Changes to minimum level of securities for self-insurers (exempt employers)

Changes to the minimum level of securities for self-insurers (exempt employers) come into effect today.

The required minimum level of securities has been reviewed based on factors of claims escalation and the requirement that only financially secure employers are granted exemption.

From today, 1 July 2013, the following will apply for annual reviews:

Current self-insurers

  • The minimum level of securities is to be increased from $1 million to $1.5 million;
  • The level of outstanding claims liabilities plus the 50 per cent prudential margins is to be rounded up to the next $100,000.

New self-insurers

  • The minimum level of securities is to be set at $2 million;
  • Thereafter, the level of securities is to be determined as above.

For more information about the changes to the minimum level of securities for self-insurers, contact standards&monitoring@workcover.wa.gov.au.

Page last updated: 17 September 2014 at 2:20 pm

wa.gov.au