Insurance Update School Councils March 16th, 2016

Victorian Managed Insurance Authority

Victorian Managed Insurance Authority

VMIA Act 1996 Functions The functions of the Authority are: (a) to assist departments and participating bodies to establish programs for the identification, quantification and management of risks; (b) to monitor risk management by departments and participating bodies; (c) to act as an insurer for, or provide insurance services to, departments and participating bodies;

VMIA Act Insurance S24 (1) Except as otherwise provided by this section, a department or participating body must: (a) arrange its insurance with the Authority; and (b) pay the premiums determined by the Authority with the approval of the Minister at the times determined by the Authority with the approval of the Minister.

VMIA Act Definitions participating body means (b) a statutory authority that in the current or any previous financial year has received more than 50% of its funding from the Consolidated Fund; or (c) a body corporate (other than a statutory authority): (i) that in the current or any previous financial year has received more than 50% of its funding from the Consolidated Fund; and (ii) in which the State has a controlling interest;

Victorian Government Risk Management Framework Updated March 2015 The VGRMF is mandated by the Standing Direction of the Minister for Finance (Ministerial Standing Direction) 4.5.5 – Risk Management Framework and Processes Under Ministerial Standing Direction 4.5.5 – Risk Management Framework and Processes, the VGRMF applies to departments and public bodies covered by the Financial Management Act 1994. 3.1.2 Insurance requirements - The Responsible Body of an agency required to insure with VMIA (as defined by the VMIA Act) must: arrange all its insurance with VMIA unless exempted by the responsible Minister or where VMIA cannot offer insurance for a specific risk;

Transition Benefits Compliance Uniformity of Policy coverage Cost Savings

Transition Benefits Motor cover - Broader coverage - Lower Excess - Competitive premiums Savings examples School 1 15/16 $11,700 VicFleet (VMIA) $1,900 School 2 15/16 $8,300 VicFleet (VMIA) $1,500

Transition Benefits Event Cancellation 15/16 $1,000 VMIA $677 Building 15/16 $6,100 VMIA $3,500 Photocopier 15/16 $395 VMIA $152

Transition Commencement date May 1st, 2016 Common due date June 30th 2017 + ongoing Policies that fall due during the year Excluded transition policies

Administration VMIA will replicate all current insurance policies VMIA will issue insurance documentation directly to schools VMIA will handle all enquiries, administration matters, claims directly with schools Invoicing protocols to be finalised

Communication DET will confirm transition date to schools DET will update all insurance related documents on EduGate

Travel Insurance School study tours Premium $40 per person Contact: roleff.michael.j@edumail.vic.gov.au Information required: Dates of Travel Number of Students and Accompanying Adults Destination Participant list

Questions