Special Disability Fund
To cover private workers. Payments into the Fund shall be made as follows:
- Each employer shall contribute $10,000 for the death of an employee resulting from injury where the Administrator determines that there is no person entitled to MISSA’s disability benefits for such death;
- Each insurer providing security for payment of workers’ compensation claims shall annually pay 2% of the total premium paid for such security during the preceding year; and
- All amounts collected as fines and penalties under the program’s provisions.
The special disability fund may be used for workers who suffered second and subsequent work related injuries or illnesses that have aggravated the medical condition of the injured workers that was caused by the first injury or illness.
RMI Government Self-Insurance Fund
- To be appropriated from the General Fund for Government employees, including government agencies and public corporations.
- The Secretary of Finance shall be the custodian of this Fund.
Based on the actuarial study conducted by Deloitte Australia, the RMI Government Self- Insurance Fund must have an initial funding of around $500,000 for FY 2023-24, based on the following key assumptions:
- Annual project wages for year 2023/24 of $38 million
- Industry tariff across both entities of 1%
- Including an allowance for claims management expenses of 25%; and
- Allowance for Special Disability Fund levy of 2%.
The Public Service Commission is now in the process of recruiting a “Claim Specialist” who will be responsible for processing claims for all work related injuries or illnesses that will qualify for Workers’ Compensation for public employees.
Special Disability Fund
RMI Government Self-Insurance Fund
Special Disability Fund
Special Disability Fund
To cover private workers. Payments into the Fund shall be made as follows:
- Each employer shall contribute $10,000 for the death of an employee resulting from injury where the Administrator determines that there is no person entitled to MISSA’s disability benefits for such death;
- Each insurer providing security for payment of workers’ compensation claims shall annually pay 2% of the total premium paid for such security during the preceding year; and
- All amounts collected as fines and penalties under the program’s provisions.
The special disability fund may be used for workers who suffered second and subsequent work related injuries or illnesses that have aggravated the medical condition of the injured workers that was caused by the first injury or illness.
RMI Government Self-Insurance Fund
RMI Government Self-Insurance Fund
- To be appropriated from the General Fund for Government employees, including government agencies and public corporations.
- The Secretary of Finance shall be the custodian of this Fund.
Based on the actuarial study conducted by Deloitte Australia, the RMI Government Self- Insurance Fund must have an initial funding of around $500,000 for FY 2023-24, based on the following key assumptions:
- Annual project wages for year 2023/24 of $38 million
- Industry tariff across both entities of 1%
- Including an allowance for claims management expenses of 25%; and
- Allowance for Special Disability Fund levy of 2%.
The Public Service Commission is now in the process of recruiting a “Claim Specialist” who will be responsible for processing claims for all work related injuries or illnesses that will qualify for Workers’ Compensation for public employees.