You will need to apply to the WorkCover Tasmania Board if you no longer wish to hold a permit to self-insure.
What to submit
- A detailed explanation of your intended claims management strategy. Explain how existing claims and incurred but not reported claims will be managed if your permit is cancelled. Include financial claim management details, injury management details, and advice of the existence of return to work plans.
- A communication plan. Explain how your workers will be notified of the cessation of self insurance, and what practical effect this will have for them. State your intention to send a broadcast letter to workers, and individual letters to any worker with an existing claim.
- An independent actuarial assessment of outstanding Tasmanian workers compensation claims liability. You must provide a review of your workers compensation liabilities conducted no more than eight weeks before applying to cease being a self insurer. This review must be done by an appropriately certified actuary.
Your Financial Undertaking
You must review the adequacy of your Financial Undertaking and following approval by the Board make adjustments in accordance with the Board’s requirements.
WorkCover will retain the Financial Undertaking you provide after you have ceased holding a permit to self-insure.
The Board’s decision
After considering your application and submitted information, the Board will determine the effective date for the permit to end.
Depending on when you surrender the permit, you may receive reimbursement for all or part of your contribution made to the Workers Rehabilitation and Compensation Fund.