(1) A self-insurer
licence is subject to the condition that security for the payment of all the
self-insurer liabilities of the employer and each employer to which the
licence extends (a self-insurer security ) must be provided and maintained on
terms approved by WorkCover WA from time to time.
(2) The terms approved
for a self-insurer security can require the self-insurer security to provide
continuing security for the payment of self-insurer liabilities after the
self-insurer licence to which the security relates has expired or been
cancelled.
(3) A self-insurer
security must be provided by means of a guarantee by a financial institution
approved by WorkCover WA that guarantees payment of the required security
amount to WorkCover WA on demand by WorkCover WA.
(4) WorkCover WA may
approve of a self-insurer security being provided by means of a bond,
indemnity or undertaking to pay or by other means WorkCover WA considers
acceptable.