Notice Type
Departmental
Recommendations From Consultation on the Self-employed Work Premium Regulations Regulations 1999 Under the Accident Insurance Act 1998, workers compensation will not be provided by A.C.C. However self-employed people, may, from 1 July 1999, choose to remain with A.C.C. or buy work and most of their non-work personal injury insurance cover from a private insurer. A new self-employed work account will cover self-employed and private domestic workers who choose to continue to insure with A.C.C. for their work injuries. The self-employed work account will be funded by premiums paid by self-employed and private domestic workers. Premiums for the account will be assessed on a fully funded basis. As required by section 409 of the Act, A.C.C. has completed consultation with premium payers, and has recommended the Self-employed Work Premiums to the Minister for Accident Rehabilitation and Compensation Insurance. A.C.C. recommended an average gross self-employed work premium rate of $2.02 per $100 of liable earnings, G.S.T. exclusive, with 2 components: An average income-related benefit premium rate of $1.40; and An average non-income related benefit premium rate of $0.62. This average gross premium rate includes an allowance for personal adjustment factors which will reduce the final premium payment to reflect the individual risk characteristics of each premium payer. The expected net average premium is $1.66, which is equivalent to the average that self-employed currently pay in the Employers' Account. A copy of the recommendation may be obtained by contacting Trish Millward on telephone No. (04) 918 7304.
Publication Date
20 May 1999

Notice Number

1999-go3695

Page Number

1344