TPG26-07 Mandatory Use of the Treasury Managed Fund (TMF) for All Government Insurance Requirements
The purpose of this Policy is to require all government agencies to take out a minimum level of cover with the Treasury Managed Fund (TMF), unless they are specifically exempted by NSW Treasury (Treasury) on an application made in accordance with this Policy.
Issued: by Secretary, Treasury
Key information
- Status
- Active
- Type
- Treasury Policy and Guidelines
- Identifier
- TPG26-07
- Compliance
- Mandatory
- Created
- Updated
Who needs to know and/or comply with this?
- Executive agencies related to Departments
- General Government Sector
- Public Financial Corporation
- Public Non-financial Corporation
- State Owned Corporations
- Subsidiaries of the NSW Government established under the Corporations Act
- ‘GSF Agencies’ as defined under the Government Sector Finance Act 2018
About
The purpose of this Policy is to require all government agencies to take out a minimum level of cover with the Treasury Managed Fund (TMF), unless they are specifically exempted by NSW Treasury (Treasury) on an application made in accordance with this Policy.
The Policy is designed to centralise and standardise insurance arrangements for government agencies, reduce administrative complexity, and achieve cost savings while ensuring broad and reliable coverage.
Background
The TMF is a Government managed fund scheme (GMFS) within the Self Insurance Corporation, managed by Insurance and Care NSW (icare) on behalf of Treasury. It covers the risk exposures of NSW Government agencies. The TMF stands in place of insurance to provide comprehensive protection for any unexpected loss, damage, injury or liability that TMF members suffer anywhere in the world. This coverage helps deliver on the government’s responsibility to safeguard the people and property of the State and the operational risks associated with agency activities.
The participation of all government agencies in the TMF helps ensure that the risks and liabilities of the NSW Government are managed in a prudent and efficient way, thereby securing cost savings while providing comprehensive cover against loss and damage to the State’s assets and liabilities.