SIRA announces NSW Workers Compensation Review

The NSW State Insurance Regulatory Authority (SIRA) has commissioned the Compliance and Performance Review of the Workers Compensation Nominal Insurer Scheme, which seeks to assess and address matters identified through SIRA’s regulatory activities.

SIRA has released a discussion paper to provide an opportunity for individuals and organisations to contribute to the Review by sharing their views, experiences and insights on the operation and management of the NSW workers compensation scheme, icare, the Nominal Insurer’s performance and its agents EML, Allianz and GIO. It contains:

  • information about the Nominal Insurer and icare operating structure
  • matters on which SIRA is seeking comment and information.

The National Insurance Brokers Association (NIBA) has welcomed the move by the SIRA to undertake the review of the operation of the NSW workers compensation system.

NIBA CEO, Dallas Booth said, “NIBA has received a consistent number of concerns relating to the management and operation of the scheme, and the review will enable these matters to be carefully assessed against the scheme’s overall objectives.”

“Our other concern is that there is relatively limited information made available regarding the overall financial performance of the Nominal Insurer, and we believe it will be important for the review to look at the financial and funding position of the scheme, as well as its day to day operations.”

NIBA has indicated that they will be working with members to make a submission to the review.  Booth said, “We also encourage brokers to provide their experiences to the review, both positive and negative. SIRA is seeking comments on issues which are considered relevant to the Review and encourages the provision of supporting evidence and specific examples, where possible.”

The discussion paper is not calling for current and unresolved individual complaints regarding a policy or claim.

Submissions received as part of the Review may be published on the SIRA website. If you do not wish to have your submission published, ensure this is stated on your submission.

Click here for more information or to make a submission