Victorian Consolidated Legislation

Accident Compensation Act 1985 - SECT 164

PART VIA NON-WORKCOVER EMPLOYERS

Definitions

164. Definitions

In this Part- actuary means a fellow or accredited member of the Institute of
Actuaries of Australia approved by the Authority; available assets means the
portion of the Authority's total assets assessed by an actuary calculated,
with reference to the last audited financial statements of the Authority, to
be available to fund the tail claims liabilities; exit date means the date on
which an employer becomes a non-WorkCover employer; initial assessment means
the assessment of tail claims liabilities under section 166; liability period
means the period of 6 years commencing from the exit date; non-WorkCover
employer means an employer who-

   (a)  on or after the commencement of section 6 of the Accident Compensation
        (Amendment) Act 2005, becomes licensed under Part VIII of the
        Safety, Rehabilitation and Compensation Act 1988 of the Commonwealth
        after a declaration of eligibility under that Part made on the basis
        that the employer is a corporation carrying on business in competition
        with a Commonwealth authority or with another corporation that was
        previously a Commonwealth authority; and

   (b)  would otherwise be required-

   (i)  to obtain and keep a WorkCover insurance policy; or

   (ii) to be approved as a self-insurer; or

   (iii) to be a subsidiary of a holding company which is approved to be a
        self-insurer; revised assessment means the assessment of tail claims
        liabilities under section 169; tail claims means claims whether made
        before, on or after the exit date-

   (a)  in respect of injuries or deaths incurred or suffered by workers
        employed by the non-WorkCover employer while the non-WorkCover
        employer was-

   (i)  insured under a WorkCover insurance policy; or

   (ii) a self-insurer; or

   (iii) a subsidiary of a self-insurer; and

   (b)  which entitle a worker or the dependants of a worker to compensation
        whether under this Act, at common law or otherwise; tail claims
        liabilities means the sum of the actuarial value of the current,
        non-current and contingent liabilities immediately before the exit
        date in respect of tail claims under this Act of the non-WorkCover
        employer while the non-WorkCover employer was-

   (a)  insured under a WorkCover insurance policy; or

   (b)  a self-insurer; or

   (c)  a subsidiary of a self-insurer.