1. Insurance Update School Councils
March 16th, 2016

2. Victorian Managed Insurance Authority

3. Victorian Managed Insurance Authority

4. 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;

5. 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.

6. 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;

7. Victorian Government Risk Management Framework
Updated March 2015
The VGRMF is mandated by the Standing Direction of the Minister for Finance (Ministerial Standing Direction) – Risk Management Framework and Processes
Under Ministerial Standing Direction – 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;

8. Transition Benefits Compliance Uniformity of Policy coverage
Cost Savings

9. 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

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

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

12. 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

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

14. Travel Insurance School study tours Premium $40 per person
Contact:
Information required: Dates of Travel
Number of Students and Accompanying Adults
Destination
Participant list

15. Questions