A letter of good standing is a document that is issued by the Compensation Commissioner. It is an official report of a business’s ability to meet the various requirements of the COID Act:
• The Letter of Good Standing is to ensure successful claims against the compensation fund;
• The letter of good standing provides authorisation of claims from employees against the compensation fund;
• The fund has been established to protect employees from illness, injury and death occurring in the workplace;
• An annual assessment fee has to be paid in order to obtain a valid Letter of Good Standing.
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