Treasury Managed Fund
NSW Self Insurance Corporation (SICorp)
In 1989, the NSW Government implemented a government scheme, known as the Treasury Managed Fund (TMF). The TMF provides cover for all participating government agencies for their exposure to loss or damage, and in so doing provides confidence that unforeseen losses and damages can be managed with minimal impact to the State budget.
The NSW Self Insurance Corporation (SICorp) was established in 2005. SICorp manages an outsourced service provider model across the functions of claims management, actuarial and information services, reinsurance services and risk management services.
Treasury Managed Fund (TMF)
The TMF provides broad protection to the TMF Member Agencies for all their asset and liability exposures. The TMF provides cover for loss, damage or compensation to NSW Government Agencies for the types of loss or damage set out in the TMF Statement of Cover, incurred on or after 1 July 1989, or from the date the agency joined the TMF.
This includes worldwide cover in respect of (to be read in conjunction with the TMF Statement of Cover):
- Legal Liability cover, including, but not limited to, public liability, products liability, professional indemnity, directors/officers liability and medical negligence.
- Property cover which includes repair, replacement and consequential loss.
- Miscellaneous Covers where some examples of the cover provided are; fidelity, personal effects and personal accident and travel cover for government officers where there is no Workers Compensation cover.
- Motor vehicle comprehensive cover.
- Workers Compensation.
Exclusions to the cover include but are not limited to:
- Illegal activities
- Wear and tear, and inherent fault
- Statutory exclusions such as Compulsory Third Party.