Icare is reviewing and revamping the RPL product, which we believe is due to its increasing popularity and the June 2015 changes in the conventional scheme.
Little is known at this stage what the new RPL product will look like, although the review will encompass:
– Entry requirements
– Application process
– RPL premium formula
WCD believes that icare is aiming to have the new arrangements in place in sufficient time to allow new entrants to apply for RPL for the 2016/2017 financial year.
Employers who are currently in RPL will be able to run their current and prior years off, according to the IPO in place at the time, but we understand would be subject to the modified RPL from their next renewal post 30 June.
We are expecting that in line with the conventional scheme, claims estimates will be excluded from future RPL calculations, which will require significantly different adjustment factors, although we understand that there are currently several options on the table. This means that anyone currently in RPL would be wise to review their ongoing participation once the new RPL product is revealed.
We are advised that employers will have the opportunity to provide feedback on the proposed changes, and WCD is ideally placed to assist current and prospective RPL employers to:
· Determine how they fit with new eligibility requirements
· Determine the financial suitability of the new RPL for their business
· Advocate on their behalf with icare
· Assist with application and preparation for RPL
Should you have any queries about Retro-Paid Loss, please contact WCD’s Craig Simpson on 02 8745 2002 or email: firstname.lastname@example.org