Workers compensation financial and premium supervision
This consultation is regarding the regulation and supervision of workers compensation insurer premiums, market practices, financial and prudential requirements.
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The Issue
Consultation period: 04/10/2016 12:00 am to 18/11/2016 11:59 pm
Following comments received on the Workers Compensation Market Practice and Premium Guidelines (MPPGs) and Licensed Insurer Business Plan Guidelines (LIBPGs) consultation earlier this year, we are 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.
Please read our consultations submissions procedure before making any submission.
For more information, email [email protected].
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Milestones
- 4 October 2016: Discussion paper published on the SIRA/WorkCover and NSW Government ‘Have your say’ websites
- 4 October – 18 November 2016: Submissions open
- October 2016: Face-to-face meetings with key insurer groups and other stakeholders
- December 2016: We review submissions and prepare a summary of feedback
- January 2017: Publish submissions summary on website