Market practice and premiums guidelines and Licensed insurer business plan guidelines
In 2015, the NSW Government introduced legislative reforms that included significant changes to the workers compensation system governance arrangements, most notably the separation of insurance and regulatory functions.
With the separation of functions, the State Insurance Regulatory Authority (SIRA) is establishing the regulatory model to oversee workers compensation insurers’ financial and prudential requirements.
The State Insurance and Care Governance Act 2015 included amendments to the Workers Compensation Act 1987 to strengthen regulatory oversight and supervision of insurers. The three amendments that are specific to regulating insurers are:
- Market practice and premiums guidelines (MPPGs), section 168
- Licensed insurer business plan guidelines (LIBPGs), section 202B
- prudential standards, section 202C.
SIRA has sought public and stakeholder feedback on the preliminary MPPGs and LIBPGs to be applied to the 2016-2017 policy year. Submissions were open from 16 March 2016 to 13 April 2016. A consultation summary paper will be published in late April 2016.
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