A specialised insurer is licensed by us to underwrite workers compensation liabilities and manage workers compensation claims for employers within a defined industry.
Because these insurers focus on the special needs of a defined industry (instead of providing insurance across a wider range of different businesses), they can develop targeted work health and safety, return to work, and injury management programs, as well as affordable insurance pricing.
A standard licence lasts up to five years. However, failure to meet our licensing requirements may result in a non-standard licence term of less than five years.
Our licensing requirements ensure specialised insurers obtain appropriate authorities, are financially viable and maintain high standards of injury management and case management throughout the term of the licence.
We monitor these requirements and failure to meet them may reduce the length of a specialised insurer licence.
Licensing requirements include:
- Australian Prudential Regulation Authority authorisation
- meeting ownership and control specifications
- strong financial viability and strength
- provision of financial security
- obtaining reinsurance cover
- compliant case management practices
- an effective WHS Loss Management program
Our licensing framework explains our requirements in more detail.
Australian Prudential Regulation Authority authorisation
If you're a specialised insurer you must hold an authority from the Australian Prudential Regulation Authority (APRA) to carry out insurance in Australia (unless exempted by specific legislation).
Ownership and controls specifications
Specialised insurers must be incorporated with 50 per cent of the shares and paid up capital held by the relevant professional, business or other industry bodies with 50 per cent of the voting rights.
Strong financial viability and strength
To be a specialised insurer you must:
- be adequately capitalised
- have a strong financial position based on net tangible assets
- have a sound profit and cash flow history
- lodge your annual report (including audited financial statements) each financial year
If you're a specialised insurer you're required to provide financial security to ensure you're able to meet your workers compensation liabilities.
Our security policy sets out the types of security and the terms under which security will be accepted.
If you're a specialised insurer you must obtain appropriate reinsurance cover for your workers compensation risks.
Case management practices
We will conduct case management audits periodically throughout a licence term in accordance with the Insurer audit manual. This manual assists specialised insurers to monitor compliance with legislation and identify opportunities for improvement in case management. Specialised insurers will also be required to report self-audit results at least annually.
WHS Loss Management program
Specialised insurers are required to demonstrate that they have a WHS Loss Management program in place to assist insured employers maintain strong work health and safety standards.
The WHS Loss Management program should focus on systematic approaches to injury and/or illness prevention based on industry-specific problem areas utilising WHS risk management principles.
Our specialised insurer loss management assessment criteria have more information on loss management programs and our expectations.
List of specialised insurers
Licensed to provide workers compensation insurance to employers whose main business or industrial activity applies to the Roman Catholic Church and its religious institutions.
Original approval started: 31/03/1983
Current approval expires: 31/10/2019
Licensed to provide workers compensation insurance to employers in the coal industry under the Coal Industry Act 2001.
Original approval started: Not applicable
Current approval expires: Not applicable
Licensed to provide workers compensation insurance to pharmacies operating in NSW.
Original approval started: 15/01/1964
Current approval expires: 30/04/2021
Licensed to provide workers compensation insurance to the NSW accommodation and hospitality industries including, pubs, bars, taverns and clubs.
Original approval started: 31/03/2008
Current approval expires: 31/03/2019
Licensed to provide workers compensation insurance to employers whose main business or industrial activity concern activities undertaken by registered race clubs and licensed trainers in the NSW thoroughbred racing and training industry.
Original approval started: 01/08/1998
Current approval expires: 31/03/2020
Licensed to provide workers compensation insurance to local councils in NSW.
Original approval started: 30/06/2001
Current approval expires: 30/06/2018
Call 13 10 50 for more information about specialised insurers or email email@example.com.