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Certain Commonwealth authorities and eligible private corporations may apply for a licence to self-insure under the Safety, Rehabilitation and Compensation Act 1988 (SRC Act).
Self-insurance provides a streamlined approach to the management of workers' compensation by allowing the company to operate under one piece of national legislation rather than multiple ones under each state jurisdiction.
Self-insurance regulatory framework
The Safety, Rehabilitation and Compensation Commission (SRCC) monitors the compliance of licensees in accordance with the legislation and licence conditions. Comcare manages the licensing arrangements and reports to the SRCC on licensee performance.
Licensees are regulated via the Licensee Improvement Program (LIP), which provides a regulatory framework that:
- links the level of regulatory oversight to performance
- is easy to understand and administer
- focusses on a holistic approach to performance evaluation.
LIP regulatory framework