Market practice and premiums guidelines consultation

In late September and throughout October, SIRA met with licensed insurers and various stakeholders to discuss the upcoming workers compensation Market Practice and Premium Guidelines (MPPG’s) for 2018/19.

During those consultations, SIRA opened discussions on some key areas under review for a better workers compensation system and for greater transparency for employers.

The workers compensation market practice and premiums guidelines (MPPG) will apply to premium filings provided to SIRA on or from March 2018 until the guidelines are revised or revoked.

SIRA has now drafted the workers compensation MPPG’s for 2018/19 and we are now seeking comments on the draft prior to finalising for publication.

The guidelines specify:

• the minimum requirements for policies of insurance
• how insurers are to present premium filings to the Authority (SIRA)
• how the Authority will assess those filings and
• the minimum standard of market practices required by licensed insurers.

The MPPG apply to all ‘licensed insurers’ as per the Workers Compensation Act 1987, including the Nominal Insurer and specialised insurers. The following entities are exempt from the requirements of the guidelines:

• self-insurers
• Self Insurance Corporation (SICorp)
• Coal Mines Insurance.

For more information, email [email protected]