At the April Board Meeting, Members were provided with an update on NSW Government administrative arrangements, and discussed opportunities to improve customer experience and outcomes by working with others in the new Customer Service Cluster in the portfolio of the Minister for Customer Service, the Hon. Minister Dominello MP.
Dr Bloom, Chair of the SIRA Audit and Risk Committee, provided an update on a Special Committee Meeting to consider SIRA’s Early Close Financial Statements. The Committee’s engagement in Early Close procedures will enable SIRA to develop timely and high-quality year-end financial statements in line with requirements for NSW public sector agencies and its responsibilities under legislation.
Board Members were provided an update on the status of NSW Compulsory Third Party (CTP) Green Slip refunds arrangements, with refunds available to eligible NSW policy-holders since early 2018. As the refunds program will cease on 30 June 2019, the Board noted SIRA’s intention to return unclaimed refunds to NSW policyholders.
The Board noted a progress update on several other matters relating to the Compulsory Third Party (CTP) Scheme, including Scheme performance, financial matters relating to the Scheme, the draft Transitional Excess Profit and Loss Guidelines, and the Young Drivers Telematics Trial. Analysis of data and research continues, with reports and matters for the Board’s decision to be considered over the upcoming months.
Other items discussed at the April 2019 Board meeting included:
- The Board noted that as part of its responsibilities under legislation, SIRA is considering the valuation of insurance liabilities of the NSW (Workers Compensation) Nominal Insurer as at 31 December 2018, and the 2019/20 Nominal Insurer Premium filing.
- Board Members noted SIRA’s continuing development of a strategy to support workers who were affected by section 39 of the Workers Compensation Act 1987, and who will subsequently be affected by section 59A of the legislation (limiting payment of compensation for medical expenses).
- The Board noted an update on current matters in the Home Building Compensation Scheme.
- Members were updated on SIRA’s strategic planning for 2019/20.
- Board Members noted a quarterly update on key SIRA People and Culture statistics.
- The Board briefly considered SIRA’s ongoing focus on the application of the findings from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
Chairperson, SIRA Board