August communiqué

Senior officials of the New South Wales (NSW) Treasury Commercial Group met with the SIRA Board at the August meeting as part of SIRA’s engagement with a range of stakeholders in its supervision of insurers across the mandatory insurance schemes which SIRA stewards. Board Members were encouraged to note areas of collaboration between Treasury and SIRA, and further opportunities for the agencies to work together.

The Board noted an update on the Workers Compensation Claims Administration Manual (CAM) and Guidelines Review project and endorsed a draft set of CAM Standards of Practice for consultation with stakeholders. Stakeholders will be invited to provide feedback on the draft Standards from late August 2018 as part of SIRA’s ongoing engagement strategy on the CAM, and streamlining of the existing Workers Compensation Guidelines to simplify these for insurers and other stakeholders.

Section 9.17 of the Motor Accident Injuries Act 2017 and section 172 of the Motor Accident Compensation Act 1999 require SIRA to inform each licenced insurer of their Compulsory Third Party (CTP) premium market share on a quarterly basis. Board Members noted advice on current trends in CTP premium market share and premium movements, and that detailed premium reports had been circulated to insurers, actuaries and the Insurance Council of Australia.

The Board was advised that SIRA senior management representatives would appear before the NSW Parliamentary Legislative Standing Committee on Law and Justice later on the day of the Board Meeting. The Committee has supervisory oversight for the operation of the NSW Compulsory Third Party insurance scheme, and is conducting its 2018 review of the scheme.

The Board received a progress update on the Mid-implementation Review of the SIRA Dispute Resolution Services Operating Model, including discussing models in place locally and in other Australian jurisdictions. Members acknowledged the potential value of an advisory body to the Board on dispute resolution services, and endorsed the establishment of a sub-committee of the Board to steer the review of the dispute resolution component of the Motor Accidents (CTP) Guidelines, and related matters. The Board also endorsed that the Committee be chaired by Dr Graeme Innes, independent Member on the SIRA Board.

Other items considered at the August 2018 Board meeting included:

Trevor Matthews
Chairperson, SIRA Board