(1) The regulations
may do any of the following —
(a)
prescribe any or all of the terms and conditions of a workers compensation
policy;
(b)
limit, modify or exclude any term or condition of a workers compensation
policy;
(c)
prescribe the form of a workers compensation policy;
(d)
prescribe 1 or more standard forms of a workers compensation policy and
the circumstances in which a standard form must be used;
(e)
limit, modify or exclude any requirement in section 202 to have a workers
compensation policy in respect of liabilities arising in specified
circumstances or out of specified events;
(f)
limit the amount for which an employer is required to be insured under a
workers compensation policy;
(g)
otherwise limit, modify or exclude the requirement in section 202 that an
employer must at all times have a current workers compensation policy issued
by a licensed insurer.
(2) If a licensed
insurer issues a workers compensation policy that includes a term or condition
that is inconsistent with a requirement of this Act or the
regulations —
(a) the
term or condition is of no effect to the extent of the inconsistency; and
(b) the
licensed insurer commits an offence.
Penalty for this subsection: a fine of
$10 000.