Victorian Current Acts Victorian Current Acts(1) This section applies if, under section 403 , the Authority assumes the liability for the tail claims of an employer that has ceased to be a self-insurer.
(2) Within 28 days after the Authority has assumed liability for the tail claims, the amount of the tail claims liabilities of the employer must be assessed by an actuary appointed by the Authority.
(3) If the employer fails to permit the actuary to inspect the books of the employer to enable that assessment to be made, the liability for the tail claims of the employer is the amount determined by the Authority.
(4) The Authority must give notice in writing to the employer stating the amount of the tail claim liabilities assessed under subsection (2) or determined under subsection (3), as the case may be.
(5) The amount of the tail claim liabilities assessed under subsection (2) or determined under subsection (3) is a debt due to the Authority by the employer and is payable by the employer within—
(a) 28 days of receiving notice of the assessment or determination from the Authority; or
(b) any longer period as may be agreed between the Authority and the employer.
(6) If the employer fails to pay the amount due under subsection (5) within the period referred to in that subsection, the Authority may recover that amount under the guarantee provided under section 393 or 399.
(7) In this section, the "tail claims liabilities" of an employer means the sum of the actuarial value of the current, non-current and contingent liabilities immediately before the exit date of the employer in respect of tail claims.