We have achieved a great deal this year, with significant work across the whole of SIRA. Some of the highlights include The Treasury Managed Fund Review, the implementation of our Regulatory Framework, the establishment of an ongoing Workers Compensation Assist service and the launch of our Customer Experience Framework, to name a few.
I’m also excited to announce the launch of the new SIRA website, which is now live. The new site was developed with our Customer Experience Framework front of mind, making it accessible and designed to ensure anyone who visits the site can find the information or support they need without having prior knowledge of SIRA or the schemes we regulate.
In other news, I am pleased to report that SIRA has once again activated the transitional excess profits and excess losses (TEPL) mechanism, reclaiming $90.5 million in excess profit from Compulsory Third Party (CTP) insurers.
SIRA is intensifying its efforts to combat fraud within the Home Building Compensation scheme, recently succeeding in prosecuting an unapproved broker on multiple fraud-related charges. This win is a great example of how our enforcement action safeguards consumers and upholds the integrity of the schemes we regulate.
I’d like to wish everyone a wonderful, safe and joyful holiday season. Our Christmas shutdown period is 23 December 2024 – 6 January 2025. Limited support is available for urgent CTP, workers compensation and home building compensation enquiries, excluding public holidays.
Mandy Young
Chief Executive
SIRA reclaims $542.9 million in excess insurer profit over 4 years
SIRA has reclaimed $542.9 million from Compulsory Third Party (CTP) insurers over the last 4 years, having again activated the transitional profit and excess losses mechanism (TEPL).
Unapproved broker prosecuted for home building compensation fraud
SIRA has successfully prosecuted an unapproved broker for fraud after compliance activity revealed his business was selling fake insurance policies to builders.
New SIRA website launches
SIRA has completely redeveloped its website to create a better user experience for all customers, with highly accessible content and a new, streamlined interface.
Motor Accident Guidelines v9.3
Version 9.3 of the Motor Accident Guidelines commenced on 6 December 2024. Version 9.3 updates Part 1 of the Guidelines to support insurers determining CTP premiums.
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Updated 27 May 2025