An important piece of work for the Workers' Compensation Self-Insurance Project is a financial feasibility assessment and a liability report.
To undertake this work a tender process was initiated and a preferred vendor has been selected. Completion of work is expected to be by the last week in August.
What is a financial feasibility assessment?
A financial feasibility assessment provides the necessary information for considering the viability of becoming self-insured. This involves comparing the costs of continuing as a Comcare premium payer to those of self-insuring under the SRC Act.
What is a liability report?
A liability report is required as part of the application process to become self-insured. The report is useful at this stage in the process to provide information essential to setting up the required reinsurance policies and bank guarantees.