The Victorian Managed Insurance Authority is a statutory authority established under the Victorian Managed Insurance Authority Act 1996 (VMIA Act). The authority acts as insurer for Victorian government departments and participating bodies1 and has a broader charter allowing it to provide insurance and risk management services to all Victorian government agencies.
The VMIA has a mandated role to provide risk management advice to the Government.2 When VMIA provides agencies with such advice, it does so on the basis of a best-for-state approach. This means that VMIA provides such advice in consideration of the Government's capacity to retain risks as distinct from merely the requirement to transfer such risks to the commercial insurance market. This approach means that any insurance program may not necessarily need to be the sole means by which risks can be transferred. This approach is underpinned by the need to ensure that the procurement of insurance for the Alliance achieves Value-for-Money for the Government by not passing on those risks where the Government would be better able to retain the risk.
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1 As defined in Part 1, 3 Definitions of the Victorian Managed Insurance Act 1996.
2 As per Part 2, Section 6(e) of the Victorian Managed Insurance Act 1996.