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Key outcomes from the June 2017 Commission meeting
Key outcomes from the June 2017 Commission meeting.
Self-insurance licence application – Ron Finemore Transport Services (RFTS)
The Commission agreed to grant RFTS a self-insurance licence for a period of eight years from 1 July 2017.
Self-insurance licence variation applications
Reserve Bank of Australia (RBA)
The Commission agreed to vary the licence of RBA by removing RBA as its claims manager and replacing it with the Australian Postal Corporation (APC), effective from 1 July 2017.
Virgin Australia Airlines
The Commission agreed to vary the licence of Virgin Australia Airlines by removing QBE Insurance (Australia) Limited as its contracted claims manager and replacing it with Employers Mutual Limited, effective from 1 September 2017.
Self-insurance licence extensions
The Commission agreed to extend the licences of Asciano Services Pty Ltd, Australian air Express Pty Ltd, Prosegur Australia Pty Ltd and Thales Australia Ltd for an eight year period from 1 July 2017 until 30 June 2025 and to extend the licence of StarTrack Retail Pty Ltd for a period of five years until 30 June 2022.
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 finalised the remaining elements of the new regulatory model, agreeing to further improvements to the Commission’s prudential and financial monitoring framework, targeted review methodology and claims and rehabilitation management systems audit tools. The new regulatory model will take full effect from 1 July 2017 as these remaining elements are introduced.