SIRA Bulletin - Issue 66

20 February 2025

We've had a productive start to the year, setting a strong foundation for the months ahead.

Earlier this month we published the SIRA 2028 strategy setting out our vision for the next 3 years. Our new strategy builds on our recent work and outlines our goals and purpose as we continue to work to being a customer-centred, intelligence-led, risk-based regulator.

SIRA’s latest Quarterly Regulatory Update is now available, reinforcing our commitment to holding regulated entities to account and ensuring insurance schemes remain fair, stable and accessible.

This is reflected in the $10,000 civil penalty SIRA issued to NRMA Insurance for failing to provide accurate pricing information to customers on their CTP renewal policies. This is an important step in ensuring policyholders receive the transparency they deserve.

In our remit as the regulator of workers compensation insurance, SIRA recently imposed special conditions on ISS Property Services Pty Ltd’s (ISS) self-insurer licence and issued a Letter of Censure to Liberty Holdings Australia Limited.

As we anticipate the Home Buildings Compensation review report we are now turning our attention to a new compliance initiative focusing on the insurance of low-rise apartment buildings, examining whether builders are accurately declaring the cost of construction and paying correct insurance premiums.

With our new strategy to guide us I am excited to share more of our successes as we continue driving real change and ensuring NSW’s insurance schemes protect and support those who need them most.

Mandy Young

Chief Executive

SIRA publishes 3 year strategy

SIRA launches its new strategy, SIRA 2028, outlining its strategic direction over the next 3 years.

Read the new strategy

SIRA conducts proactive home building compliance projects

SIRA has reached the final stage of a proactive compliance audit assessing whether builders of Class 1 homes have met their home building insurance obligations.

Read the news article

SIRA issues $10,000 civil penalty to NRMA Insurance

NRMA Insurance has been penalised for non-disclosure of demerit point loading and the incorrect application of demerit point loading dating back to October 2018.

Read the news article

Quarterly Regulatory Update

SIRA has published the Quarterly Regulatory Update, highlighting regulatory activity undertaken in relation to the CTP, workers compensation and home building compensation schemes and healthcare providers operating in the schemes for the last quarter of 2024.

Read the report

Special conditions imposed on ISS Property Services Pty. Limited's workers compensation licence

SIRA has imposed special licence conditions on ISS Property Services Pty. Limited's workers compensation self-insurer licence due to ongoing non-compliance and poor claims management practices.

Read the news article

SIRA issues Letter of Censure to Liberty Holdings Australia Limited

SIRA issued a Letter of Censure to Liberty Holdings Australia Limited for failing to comply with its obligations under s189 of the Workers Compensation Act 1987 and its licence conditions.

Read the news article

SIRA has published the December 2024 board communique

The meeting was held on Monday 16 December 2024, at 231 Elizabeth Street, Sydney. An update was provided on the finalisation of quarter one progress reporting which indicates that SIRA is on track in delivering against its annual business plan.

Read the communique

Indexation of the workers compensation fees orders - 1 February 2025

A number of workers compensation fees orders have been updated. The updates reflect an indexation of 4.49% commencing 1 February 2025.

Updated fees orders can be found here

Updated Insurer Conduct and Claims Assurance Program for 2025 - 2026 schedule

The Insurer Conduct and Claims Assurance Program provides SIRA insight into insurer compliance and performance in the NSW Compulsory Third Party Scheme.

Read more