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Key outcomes from the 8 March 2017 meeting

Key outcomes from the 8 March 2017 meeting

Self-insurance licence variation applications

Reserve Bank of Australia (RBA)

The Commission did not approve RBA’s request to vary its licence by removing the RBA as its claims manager and replacing it with the Australian Postal Corporation.

Avanteos Pty Ltd (Avanteos)

The Commission agreed to vary a continuing provision of the revoked licence of Avanteos by reducing the minimum bank guarantee required to an amount reflecting the remaining liabilities for Avanteos.

Commission’s Licence Compliance and Performance Model

Following the Commission’s endorsement in June 2016 of the new regulatory model to apply to self-insured licensees from 1 July 2016, the Commission has continued to develop supporting elements of the new model to ensure an effective transition for licensees in 2016-17.

At this meeting, the Commission agreed to further improvements to the Commission’s prudential and financial monitoring framework following an independent review. The Commission also agreed to amendments to performance targets for licensees based on feedback provided.

Indicative licence fees 2017-18

The Commission agreed to indicative licence fees for the 2017-18 financial year.

Indicative licence fee letters will be sent by 31 March 2017, providing licensees an opportunity to query or dispute the indicative fees prior to the fees being finalised.

Consultation with licensees

Following the meeting, the Commission held its annual meeting with licensees following the 8 March 2017 meeting, which involved discussion on key areas of importance for both the licensees and Commission, specifically in relation to the Licence Compliance and Performance Model.

Page last updated: 30 Mar 2017