The State Insurance Regulatory Authority (SIRA) has commenced a compliance and performance review of the NSW workers compensation Nominal Insurer, which is managed by Insurance and Care NSW (icare) as part of their regulatory role. The review includes the work undertaken on behalf of icare by its agents Allianz, EML and GIO.During 2018, SIRA closely monitored and considered analysis of aspects of the compliance and performance of the Nominal Insurer scheme, including trends in liability valuations and costs, premium setting, operational reforms and risk management, return to work rates, data quality, customer complaints and concerns raised by business representatives, unions and other stakeholders.Given that icare manages about 65 per cent of all active claims, SIRA is reviewing its performance as its results are critical to the success of the NSW Workers Compensation system. The review is being conducted by Independent Reviewer, Janet Dore, and supported by independent actuaries Ernst and Young and authorised officers of SIRA.The terms of reference for the Review are to consult with stakeholders and undertake analysis of data to provide findings in relation to the Nominal Insurer’s compliance and performance, in particular to:
Submissions are sought from employers, workers, insurers and other interested stakeholders on the specific matters outlined in the discussion paper that has been released.
