External actuary services are contracted to estimate future liabilities, advise on contributions and excesses, and report on the Fund's performance.
The Actuary provides the following services to the Fund:
- calculation of the total contribution required from participants for each self-insured risk;
- calculation of the proportion of the total contribution required from participants;
- calculation of excess levels and appropriate discounts in contribution levels for optional higher excess levels;
- provision of reports on the administrative arrangements for the Fund and the calculation of participant contributions;
- attendance at meetings with participants to discuss contributions where required; and
- provision of an annual report on the Fund's performance as at 30 June each year, including estimating liabilities of the Fund.
DeeDeeRa Actuaries Pty Ltd is the current contracted actuary to the Fund.
DeeDeeRa Actuaries Pty Ltd
Fund Administration Agent
A Fund Administration Agent (FAA) is retained on a contract basis for claims administration, provision of advice in relation to claims management and for the placement of insurance as required.
The FAA's main responsibility is to provide claims administration for risks on behalf of and in accordance with, the requests and directions of participants. This includes:
- file management, processing of payments and reimbursement of wages, collecting recoveries from third parties, investigating liability, managing disputes and estimating the cost of claims;
- reviewing all claim and payment documentation to make sure that it is complete, accurate and appropriate. The FAA has the authority to refuse incomplete or incorrect claims for payment;
- providing claims management (but not legal) advice to participants, either proactively or in response to a request by participants (it is the responsibility of participants to decide whether to accept or reject the advice);
- providing regular reports to participants on the progress, and actual and outstanding costs associated with each claim;
- reporting to Treasury and the Tasmanian Risk Management Fund Steering Committee as required;
- maintaining a database of all claims made by participants that are covered by the Fund. The database includes actual costs incurred to date as well as estimated outstanding costs for each claim; and
- brokering the purchase of external insurance cover, as required together with providing advice on external cover available and coverage of external policies in place.
Jardine Lloyd Thompson Pty Ltd is the current contracted Fund Administration Agent.
As part of Treasury's internal audit program, an annual audit is undertaken on the controls and processes put in place by the Fund Administration Agent for the administration of claims and to verify the figures used in Treasury's Financial Statements.
Jardine Lloyd Thompson Pty Ltd
(see Fund Administration Agent)
Office of the Solicitor-General
The Office of the Solicitor-General is exclusively responsible for providing legal advice on claims and provides legal representation in various courts and tribunals as required.
Tasmanian Risk Management Fund Steering Committee
The Steering Committee serves as a consultative forum through which participants can provide input into the operations of the Fund and feedback to Treasury, the Fund Administration Agent and the Actuary.
The role of the Steering Committee is to:
- monitor the financial performance of the Fund;
- monitor the performance of the Fund Administration Agent;
- provide input on policies to improve the performance of the Fund and of participants in the Fund;
- review and provide feedback on issues affecting participants' performance; and
- identify opportunities for participants to collaborate on issues and share information.
The key activities of Treasury in relation to the Fund are: operational policy and advice, administration of the Fund, stakeholder relations and the management of relevant contracts.
Treasury's responsibilities include:
- managing the Fund Administration Agent agreement;
- managing the Fund's actuarial contract;
- managing panel arrangements procured by Treasury;
- administering the financial aspects of the Fund, including determining and invoicing participant contributions and managing the placement of external insurance where a determination has been made that the risk will be covered through the Fund;
- providing advice to participants on risks covered by the Fund; and
- reporting at both strategic and operational levels to all stakeholders involved with the Fund.