About 20,000 staff at the National Australia Bank (NAB) could soon be covered by a single workers’ compensation scheme.

Workplace Relations Minister Kevin Andrews has given the bank the go-ahead to self-insure under the nationally administered Comcare scheme. That application, once approved by the scheme’s regulator, will see the NAB cease administration payments to the state and territory schemes it now self-insures through.

But the bank says the states are prepared for the move. A spokesman told Sunrise Exchange News the company has been planning it for several months and has consulted the state and territory governments as part of the process.

“The present system poses significant challenges for us as a business and also for our people. [Moving to Comcare] would support the integration and simplification of our businesses.”

A spokesman for Mr Andrews did not comment at length, saying only that the NAB had satisfied the relevant criteria for access to Comcare. In particular, it was deemed to be in competition with a former government entity using the system – the Commonwealth Bank.

The spokesman says other companies are looking to apply for national self-insurance but would not name them.