icare Self Insurance was established with the State Insurance and Care Governance Act, 2015. icare Self Insurance’s main role is to administer managed fund schemes serving NSW government agencies and their employees. icare Self insurance represents the largest public-sector self-insurer in Australia.
What We Do
icare Self Insurance aims to support a stronger NSW economy and better public services through the effective and efficient administration of the NSW Government’s managed fund schemes
The purpose of icare Self Insurance is to:
- give public sector employees the confidence to get on with their jobs in the knowledge they are supported and protected
- help support the NSW economy by providing the government with leading-edge assets and liabilities insurance products not available in the commercial market
- operate efficiently and cost-effectively through our best-in-class outsourcing model
- support the home owners of NSW in making the most significant investment of their lives by providing a safety net in the event of builder default
- set the direction and monitor the performance of our stakeholders to ensure our policies and practices are fit-for-purpose, innovative and future-facing.
How We Do It
icare Self Insurance provides services to NSW government agencies (Treasury Managed Fund and Construction Insurance Risks Fund) and NSW homeowners (Home Building Compensation Fund). To achieve best practice performance outcomes, we source (through open tendering) the best capability available through a multi-provider service delivery model for:
- claims management services
- actuarial and related-information services
- reinsurance services
- risk management services
- investment management services.
The Treasury Managed Fund
The TMF is the largest fund scheme administered by icare Self iInsurance; providing workers compensation, health and general liability, property, motor vehicle and other miscellaneous cover. Backed by a comprehensive reinsurance program, icare TMF offers agencies the broadest possible asset and liability protection available worldwide.
Home Building Compensation Fund (HBCF)
Through the HBCF, icare provides insurance required under the Home Building Act 1989. icare became the sole provider of home warranty insurance in NSW for all new residential construction in July 2010. Through agents, service providers and intermediaries, the HBCF is involved in the insurance process from end to end, including:
- first assessing whether a builder is suitable to obtain eligibility (and at what level)
- issuance of cover for the project
- dealing with claims as they arise
- fresh insurance cover for rectification work undertaken under previous HBCF insurance.
Through this process, the HBCF helps builders to obtain the necessary insurance eligibility and project-specific insurance and helps homeowners to get the finished home they paid for.
The HBCF also undertakes risk management for building businesses in order to assess financial stability, promote the quality of construction work across the State and reduce claims.
When claims do arise, the HBCF works with homeowners to resolve in a timely manner. Using the Claims Quoting System, the HBCF opens up all claims completion/rectification work to the building market by obtaining tenders from suitable builders who are experienced and local to the homeowner’s area.
Construction Risks Insurance Fund (CRIF)
The CRIF provides construction insurance over State infrastructure projects on behalf of the New South Wales government and their partners. The CRIF offers Principal Arranged Insurance (PAI) in place of insurance arranged by the agency or contractor, leveraging the government’s significant construction investment to achieve superior security and quality of insurances, collaboration with stakeholders and cost savings.
The benefit of PAI insurance is that the policy extends over the entire project, rather than leaving gaps and duplications between policies. The CRIF policies directly insure construction contractors and consultants, sub-contractors and specialist contractors of all sizes and tiers, Government-Owned Corporations, local councils and the public.
Closed Managed Fund Schemes
icare administers a number of closed government managed fund schemes.
- Governmental Workers Compensation Account (GWC)
- Transport Accidents Compensation Fund (TAC)
- Pre-Managed Fund Reserve
- Rail Scheme
- Building Insurers' Guarantee Corporation (BIG Corp).