|
What does an insurer do?
|
In NSW, licensed insurers issue and administer workers compensation insurance policies on behalf of WorkCover. They also manage the collection of premiums, inform employers of their responsibilities and administer most claims processes.
There are also organisations licensed to be self-insurers, specialised insurers and group self-insurers. An organisation can apply to become an insurer in one of these categories.
Self-insurers
An employer with a self-insurer’s licence does not pay workers compensation premiums to a licensed insurer. They carry their own underwriting risk and control their own claims administration. There are strict criteria that employers must meet before WorkCover will approve a self-insurer's licence.
Specialised insurers
Specialised insurers have a restricted licence to underwrite workers compensation risks specific to a particular industry, or class of business or employer.
|
 top
|
|
|