WORKERS' COMPENSATION AND REHABILITATION REGULATION 2014 - REG 23
Premium payable after cancellation of self-insurer’s licence—Act, s 98
WORKERS' COMPENSATION AND REHABILITATION REGULATION 2014 - REG 23
Premium payable after cancellation of self-insurer’s licence—Act, s 98
23 Premium payable after cancellation of self-insurer’s licence—Act, s 98
(1) For section 98 of the Act , the premium payable by the former self-insurer
for the first 2 periods of insurance after cancellation is to be calculated
according to the method and at the rate specified by WorkCover, by gazette
notice under section 54 of the Act , as if the employer were a new employer.
(2) However, the rate under subsection (1) must not be less than the rate
calculated using the formula—
(a) for an employer licensed as a
self-insurer for 3 or more years immediately before cancellation of the
licence—3 years; or
(b) for an employer licensed as a self-insurer for less
than 3 years immediately before cancellation of the licence—the period of
the licence.
"liability" means an actuarial estimate of the outstanding liability at the
end of the self-insurer’s licence for claims incurred during the
final period of licence, excluding liability for the excess period.
"payments" means the actual payments made by the former self-insurer, less
recoveries received and payments made that are the equivalent of amounts
payable for the excess period, for claims incurred during the
final period of licence.