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 14/06/2019 12:00 am

    Overview

    SIRA has commenced 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 have released a discussion paper to assist you in making a submission to the review.

    Submissions are sought from employers, workers, insurers and other interested stakeholders on the specific matters outlined in the paper. Submissions relating to matters outside of the scope of the review will be redirected internally.

    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 closes 14 June 2019
    Meetings with stakeholder groups March - June 2019
    Final report to SIRAAugust 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

Open

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

We invite you to tell us your views by using our online form. You don't have to answer every question but your submission needs to address the specific issues raised in the documents and where possible provide evidence to support your feedback (eg are there any reports or papers you can refer to?).

Use our online form

If you can't use our online form, you can email your submission to consultation@sira.nsw.gov.au. We will publish your submission if not told otherwise.

If you can't provide your submission electronically, you can send your submission by mail to:

Review of the Nominal Insurer consultation
SIRA
Locked Bag 2906
Lisarow NSW 2252