insurers to provide Authority with information
239AF Insurers to provide Authority with information
(1) If an insurer
requests the Minister to make a declaration under section 239AD, the Authority
may from time to time, by notice in writing to any insurer (specifying the act
in respect of which the declaration is sought), require the insurer to provide
the Authority with information in relation to that act in accordance with this
section.
(2) The information is to be provided, in writing, no later than 21
days after the notice is served on the insurer.
(3) The following information
is to be provided--
(a) a statement as to whether the insurer has, as an
insurer, incurred any liability for payment as a result of the act specified
in the notice,
(b) if the insurer has incurred such a liability--
(i) details
of any claims received by the insurer in respect of the liability,
(ii)
details of any amount paid in respect of those claims,
(iii) an estimate
(calculated in accordance with the method specified in the notice) of any
further amount that the insurer will be required to pay (in respect of both
claims already received by the insurer and anticipated claims),
(iv) details
of any contracts or arrangements for re-insurance that are in force to the
benefit of the insurer in connection with any such liability,
(c) such other
information as may be prescribed by the regulations.
(4) If the insurer
subsequently has reason to revise any information provided under this section,
the insurer is required to furnish the Authority with the revised information
in accordance with the Workers Compensation Guidelines (which may make
provision with respect to the furnishing of that information).
(5) An insurer
who fails to comply with a requirement under this section is guilty of an
offence.
