Market practice and premiums guidelines and licensed insurer business plan guidelines

We sought public and stakeholder feedback on draft versions of these guidelines (to be applied to the 2016/17 policy year) before finalising them.

  • The Issue

    Consultation period: 16/03/2016 12:00 am to 13/04/2016 12:00 am

    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 new mechanisms 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.

    For more information, email consultation@sira.nsw.gov.au

  • Milestones

    • 16 March 2016: Discussion paper published on the SIRA/WorkCover and the NSW Government ‘Have Your Say’ websites
    • 16 March-13 April 2016: Submissions open
    • 14–28 April 2016: SIRA begins the review of submissions

Have your say

Completed

Days remaining for your submission: 0 (of 0)
0%
Started:
Submissions close: