SIRA bulletin - Issue 37
CTP prices set to drop when insurer profit is returned to motorists
CTP insurers have been put on notice that almost $91 million in profit on Green Slips could be returned to motorists through cheaper premiums.
The NSW Government’s 2017 CTP reforms introduced regulatory powers for SIRA to control the level of insurer profits under the transitional excess profits and losses mechanism.
SIRA Chief Executive Adam Dent said that he had decided to activate the mechanism to recover excess insurer profit following a rigorous assessment of profit in the new scheme.
“I have informed insurers of my decision to claw back almost $91 million, which means that in 2022 NSW motorists will enjoy an average saving of $19 on their Green Slip,” Mr Dent said.
Insurers now have a 28-day cooling off period to appeal the decision to recover excess profit, which is due to expire on 29 November 2021.
What's new
Have your say: Mental health recovery at work
SIRA is asking for feedback on what is most important to you in supporting recovery at work to improve the recovery@work toolkit.
SIRA launches Mental health recovery action plan
SIRA has launched a Mental health recovery and support action plan as a further step toward an integrated, long-term approach to enabling better mental health outcomes.
Quick Links
Terms of Reference for the Treasury Managed Fund (TMF) review
SIRA has published the Terms of Reference for the TMF review, which aims to assess the compliance of TMF government agencies with NSW workers compensation legislation.
'READY’ to talk about mental health?
Are you considering telling someone at work about your mental health? Then you may benefit from a new app designed by SIRA and Sydney University.
Authorised Health Practitioners Review: Submissions published
Submissions to the post-implementation review of the Authorised Health Practitioner Framework in the CTP Scheme have been published on the SIRA website.
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