Western Australian Numbered Acts

WORKERS COMPENSATION AND INJURY MANAGEMENT ACT 2023 (NO. 21 OF 2023) - SECT 597

597 .         Licensed insurers

        (1)         An insurer who was an approved insurer under the former Act immediately before commencement day is taken to be a licensed insurer under this Act and is subject to this Act accordingly.

        (2)         The insurer is taken to have been granted an insurer licence to remain in force indefinitely unless WorkCover WA converts the licence by a direction under section 230(4) to an insurer licence granted for a fixed period specified in the direction.

        (3)         Sections 261(7) and  491(6) do not apply to an insurer who becomes a licensed insurer under this Act pursuant to this section.

        Note for this subsection:

                Sections 261(7) and  491(6) provide that a licensed insurer is not required to pay a contribution to the DI Fund or the General Account for the financial year in which the insurer becomes a licensed insurer. This does not apply to approved insurers under the former Act who become licensed insurers under this section.