Coal Mines Insurance (CMI) is committed to continuous improvement to deliver best practice workers compensation insurance and claims and injury management services that provide an overall benefit to the NSW coal industry.
The underlying objective of the CMI Scheme’s premium system is to ensure premiums remain stable, affordable and fair for employers while providing a sustainable Scheme.
To further that aim, new premium capping arrangements are being introduced to the premium calculation. These changes are designed to limit the unintended impact of occasional as opposed to systemic poor claims experience, while also ensuring the majority of policyholders pay a premium that is closely aligned with their risk and true premium rate. The new capping arrangements are also intended to provide Small Employers (those with wages less than or equal to $2.5m) with greater premium stability.
The new premium capping arrangements apply from the 2021-22 policy year.