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Annual Report 2011/2012 Professional Standards Councils



Annual Report 2011/2012 Professional Standards Councils

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Tabled paper 112


Tabled Papers for 12th Assembly 2012 - 2016; Tabled Papers; ParliamentNT






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Professional Standards Council

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25Professional Standards Councils Annual Report 201112 Cover of exCellenCe SChEmES hOW dO Cover of exCellenCe SCheMeS WOrk? The Professional Standards Councils are responsible for recommending and monitoring associations Cover of Excellence schemes, under the professional standards legislation in each State and Territory. Cover of Excellence schemes limit the civil liability of members of the association who hold a current professional indemnity insurance (PII) policy, and/or who hold business assets to the level of the limitation of liability. Associations with a scheme must also meet a range of criteria specified in the professional standards legislation, including implementing and monitoring codes of ethics and conduct. They must also ensure that there is a complaints and disciplinary mechanism covering members in case of complaints by consumers. Each association covered by a scheme has a standard for the PII cover which members must hold. As part of their broader statutory compliance obligations, each association must develop a rigorous five-year risk management plan, against which they must submit an annual report to the Councils. WhAT Are The STepS TO AppLy fOr A Cover of exCellenCe SCheMe? Before the Professional Standards Councils will recommend a Cover of Excellence scheme to the relevant minister(s) for authorisation, the Councils must consider: the position of consumers who may be affected if the occupational liability of association members is limited (also called capped) the nature and level of insurance claims made by consumers against members of the association which has applied for a Cover of Excellence scheme the associations standards of PII the cost and availability of that insurance the associations risk management strategies and how those strategies are intended to be implemented public comments and submissions made in response to the public notification of a proposed Cover of Excellence scheme. C o v e r o f e x C e lle n C e S c h e m e S