Mandatory insurance requirements
The Responsible Body of an agency required to insure with VMIA (as defined by the VMIA Act) must:
- arrange all its insurance with VMIA unless exempted by the responsible Minister or where VMIA cannot offer insurance for a specific risk;
- as part of its annual insurance renewal process:
- determine the appropriate level of insurance in consultation with VMIA;
- maintain a register of all insurance and indemnities and make this available to VMIA on request; and
- provide information on claims management capability, resources, structures and processes for any self-insured retailed losses to VMIA, including the basis for valuation of self-insured retained losses.
- in relation to managing below deductible claims:
- maintain adequate claims management capability and processes where the agency has opted to manage below deductible claims; and
- provide required below deductible claims data for self-managed claims to VMIA.
VMIA can assist your agency to prepare for an insurance attestation by using the following structured approach, which supports all attestation requirements:
- Consult with VMIA — determine the appropriate level of insurance for your agency
- Insurance and indemnities — maintain an insurance and indemnities register
- Self-insured losses — record the valuation and basis of valuation of self-insured losses
- Claims capability — provide information on claims management capability, resources, systems and processes for self-insured retained losses
- Attest— statements for the accountable officer to attest compliance with the Direction.
If you require additional assistance please email email@example.com or phone (03) 9270 6900.