The Victorian Managed Insurance Authority (VMIA) was established on 1 October 1996, under the Victorian Managed Insurance Authority Act 1996 (the Act).

The functions of VMIA are to:

• assist State Government departments and participating bodies (as defined under the Act) to establish programs for the identification, quantification and management of risks;
• monitor risk management by departments and participating bodies;
• act as an insurer for, or provide insurance services to, departments and participating bodies;
• provide indemnities to persons who are or have been officers of a State company or statutory authority, against liabilities that by law may attach to those persons as such officers or former officers; and
• provide risk management advice to the State and to provide risk management advice and training to departments and participating bodies.