Key outcomes from the 24 November 2022 Seacare Authority meeting
10 February 2023
The Seacare Authority met via videoconference on 24 November 2022. The key outcomes of the meeting are set out in this news item.
Seacare scheme matters
The Seacare Authority considered ongoing issues relating to scheme viability, coverage and the insurance market for scheme employers under the Seafarers Act.
Members noted an update from the Department of Employment and Workplace Relations on the review of the Seacare scheme.
Strategic risk management
The Seacare Authority considers its strategic risk register at each of its regular meetings, with a particular focus on the risk that the scheme may become unviable.
Members considered the impact of the insurance issues on the viability of the scheme, progress against actions taken to ensure the continued viability of the scheme and noted that it will revise the risk register in 2023, in consideration of changes to the operating environment.
Seafarers Safety Net Fund (Fund) – Target Cash Reserve and Levy rate
As agreed at it’s June 2022 meeting, the Seacare Authority reviewed the Fund target cash reserve and levy rate. Members agreed that no change should be made to either the reserve or levy rate, and that they will revisit both at the June 2023 meeting of the Seacare Authority.
Seacare Scheme Data Report 2021-22
The Seacare Authority endorsed the Seacare Scheme Data Report 2021-22. The document was published on the Seacare website during December 2022.
The next meeting of the Seacare Authority will be held on 16 March 2023.