With the EOFY rush now behind us, some employers have started to receive 2018/19 renewal workers compensation documents. Our ABILITY GROUP Workers Compensation specialists will be able to assist with premium calculations.
In their latest update, icare had advised that due to processing delays, the direct debit date for the first installment payments (either monthly or quarterly) for the 2018/19 renewal premium has been extended to August 14th. This is to allow employers enough time to review and understand the calculations.
iCare are still processing renewals and expect to have all policies finalised and documentation issued and sent to all employers in the upcoming weeks.
As we previously communicated, per icare’s newly implemented policy renewal process, all experienced rated policies have been automatically renewed using the wages currently on file. icare has advised that employers should submit a Declaration of Estimated Wages only if there is a variance of more than 15% between the wages used to process the renewal and the figure estimated by employers as the wages for the period.
If you require any assistance with understanding your premium calculation or completing and submitting your Declaration of Estimated Wages, please do not hesitate to contact us.
For further information, please refer to:
Title: icare Premium Update
Source: icare
Read time: 15 mins