Tag Archives: renewal

2015/16 Renewal Processing Update

Renewal Processing UpdateOur regular readers will know that the 30 June 2015 NSW workers compensation legislation changes have been a burning issue for the last 6 months or more. Many would also know that the legislation changes caused significant delays in for the NSW insurers being able to process the 2015/16 premium renewals as well as how many businesses have/will experience higher renewals under the new formula.
ABILITY GROUP is in regular discussion with the NSW insurers and are relieved to advise that we understand that close to 100% of the 30 June 2015 renewals have been processed, with only highly complex businesses outstanding. The insurers are now rapidly processing the July to December 2015 renewals which should now mean the majority of medium to large NSW businesses will receive their premiums calculated via the new formula. Business will also first hand understand if their premiums have increased or decreased as a result of the changes.

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2015-16 Renewal Capping

Renewal IncreaseIn the new scheme changes, NSW WorkCover introduced a provision for a premium capping. Although not widely known, relevant businesses are able to apply for certain capping. Developing a business case to support the application, ABILITY GROUP can assist clients apply for this capping free of charge with fees payable only if we are able to secure a greater savings than those identified in the new legislation.

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