WorkCover Tasmania Board's Policy of the Return of Financial Undertakings – Bank Guarantees
In recent times, a number of self-insurers have surrendered their Permit to Self-Insure to take up coverage in other jurisdictions or to purchase a policy from a licensed insurer. A number of these organisations have asked how they may retrieve their Bank Guarantee from the WorkCover Tasmania Board.
Consequently, the Board has developed a Policy for the Return of Financial Undertakings to help organisations that previously held a Permit to Self-Insure. This policy was approved by the Board at its meeting on 25 February 2014. This policy aims to ensure that former self-insurers' claim liabilities are met without the need for recourse to the Nominal Insurer, while reducing the on-going financial impact to insurers.
As stated in the policy, if certain conditions can be met, then the financial undertaking may be released. These conditions are:
- there are no open claims
- there has been no new claim reporting activity for seven years
- there is no identified latent claim exposure, and
- the actuarial valuation estimates zero claims liability.
For more information, please refer to the full policy below.
To apply for the return of your organisation's financial undertaking, please forward a written statement and supporting documentation that demonstrates compliance with the policy to:
The WorkCover Tasmania Board
PO Box 56
Rosny Park TAS 7018