At its July meeting the Board was provided with an update on the July 2019 SIRA Audit and Risk Committee meeting by Chair, Dr Abby Bloom. This included a briefing on the End-of-Financial Year reporting for 2018/19, with Members acknowledging the extensive work completed to facilitate SIRA’s compliance with reporting requirements.
The Board approved the publication of the Home Building Compensation Scheme Report – June 2018 and associated data tables. The Board noted that the new format of the Report reflects data reporting enhancements and provides information on the financial progress of the scheme. Members also discussed the current issues impacting the home building and construction industry. Because of improvements in data collection it is expected that SIRA will be able to produce future reports in a more timely manner.
The Board discussed the progress of the Compliance and Performance Review of the Workers Compensation Nominal Insurer (managed by icare), noting that the public consultation phase has now been completed and that the review team are in the process of considering submissions. The Board also approved SIRA’s Review of the December 2018 Nominal Insurer Valuation Report, which will be published on the SIRA website in due course. The Board noted that SIRA’s review of the Nominal Insurer Valuation Report has been undertaken in consultation with actuaries, Ernst & Young.
The Board approved an inaugural Risk Equalisation Mechanism (REM) Report following consideration of the Report by the CTP Premium Committee this month. The Report reflects the outcomes of SIRA’s first review of the REM which was introduced in 2017. Board Members were pleased to note that the REM is achieving its intended outcomes, and that the CTP Insurance market in NSW has become more competitive since the introduction of the REM. The Report will be published shortly on the SIRA website.
The Board discussed key metrics regarding the monitoring of the performance of the CTP Scheme and endorsed the finalisation of CTP insurer claims experience comparison metrics which highlight individual CTP performance measures and how these measures may impact customer experience.
Other matters at the July 2019 Board meeting included:
- Board Members were provided an update on the work underway relevant to the Law and Justice Standing Committee’s 2019 Review of the Dust Diseases Scheme.
- The Board discussed notable changes to the prudential and regulatory environment following the recent release of the APRA Capability Review and the release six months ago of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry Final Report.
- Board Members were provided a quarterly report on key SIRA People and Culture statistics.