Wednesday 31 October 2007
On 24 October the SA Legislative Council carried a motion that the Statutory Authorities Review Committee conduct an inquiry into WorkCover with regard to the unfunded liability and the claim by WorkCover in January 2006 that the sole claims manager would achieve necessary liability reduction to deliver a fully funded scheme by 2012-13, and with particular regard to—
(a) the deteriorating financial position of WorkCover;
(b) the effectiveness of outsourcing the claims management to a sole claims manager;
(c) the tender process and the probity of that process, leading to the appointment of the sole claims manager;
(d) the exposure of WorkCover to the subprime financial market;
(e) the 2007 actuarial report submitted to the WorkCover Board in September 2007; and
(f) any other matters.