SIRA Bulletin - Issue 59

8 April 2024

SIRA publishes its Regulatory Framework and undertakes an audit of 100 building businesses to ensure they hold adequate insurance

At SIRA, we are always seeking to improve our regulatory practices and deliver the best results for the people of NSW, and to support our continuous improvement we have recently published SIRA’s Regulatory Framework.

The Regulatory Framework provides transparency and clarity on SIRA’s regulatory approach and guides where we target resources to achieve the best outcomes for customers across the personal injury and home building compensation schemes.

Each quarter we produce a Quarterly Regulatory Report which complements this Framework by reporting on our regulatory actions taken with regard to insurers, employers, healthcare providers and other regulated entities. Read the latest report below.

Also in this issue, we are currently undertaking a comprehensive audit of 100 building businesses to ensure they hold compulsory home building compensation (HBC) insurance for every project. To date we have cautioned 9 businesses. We are proud of our collaborative efforts with the NSW Building Commission on this compliance audit, helping to protect people who invest their hard-earned money into building their family home.

Dr Petrina Casey
A/ Chief Executive

SIRA publishes its Regulatory Framework

The Regulatory Framework provides transparency and clarity about SIRA’s role and functions to scheme users, regulated entities, service providers and stakeholders. The Framework sets out SIRA’s approach to its regulatory processes and the range of interventions available to SIRA.

SIRA audits 100 building businesses to ensure they have adequate insurance

Nine building businesses have been cautioned to date by SIRA for failing to hold compulsory home building compensation (HBC) insurance. Building businesses must hold HBC insurance for every project before taking money from a client. This insures a customer’s deposit if the business becomes insolvent.

SIRA publishes Quarterly Regulatory Report for period ending 31 December 2023

This report is a summary of the regulatory activity undertaken by SIRA relating to the compulsory third party, workers compensation, home building compensation schemes and healthcare providers operating in the schemes, for the period 30 September 2023 to 31 December 2023.

Special conditions imposed on Liberty Holdings Australia Limited

SIRA has imposed special licence conditions on Liberty Holdings Australia Limited due to concerns about the performance of Liberty’s self-insured workers compensation claims management practices.

New significant matter notification requirements

On 1 March 2024, SIRA published new significant matters notification requirements to bring consistency to the timing and way in which significant matters are reported.

Indexed adjustments to workers compensation benefits from 1 April 2024

The latest indexed adjustments to workers compensation benefits are now available and applied from 1 April.

Motor Accident Guidelines: CTP Care version 1.1 now available

These guidelines replace the Motor Accident Guidelines: CTP Care version 1.0 and commenced 1 March 2024.

Amended workers compensation guidelines for the approval of treating allied health practitioners

These guidelines replace the previous version and commenced on 22 February 2024.

CTP Scheme (2017) quarterly actuarial monitoring

The CTP Quarterly Actuarial Monitoring report provides an overview of scheme performance using data as of 31 December 2023.

Institutions Legislation Amendment Act 2023

The Institutions Legislation Amendment Act 2023 commenced on 19 February 2024 making minor changes to appointment provisions under the Personal Injury Commission Act 2020.

SIRA Board issue February 2024 communiqué

SIRA published the communiqué from the Board meeting held on 16 February 2024. The Board discussed conditions in the building industry and an update on the Compulsory Third Party Transitional Excess Profits and Losses (TEPL) assessment.

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