Workers compensation financial and premium supervision

Following comments received from the Workers Compensation Market Practice and Premium Guidelines (MPPGs) and Licensed Insurer Business Plan Guidelines (LIBPGs) consultation earlier this year, the State Insurance Regulatory Authority (SIRA) is seeking feedback on workers compensation financial and premium supervision.

In 2015, the NSW Government introduced legislative reforms to the workers compensation system to ensure a fair and sustainable scheme is maintained.

The reforms were implemented through the State Insurance and Care Governance Act 2015 (SICG Act) and included amendments to the Workers Compensation Act 1987 (1987 Act) to strengthen regulatory oversight and supervision of insurers.

The Workers compensation financial and premium supervision discussion paper sets out key considerations and policy questions regarding the regulation and supervision of workers compensation insurer premiums, market practices, financial and prudential requirements.

We intend to use this consultation to develop and implement a comprehensive risk-based and outcomes-focused insurer supervision model in 2017.

We will publish a consultation summary paper in December 2016.

Consultation documents

Making a submission

We welcome comment and feedback from all stakeholders.

Please email your submission to no later than 18 November 2016 and specify whether you do or do not wish to have your submission or any part/s of it published.

Publishing submissions

Non-confidential submissions may be published on the SIRA website after the closing date.

Submissions will usually be published with your name and the name of the organisation, if relevant. We will remove contact details such as email and postal addresses, and telephone numbers.

At our discretion we may not publish certain submissions (or parts of submissions) due to our assessment of length, content, appropriateness or confidentiality.

For more information, please read the submissions procedure.