❓ A WA parliamentary question seeks information on the Insurance Commission of WA's (ICWA) finances, accounts, projects, and its inclusion in government trading entity reforms. The answer provides details on ICWA's assets, account structure, funding, and future legislative reviews.
AnsweredQoN 684Legislative Assembly
Asked
14 February 2023
Member
Portfolio
Premier; Treasurer; Minister for Public Sector Management; Federal-State Relations
QuestionView source ↗
I refer to the Insurance Commission of WA (ICWA): (a) What are the total monies currently sitting in ICWA accounts; (b) How many accounts do ICWA currently have: (i) in total; (ii) operational as day-to-day spending accounts; and (iii) as term deposits or similar style holding accounts; (c) Please detail a breakdown of current projects funded through ICWA accounts; (d) Was ICWA considered as part of the recently introduced Government Trading Entity reforms for better transparency and accountability: (i) If not, why not; and (e) When will all associated legislation relating to ICWA be next reviewed?
AnswerView source ↗
Answered
14 March 2023
Response time
6 days
a) At 31 January 2023, the Insurance Commission held assets worth over $6.9 billion in its investment portfolio, including cash holdings.
(b) (i) Five accounts (outside of the accounts with the investment custodian for the investment portfolio).
(ii) One operating bank account
(iii) Four investment related bank accounts, including one term deposit.
(c) The Insurance Commission’s functions are all funded through the Insurance Commission accounts. Funding is used to cover operational costs and for insurance claim liabilities for claims against the following funds:
(d) Government Trading Enterprises (GTE) included in the first stage of reforms and the umbrella legislation included energy corporations, water corporations, development bodies and port authorities. These GTEs were selected because of their strong commercial focus, consistent legislation and their significant impact on State finances. It is intended that ICWA will be included as part of the second tranche of reforms.
(i) Not applicable.
(e) As previously announced by the Premier, the Government is currently drafting amendments to the Motor Vehicle (Third Party Ins rance) Act 1943 and the Ins rance Commission of Western A stralia Act 1986 to stamp out the predatory behaviours of claims harvesting.
A review of the Motor Vehicle (Catastrophic Injuries) Act 2016 is also being completed.
(b) (i) Five accounts (outside of the accounts with the investment custodian for the investment portfolio).
(ii) One operating bank account
(iii) Four investment related bank accounts, including one term deposit.
(c) The Insurance Commission’s functions are all funded through the Insurance Commission accounts. Funding is used to cover operational costs and for insurance claim liabilities for claims against the following funds:
(d) Government Trading Enterprises (GTE) included in the first stage of reforms and the umbrella legislation included energy corporations, water corporations, development bodies and port authorities. These GTEs were selected because of their strong commercial focus, consistent legislation and their significant impact on State finances. It is intended that ICWA will be included as part of the second tranche of reforms.
(i) Not applicable.
(e) As previously announced by the Premier, the Government is currently drafting amendments to the Motor Vehicle (Third Party Ins rance) Act 1943 and the Ins rance Commission of Western A stralia Act 1986 to stamp out the predatory behaviours of claims harvesting.
A review of the Motor Vehicle (Catastrophic Injuries) Act 2016 is also being completed.
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