Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) In determining the amount of the premium payable by an Entity or Commonwealth authority in respect of a financial year under section 97, Comcare must:
(a) have regard to:
(i) the prescribed amount; and
(ii) any penalty amount or bonus amount;
in relation to the Entity or authority and that year; and
(aa) have regard to the principle that the amount that represents so much of available scheme funds as is attributable to:
(i) premiums paid by the Entity or authority; and
(ii) special premiums paid by the Entity or authority; and
(iii) interest earned on the premiums and special premiums referred to in subparagraphs (i) and (ii);
should, so far as practicable, be sufficient to meet Comcare's liability (if any) under this Act (including liability under actions for non - economic loss), in respect of injuries suffered:
(iv) in the case of an Entity or an authority that does not hold a licence in force under Part VIII--by employees of the Entity or authority; and
(v) in the case of an authority that holds such a licence--by employees of the authority in respect of whom the authority is not authorised to accept liability; and
(b) comply with any guidelines issued by the Commission under section 97E in relation to the determination of premiums.
(1A) For the purposes of paragraph (1)(aa):
(a) liability includes prospective liability; and
(b) assume that Comcare's liability is not contingent on:
(i) the making of a claim for compensation; or
(ii) the giving of a notice under section 53.
(2) In this section:
"bonus amount" , in relation to an Entity or a Commonwealth authority and a financial year, means the amount (if any) determined by Comcare to be an appropriate amount to be deducted from the prescribed amount in relation to the Entity or authority and that year, having regard to:
(a) the number of claims made by, or in relation to, employees of the Entity or authority in each previous financial year; and
(b) the amount of compensation paid to, or in relation to, such employees under this Act.
"penalty amount" , in relation to an Entity or Commonwealth authority and a financial year, means the amount if any, determined by Comcare to be an appropriate amount to be added to the prescribed amount in relation to the Entity or authority and that year, having regard to:
(a) the number of claims made by, or in relation to, employees of the Entity or authority in each previous financial year; and
(b) the amount of compensation paid to, or in relation to, such employees under this Act.
"prescribed amount" , in relation to an Entity or Commonwealth authority and a financial year, means the amount worked out in accordance with subsection (3) in relation to that Entity or authority and that year.
(3) Comcare must work out the prescribed amount, in relation to an Entity or Commonwealth authority and a particular financial year, using the formula:
where:
"estimated liability component" , in respect of an Entity or a Commonwealth authority and a financial year, means the estimated amount of Comcare's liability (if any) under this Act (including liability under actions for non - economic loss), in that financial year and in subsequent financial years, in respect of the number of injuries that Comcare estimates will be suffered during that financial year:
(a) in the case of an Entity or of an authority that does not hold a licence in force under Part VIII at the commencement of that financial year--by employees of the Entity or authority; and
(b) in the case of an authority that holds such a licence at the commencement of that financial year--by employees of the authority in respect of whom the authority is not authorised to accept liability;
being an amount estimated using such methods and having regard to such matters (if any) as the guidelines under section 97E specify.
"estimated management component" , in respect of an Entity or a Commonwealth authority and a financial year, means the estimated cost (if any) to Comcare, in that financial year and in subsequent financial years, of all claims management (including the cost of taking over the conduct of actions for non - economic loss) reasonably attributable to the Entity or authority, having regard to the number of injuries that Comcare estimates will be suffered during that financial year:
(a) in the case of an Entity or of an authority that does not hold a licence under Part VIII at the commencement of that financial year--by employees of the Entity or authority; and
(b) in the case of an authority that holds such a licence at the commencement of that financial year--by employees of the authority in respect of whom the authority is not authorised to manage claims;
being a cost estimated using such methods and having regard to such matters (if any) as the guidelines under section 97E specify.