Review of the Nominal Insurer

Make a submission to the compliance and performance review of the workers compensation Nominal Insurer, icare.

  • The Issue

    Consultation period: 16/05/2019 12:00 am to 05/07/2019 11:59 pm

    Overview

    SIRA has commissioned a compliance and performance review of the NSW workers compensation Nominal Insurer, which is managed by Insurance and Care NSW (icare). The review includes work undertaken on behalf of the Nominal Insurer’s agents, Allianz, EML and GIO.

    Details

    The Nominal Insurer is the largest insurer in the NSW workers compensation system and accounts for approximately 65% of total active claims. It provides workers compensation cover for more than 320,000 employers, collects $2.3 billion in premiums, and pays out approximately $1.97 billion in claim related costs per year.

    During 2018, SIRA closely monitored and considered analysis of aspects of the compliance and performance of the Nominal Insurer scheme, including trends in liability valuations and costs, premium setting, operational reforms and risk management, return to work rates, data quality, customer complaints and concerns raised by business representatives, unions and other stakeholders.

    The review is being undertaken recognising that, given the dominance of the Nominal Insurer within the NSW market, its success is critical to the success of the NSW workers compensation system.

    The review is being conducted by Independent Reviewer, Ms Janet Dore, and supported by independent actuaries Ernst and Young and authorised officers of SIRA.

    We released a discussion paper to submissions from employers, workers, insurers and other interested stakeholders. Submissions relating to matters outside of the scope of the review addressed directly by SIRA.

    The public consultation period closed on 5 July 2019.

    Next steps

    A summary of the themes in the submissions will be made publicly available.

    A number of people making submissions have requested confidentiality. Some submissions contain personal information about injuries and individuals, which will not be published for privacy reasons. SIRA remains committed to publishing submissions where appropriate, but only after a due diligence process.

    The Independent Reviewer’s final report is expected to be published in late 2019.

    For more information, including the terms of reference and a biography of the independent reviewer, visit the Review of the Nominal Insurer webpage.

  • Milestones

    Review commenced February 2019
    Public consultation 16 May - 5 July 2019
    Meetings with stakeholder groups March - July 2019
    Submission summary reportAugust 2019
    Final report publishedEnd 2019

    We will receive regular progress reports and may take immediate action on any significant compliance issues identified by the review in advance of the final report.

Have your say

Completed

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