icare TMF Declarations
About Declaration Process
The icare tmf covers five different types of insurable risk or ‘Lines of Business’:
- Workers Compensation
- Motor vehicle
The Declaration Process represents the start of the Contribution Cycle and is intended to collect information about the various insurable risk exposures that Government agencies incur in the course of their operations. Icare self insurance and their service providers use modelling to try and predict claims costs for the coming financial year.
Declaration Process Objectives
The objectives of this process are:
- Actuaries have additional operational information about each agency to use as context for the claims history necessary to calculate the Target Contribution
- To give Actuaries information for calculating each Agency's portion of the Target Contribution which is known as Deposit Contribution
- To provide Actuaries information to assist them calculate the Benchmark Premium, particularly for budget agencies, where this figure also represents their Benchmark Funding
- To create an accurate schedule of all NSW Governments Liabilities and exposures so that the appropriate Reinsurance can be purchased to protect the Government against catastrophic loss.
To complete this process, agencies must fill in a declaration form for each line of business:
- Workers Compensation Declarations
- Property Declarations
- Liability Declarations
- Motor Vehicle Declarations
- Miscellaneous Declarations.
One excel declaration form for each policy is managed by the agency. To make a declaration simply fill out the form and return to the respective claims manager.
Please note the submission deadline. If agencies fail to complete forms by a specified date, a surcharge of 10% may be added to their deposit contribution. This sum is additional to any funding calculations and is not eligible to be returned in any hindsight activity.
Declaration Process Guidelines
For further information around the declaration process please refer to the following guides: