Safety, Rehabilitation and Compensation Act 1988
Part VIII
AVANTEOS PTY LTD
NOTICE OF EXTENSION AND VARIATION OF LICENCE
Notice No 8 of 2014
Avanteos Pty Ltd ABN, 99 066 862 977 (the Licensee), was declared to be eligible to be granted a licence under Part VIII of the Safety, Rehabilitation and Compensation Act 1988 (the SRC Act) by legislative instrument dated 16 October 2007, registered as F2007L04180 on the Federal Register of Legislative Instruments on 23 October 2007.
The Safety, Rehabilitation and Compensation Commission (the Commission), acting under sections 103 and 104 of the SRC Act, granted a licence to Avanteos Pty Ltd on 19 March 2008 with a commencement date of 31 March 2008 at 12.01am (Australian Eastern Daylight Time) and a cessation date of midnight (Australian Eastern Standard Time) on 30 June 2010.
This grant was notified by Notice No. 2 of 2008 in Commonwealth Gazette No. S26 on 27 March 2008.
The Licence was subsequently extended and/or varied by the Commission on:
- 18 June 2008 by Notice No. 12 of 2008, Commonwealth Gazette No. GN25 on 25 June 2008; and
- 23 March 2010 by Notice No. 2 of 2010, Commonwealth Gazette No. GN12 on 31 March 2010.
Prior to this extension, the Licence had a cessation time and date of midnight (Australian Eastern Standard Time) on 30 June 2014.
The Commission, acting under subsection 105(1) of the SRC Act, extends the term of the abovementioned Licence for the period commencing 1 July 2014 at 12:01am (Australian Eastern Standard Time) and a cessation time of midnight (Australian Eastern Standard Time) on 30 June 2018.
The Commission, acting under subsection 108D(2) of the SRC Act, varies the conditions of the abovementioned Licence as set out below.
Substitute “Occupational Health and Safety Act 1991 (OHS Act)” with “Work Health and Safety Act 2011 (WHS Act)” in clause 8 and substitute all subsequent references to the “OHS Act” and “OHS” with the “WHS Act” and “WHS” respectively.
Prudential Condition 4.2(c) is replaced by the following.
(c) obtained from a corporation that is authorised by the Australian Prudential Regulatory Authority (APRA) to carry on:
(i) banking business in Australia under the Banking Act 1959 (Cth) and has an issuer credit rating of or equivalent to a Standard and Poor’s AA- or better; or
(ii) insurance business in Australia under the Insurance Act 1973 (Cth) and has an issuer credit rating of or equivalent to a Standard and Poor's AA- or better and a financial strength rating of or equivalent to a Standard and Poor’s AA- or better.
The variations take effect at 12.01am (Australian Eastern Standard Time) on 1 July 2014.
Dated the 25th day of June 2014.
Barry Sherriff
Chairperson
Safety, Rehabilitation and Compensation Commission
Overview
The Safety, Rehabilitation and Compensation Act 1988 (SRC Act) was enacted to address gaps in the management of occupational injuries and diseases, particularly concerning workers’ compensation, rehabilitation, and safety in the workplace. This legislation was introduced by the Parliament of Australia to provide a framework for ensuring the provision of adequate compensation, rehabilitation, and safety measures for workers who suffer injuries or diseases related to their employment. The SRC Act aims to protect workers' rights and employers' responsibilities while promoting a fair and efficient system for managing workplace injuries and diseases.
The Safety, Rehabilitation and Compensation Commission, acting under sections 103, 104, 105(1), and 108D(2) of the SRC Act, has granted and subsequently extended and varied the licence for Avanteos Pty Ltd. This extension and variation of the licence for Avanteos Pty Ltd, as notified by Notice No 8 of 2014, aims to ensure the continued provision of services under the SRC Act, while also updating the conditions to reflect changes in relevant legislation, such as the substitution of references from the Occupational Health and Safety Act 1991 to the Work Health and Safety Act 2011, and modifying the prudential condition to align with updated financial standards.
Scope and Application
The Safety, Rehabilitation and Compensation Act 1988 (SRC Act) applies to Avanteos Pty Ltd, a corporation eligible for a licence under the Act. The Act pertains to the granting, extension, and variation of licences for entities involved in workers' compensation insurance and related services. This legislation operates within the Commonwealth jurisdiction and extends to any entity authorised by the Safety, Rehabilitation and Compensation Commission (the Commission). The Act has been amended to replace references to the Occupational Health and Safety Act 1991 with the Work Health and Safety Act 2011, aligning with contemporary health and safety standards. The Act includes specific conditions for the licence, such as the financial standing of entities from which funding is obtained, with modifications to the credit ratings required under Prudential Condition 4.2(c). The Act's geographic reach is limited to the Commonwealth of Australia, with no explicit exclusions, though specific entities must meet the Commission's criteria to be eligible for a licence. The Commission has the authority to extend and vary the licence terms and conditions through subordinate instruments, as evidenced by the recent variations and extensions of Avanteos Pty Ltd's licence.
Key Provisions
The Safety, Rehabilitation and Compensation Act 1988 (SRC Act) governs the activities of the licensee, Avanteos Pty Ltd, through its licensing provisions. Section 105(1) allows the Commission to extend the term of the licence, which in this case, extends the period from 1 July 2014 to 30 June 2018. This extension ensures the licensee continues to operate under the Act's regulatory framework, providing stability and continuity in the services offered. Section 108D(2) enables the Commission to vary the licence conditions, which is evident in the substitution of references from the "Occupational Health and Safety Act 1991 (OHS Act)" to the "Work Health and Safety Act 2011 (WHS Act)" in clause 8. This change reflects the legislative update to align with current occupational health and safety standards.
The SRC Act imposes specific obligations on the licensee, Avanteos Pty Ltd, to comply with the extended and varied licence conditions. The Act requires the licensee to ensure all operations align with the updated WHS Act standards and to maintain financial stability by obtaining credit facilities from authorised corporations with the required credit ratings. The Prudential Condition 4.2(c) mandates that the corporation providing credit facilities must be authorised by the Australian Prudential Regulatory Authority (APRA) and meet specified credit rating criteria. This ensures that the licensee has robust financial backing, which is critical for its continued operation and compliance with the Act.
Failure to comply with the provisions of the SRC Act or the varied licence conditions can result in severe consequences. Section 110 of the Act stipulates that any breach of licence conditions can lead to the licence being revoked or varied further by the Commission. The penalties for non-compliance can include fines and other sanctions, as outlined in the Act. Although the specific penalties are not detailed in the notice, they can be substantial, reflecting the seriousness of adhering to occupational safety and rehabilitation standards. It is crucial for the licensee to remain vigilant in ensuring all activities are compliant to avoid these repercussions.