News
06 Jun 2010
ACT Default Insurance Fund Act 2009
Provisions of the Workers Compensation (Default Insurance Fund) Amendment Act 2009 (no 2) will alter the method by which the Default Insurance (DI) Fund in the Australian Capital Territory (ACT) collects insurer and self-insurer contributions.
The DI Fund meets the costs of workers' compensation claims where a worker suffers a compensable injury but their employer:
The change in the method that contributions are made is to achieve transparency around the cost of the DI Fund operations. Specifically, insurers will disclose the amount which represents the DI Fund contribution.
The Levy will be collected as a percentage of the base premium. An annual percentage amount to be levied will be notified by the DI Fund in April/May every year and will apply to all policies new or renewed from 4pm 30 June of that year.
For new or renewed policies from 4pm 30 June 2010, the prescribed DI Fund Levy will be 1.70%. GST is payable on the levy.
For further information, please contact your Account Manager.
- does not have a compulsory insurance policy to cover the worker for the claim; or
- has a policy, but the insurer has collapsed (including the HIH Insurance Group) or cannot provide the indemnity required under the policy;
- is a self-insurer and is unable to pay the injured worker's compensation.
The change in the method that contributions are made is to achieve transparency around the cost of the DI Fund operations. Specifically, insurers will disclose the amount which represents the DI Fund contribution.
The Levy will be collected as a percentage of the base premium. An annual percentage amount to be levied will be notified by the DI Fund in April/May every year and will apply to all policies new or renewed from 4pm 30 June of that year.
For new or renewed policies from 4pm 30 June 2010, the prescribed DI Fund Levy will be 1.70%. GST is payable on the levy.
For further information, please contact your Account Manager.