On 1 September 2015 icare (Insurance & Care NSW) was created to deliver on the State’s insurance and care schemes. The NSW Self Insurance Corporation (SICorp) has become part of icare along with other like agencies such as the Workers Compensation Nominal Insurer, Lifetime Care and Support, Sporting Injuries Compensation and the Dust Diseases Authority.
By now, all brokers should be aware that icare builder warranty has extended the credit terms to pay August invoices until 30 October 2015 to allow for final processes to be implemented. This should give sufficient time for all brokers to ‘bed down’ new procedures needed to process payments. Please ignore any system generated reminder notices that are not in harmony with this change.
Our consultation with intermediaries and advisors confirms the previously published CIMS processes can proceed as set out in previous training sessions and procedures guides. icare understands that broker’s Trust Accounts have restrictions for direct debit. In this circumstance brokers can operate a separate staging/control bank account, not falling under trust account regulation, that becomes the direct debit banking instrument. Brokers should transfer the amount of funds due for payment from the Trust account to the new control account using current authorisation procedures. HBCF has engaged PwC to provide supporting explanations for the use of the staging/control bank account. HBCF will provide Brokers with this explanation shortly.