Special Liability Insurance for Out-of-Home Care and Youth Homelessness Services
NSW Self Insurance Corporation Amendment (Special Liability Insurance) Bill 2024
1st House
2nd House
Law
Links to official parliament websites
Effects of this bill
If this bill passes, it means that:
The NSW Self Insurance Corporation can provide special liability insurance to contractors providing out-of-home care or youth homelessness services
This insurance does not cover physical or sexual abuse that happened before 30 June 2007
The NSW Self Insurance Corporation must pay all premiums and recovered funds into a Special Liability Insurance Fund
The Corporation can use the Fund to pay insurance claims; it can also pay for administration and legal costs
The Treasurer can move surplus money from the Fund back into the Consolidated Fund
The Minister must review the insurance and Fund policies after two years; a report must be tabled in Parliament
The NSW Self Insurance Corporation can provide special liability insurance to contractors providing out-of-home care or youth homelessness services.
This insurance covers liabilities for physical or sexual abuse.
Special liability insurance cannot cover abuse occurring before 30 June 2007; it also cannot cover liabilities already covered by other insurance issued before the new rules start.
The NSW Self Insurance Corporation must establish and manage a Special Liability Insurance Fund to handle premiums and claims.
The Corporation can use the fund to pay claims and administration costs; it can also pay money back to the Consolidated Fund if the Treasurer decides there is a surplus.
The Treasurer determines how money in the fund is invested.
The Minister must review the insurance and fund rules after two years; a report must be tabled in Parliament.