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Insurer performance

We set the standards for insurer performance through our licensing and regulatory frameworks and we monitor insurers to check they are meeting the licence conditions of the three insurance schemes we regulate.

We regulate the Compulsory Third Party (CTP), Workers Compensation Scheme, and the Home Building Compensation Scheme.

CTP, workers compensation, and home building compensation insurers are governed by legislation, guidelines and licence conditions. Their performance needs to meet these requirements. We provide frameworks for licensing, issue guidelines and work with insurers to build capability and improve performance.

CTP insurer performance

We manage CTP insurer performance so that people injured on our roads are supported and that insurer profits are reasonable for a privately underwritten scheme.

We focus on building capability and efficiency in the CTP scheme, via consultative engagement, risk identification, reporting and overall system improvements in areas such as customer experience, resolving claims in a fair and timely manner, and reduced claims costs.

Insurer performance is administered through:

  • engagement and feedback
  • strategies to reduce risk
  • data analysis and reporting
  • support and education
  • regular monitoring
  • complaints handling.

We work closely with insurers so legislative requirements are met, claims are managed quickly and benefits are delivered to the people of NSW.

Some relevant CTP insurer performance documents:

Workers compensation insurer performance

We manage workers compensation insurers' performance so that injured workers are supported.

We apply a licensing and regulatory framework that ensures high performance standards and improved outcomes for employers and workers.

Insurer performance is administered through:

  • regular engagement and feedback
  • data analysis
  • building capability and performance monitoring
  • education and support.

We regulate four types of NSW workers compensation insurers:

  • icare (the Nominal Insurer) – funded by employers whose premiums meet the cost of claims
  • specialised insurers – funded by employers whose premiums meet the cost of claims in a specific industry
  • self-insurers – who fund their own workers compensation claims
  • government self-insurers – who fund their own workers compensation claims.

We work with each insurer type to ensure that workers compensation risks are managed and mitigated and that the customer experience and outcomes for injured workers is improved.

We employ a risk based licensing framework for self-insurers. This entails a supervisory model that places self-insurers into tiered categories (top, mid and low) based on their performance against a set of measures. The model in incentivised so that top tier performers are publically acknowledged as exemplar and considered for a maximum licence period.

Some relevant workers compensation insurer performance documents: