WORKERS' COMPENSATION AND REHABILITATION ACT 2003 - SECT 104 Contingency account

WORKERS' COMPENSATION AND REHABILITATION ACT 2003 - SECT 104

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.