Regulatory Priorities 2023

SIRA has established a set of regulatory priorities for 2023 that support SIRA’s objective of making sure that the NSW insurance schemes protect and support the people who need them, now and in the future.

To determine the regulatory priorities for the year, SIRA uses a range of intelligence sources to assess the risks and issues. These include data sourced from SIRA regulated entities, internal teams, other external sources, stakeholder consultations, and insights from regulatory partners.

SIRA looks at risks and issues that impact at a system level, scheme level, entity level and at a customer level. For all four levels SIRA employs a risk-based approach to determine where to focus attention and resources.

SIRA has structured supervision in place for all schemes and entities that ensure all aspects of performance and compliance are monitored and managed. The regulatory priorities are the areas that are identified as requiring attention above and beyond this. They provide transparency on where SIRA will be focusing its resources and direct regulated entities to where they can proactively engage.