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