New South Wales Consolidated Acts

WORKERS COMPENSATION ACT 1987 - SECT 177A

177A Special provisions for specialised insurers

(1) An application for a licence under this Division may be made conditional on the licence being endorsed with a specialised insurer endorsement.

(2) The Authority may endorse the licence with a specialised insurer endorsement but only if the Authority is satisfied that the insurance business to be carried on pursuant to the licence will be limited to a particular industry or class of business or employer, and that--

(a) the applicant is eligible for such an endorsement (as provided by this section), or

(b) the applicant will issue policies only in respect of domestic or similar workers.

(3) An applicant for a licence under this Division is eligible for a specialised insurer endorsement if the Authority is satisfied--

(a) that the insurance business to be carried on pursuant to the licence will not have an adverse effect on the efficiency of the workers compensation scheme under this Act generally, and

(b) that the application is supported by relevant professional, business and other industry bodies involved in the particular industry or class of business or employer concerned, and

(c) that the applicant is authorised under section 12 of the Insurance Act 1973 of the Commonwealth to carry on insurance business in Australia (or does not require such an authorisation to lawfully carry on the insurance business to be carried on pursuant to the licence), and

(d) as to such other matters as the Authority considers relevant.

(4) The Authority may by notice in writing to a licensed insurer withdraw a specialised insurer endorsement that the licence is endorsed with if the Authority is of the opinion that the Authority would not be authorised (on an application for a licence by the insurer) to endorse the licence with a specialised insurer endorsement.

(5) The withdrawal of a specialised insurer endorsement is grounds for the suspension or cancellation of the relevant licence under this Division.