SIRA publishes discussion paper on the proposed self-insurance licensing framework
SIRA today opened public consultation on its proposed self-insurance licensing framework and supervisory model. This is a crucial step in SIRA’s continuing review of workers compensation self-insurance licensing arrangements in NSW.
SIRA published an issues paper last year to elicit feedback on existing self-insurance policy and conditions which before SIRA’s current review have not been updated for some time. The outcome of consultation was then used by PricewaterhouseCoopers (PwC) to inform their recommendations to the Regulator. SIRA now makes public this report along with its responses to PwC’s recommendations.
SIRA invites all interested parties to make a submission towards this important review. Focus questions on license conditions and supervisory model have been developed to guide your submissions.
All consultation documentations, along with the submission form and instructions for making a submission, are on SIRA’s 'Have Your Say’ website. Consultation will close on 11 November 2016. Submissions should be emailed to SIFeedback@sira.nsw.gov.au on or before this date.
Following consultation, SIRA plans to release its Self-Insurance Licensing Framework in early 2017, after which a period of transition will follow to allow self-insurers to make necessary operational adjustments to meet the new licensing requirements
We encourage you to read the media release for more details about the review and the next steps SIRA will take following.
*Please note security requirements are not included in this consultation as prudential requirements across all insurers will be reviewed later this year.