Australian Capital Territory Numbered Regulations Australian Capital Territory Numbered Regulations(1) An application for approval as an insurer must contain or be accompanied by the following:
(a) a written statement by the insurer that the insurer will be able to meet present and future claims under the Act for which the insurer is, or is expected to be, liable;
(b) evidence that the insurer has a place of business in the ACT, and the place's address;
(c) if the insurer has, or is applying for, a corresponding approval—evidence of the approval or application;
(d) evidence that the insurer has unlimited reinsurance for a single event to cover the insurer's future liability under the Act;
(e) a copy of the insurer's annual report and balance sheet (or, if either is not available, equivalent information) for each of the previous 3 years;
(f) a written agreement by the insurer to allow the Minister to discuss the affairs and performance of the insurer with Commonwealth or State Ministers responsible for workers compensation or corporate or prudential regulation;
(g) a written agreement by the insurer to allow, and pay the costs of, an audit by the Minister to establish that the insurer has adequate resources to meet the insurer's current and expected liabilities under the Act;
(h) a written statement by the insurer that the insurer will be able to meet its obligations under the Act in relation to injury management programs and personal injury plans;
(i) a written agreement by the insurer to allow, and pay the costs of, an investigation by the Minister to assess the insurer's statement under paragraph (h).
Example for par (h)
An insurer includes in its written statement that it has hired an external provider to establish and maintain its injury management program, and gives details about the arrangement with the provider.
(2) The Minister may, in writing, require further information from the insurer that provides evidence the insurer—
(a) is financially and prudentially sound; or
(b) will be able to meet its obligations under the Act in relation to injury management programs and personal injury plans.
(3) In this regulation:
"corresponding approval" means an approval under a State law that has the same effect, or substantially the same effect, as an approval under this part.