Insurance (SAICORP)

The South Australian Government Captive Insurance Corporation (SAICORP) was established in 1994 as a subsidiary of the Treasurer by the Public Corportations (Treasurer) Regulations 1994.

SAICORP was the South Australian Government's captive insurer and was responsible for insuring the risks of agencies, reinsuring those risks in the Australian and international insurance markets and providing risk management advice and assistance.

On 1 July 2006, the South Australian Government Captive Insurance Corporation (SAICORP) amalgamated with the South Australian Government Financing Authority (SAFA).

The insurance function of SAFA will operate through a separate Insurance Division using "SAICORP" as its trading name.

SAICORP, as a division of SAFA, remains responsible for managing the South Australian Government's insurance and risk management arrangements.

This involves insuring and reinsuring the Government's risks and providing advice on issues relating to the insurance and management of those risks.

The amalgamation of SAFA and SAICORP was achieved through amendments to the Government Financing Authority Act 1982 that expanded SAFA's functions and powers to act as captive insurer of the Crown and by regulations that dissolved SAICORP and transferred its assets, rights and liabilities to SAFA.

The Government Financing Authority (Insurance) Amendment Act (No 2 of 2006) was assented to on 15 June 2006 and came into operation on 1 July 2006.

The Public Corporations (Dissolution of South Australian Government Captive Insurance Corporation) Regulations 2006 promulgated pursuant to the Public Corporations Act 1993, also came into operation on 1 July 2006.

The restructure of SAICORP does not affect the insurance protection provided to clients or the relationship and day-to-day operations between SAICORP and its clients.

Clients will notice cosmetic changes to documents, but the level of service will be unchanged.

Mr Brian Daniels will continue to head the insurance function, as Director Insurance in SAFA. Staff will continue to provide the same client services as before the amalgamation and contact details are unchanged.

The restructure of SAICORP does not affect the risks insured by SAICORP and therefore does not affect the risks that it reinsures in the international insurance market. Reinsurers are not affected by the amalgamation.