Regulatory Publishing Policy

SIRA proactively publishes information about its regulatory actions and the performance of regulated entities to advance accountability, compliance, and confidence in the NSW CTP (Compulsory Third Party insurance), workers compensation and home building compensation schemes. This includes details of the performance of insurers, employers, healthcare providers and other regulated entities.

This policy sets out the types of information that SIRA publishes and the criteria that guide publishing decisions. It applies only to information proactively published by SIRA. Information about the performance of entities and individuals working within SIRA-regulated schemes is often made public in other ways. For example, because of a customer complaint or dispute, information provided to the NSW Parliament, information released in response to a request made under Government Information Public Access Act (2009) or a media enquiry.

Publishing criteria

SIRA proactively publishes details of regulatory activity and the performance of regulated entities only where the following conditions are met:

• Publishing is in the public interest, and in the interest of customers
• Publishing is lawful, including not breaching privacy legislation, confidentiality or secrecy provisions or information access legislation
• Published information would not prejudice the effectiveness or outcome of an audit, investigation, or review
• Published information would not prejudice the potential for enforcement action against a regulated entity and their right to a fair trial
• Publishing would not delay, or otherwise impede, resolution of a performance or compliance issue

Publishing discretion

SIRA always uses discretion when taking decisions about publishing. In addition to adhering to the fixed publishing criteria outlined above, SIRA generally does not publish where:

• information is legitimately commercially sensitive
• information would impact market competitiveness
• entities or individuals to be named have not been given at least 48 hrs notice of SIRA’s intention to publish

Categories of information that will generally be published

SIRA will generally publish the following types of information where the criteria are met. The names of regulated entities and approved service providers are routinely included in published information. The list is not exhaustive and may occasionally include other matters where it is deemed to be in the public interest. Those types include:

• information on the performance of SIRA regulated schemes, including data related to regulatory focus areas or scheme performance issues
• issuing a new insurer licence, imposition of licence conditions and suspension or cancellation of a licence
• commencement and conclusion of audits, investigations, or reviews
• issuing of improvement notices, remediation plans, letters of censure, penalty notices and civil penalties against insurers
• publication of a person or entity being required to attend court due to prosecution action commencing, and final court outcomes
• volume and nature of significant matters referred to SIRA from other bodies
• changes to levies that impact premiums
• the outcome of premium filing assessments
• the commencement of the first and second stages of the Transitional Excess Profits and Loss assessment and the decision to trigger the mechanism, which includes the amount being recouped, the relevant accident years, and any adjustments from previous years (CTP only)
• the number of decisions in relation to Innovation Support applications (CTP only)

Publishing channels

SIRA may publish information via any combination of the following channels. The nature of the communication will be commensurate with the significance of the matter. Publishing channels include:

• SIRA website
• SIRA Bulletin
• SIRA LinkedIn
• Media statement