At its November meeting, the Board discussed the progress of the Compliance and Performance Review of the Workers Compensation Nominal Insurer Scheme (managed by icare). The Independent Reviewer’s report and supporting EY analysis are being finalised, and are expected to be published on the SIRA website by the end of the year. The Board was also briefed on a report on the valuation of the insurance liabilities of the Nominal Insurer as at 30 June 2019.
The Board was pleased to approve the reappointment of members of the Board’s Compulsory Third Party (CTP) Premium Sub-Committee (the Committee) for a further term. The Board acknowledged the Committee’s valuable contributions in providing advice to the Board during their first term on a number of premium related matters including independent reviews of CTP scheme premium parameters, the review of the NSW CTP Risk Equalisation Mechanism and the Transitional Excess Profit and Loss Mechanism.
Dr Abby Bloom, Chair of the SIRA Audit and Risk Committee briefed the Board on the November 2019 Committee meeting. This included the SIRA review of health care costs and arrangements in the workers compensation and CTP schemes and a discussion on risks.
The Board approved revised Guidelines for workplace return to work programs, which outline an employer’s injury management and return to work obligations. The revised Guidelines will be published on the SIRA website shortly.
Other matters at the November 2019 Board meeting included:
- the Board discussed the recent release of Customer Conduct Principles, which are designed to strengthen customer service accountability for all insurers in SIRA regulated schemes
- the Board noted the recent publication of Safe Work Australia’s National Return to Work (RTW) Strategy 2020-2030, and
- the Board discussed the current issues prevalent in the building and construction sector, and the potential consequences for the Home Building Compensation Fund.