In August 2016, Insurance & Care NSW (icare) announced that they will start to manage and directly underwrite policies under the NSW Workers Compensation Scheme.
As this change is now coming into effect, please see the latest update below to learn how the changes may affect you and your business.
New policies to the NSW Scheme can now be lodged directly with icare through their online self-service portal. For assistance in taking out a new policy, your broker can continue to provide you with support.
icare now require a Letter of Appointment (LOA) to be lodged with all new policies to nominate your broker of choice.
Existing policies will be transitioned to icare at your next renewal date from 30 April 2017.
Up until your renewal date, your insurer will continue to provide you with renewal services and payment advice as per usual.
From your renewal date, icare will provide these services for you. icare will make direct contact with all employers to provide all the information they will need in order to renew their policy.
We suggest you contact your broker in the first instance to review all renewals in light of the changes.
On 1 March 2017, CGU announced that they've decided not to respond to icare’s agent selection process for the 2018-2020 contract for claims management and are seeking to withdraw from the NSW Workers Compensation Scheme by 31 December 2017.
CGU’s decision is a commercial one, determining it's no longer viable for them to participate in the NSW Workers Compensation Scheme. CGU is working closely with icare and brokers to ensure a smooth transition and will keep you informed of changes that may impact you.
In the meantime, CGU has confirmed that it’s business as usual. CGU's Workers Compensation presence in other states and territories has not been affected by this decision.
Once icare determine the 2018-2020 contracts for the NSW Workers Compensation Scheme Agents in April 2017, we will update you accordingly.
Please contact Suzana Strbac on the details below:
Manager, Workplace Solutions
T: 02 8267 9972
M: 0404 486 451