(a) must
be assessed annually by an actuary approved by the Regulator; and
(b) must be
calculated in the way prescribed under a regulation.
(5) The security must
remain in force or, if it is a cash deposit, the Regulator must hold the cash
deposit—
(a) at all times during the period of the licence; and
(b) after
cancellation of the licence, as required by section 102.
(6) The security is
not liable to be attached or levied on or made the subject of any debts or
claims against the self-insurer by a person other than WorkCover.
(7) If a
self-insurer lodges a financial guarantee under subsection (1) and the
insurance company that gave the guarantee stops being an
approved security provider, the self-insurer must—
(a) notify the Regulator
of the matter without delay; and
(b) lodge another security under this
section within 20 business days after the date of the notice given under
paragraph (a) .
(8) In this section—
"approved security provider" means an approved security provider as defined
under the Financial and Performance Management Standard 2009 , section 36.
"bank guarantee" means a guarantee given by a bank or the Queensland Treasury
Corporation.
"estimated claims liability" means the actuarial estimate of—
(a) the
liability for—
(i) claims expected to arise in the 12 months after the
assessment; and
(ii) existing claims incurred for which a self-insurer is
liable under section 68Cor 87; less
(b) the total amount expected to be
paid in the 12 months after the assessment.