31 July 2025
The new financial year marks a fresh opportunity to set clear goals and continue driving progress over the year ahead.
SIRA has published its regulatory priorities for FY2025-26, outlining its main strategic objectives for the next 12 months. The priorities span 3 overarching themes – regulatory environment, strategic collaboration and regulatory action – with key areas detailing where SIRA will focus its proactive efforts in the coming year. The priorities will be monitored and adjusted as required to ensure they remain responsive to emerging issues. As part of these efforts, the recently developed icare Workers Compensation Supervision Plan 2025 sets out a framework to address risks and strengthen scheme sustainability, with a particular focus on return to work outcomes and financial performance of both the Nominal Insurer and Treasury Managed Fund.
We also recently published SIRA’s 2024 Review of Under Insurance in the Workers Compensation Scheme. In response to the findings, SIRA and icare have taken coordinated action, resulting in the reduction of over 294,000 outstanding wage declarations, an additional $353 million in recovered premiums and the implementation of several initiatives designed to drive improved compliance.
A SIRA-initiated review of icare’s Home Building Compensation Fund (HBCF) eligibility practices identified historical compliance issues that caused no material harm to homeowners. icare has since improved its practices, ensuring future compliance with its obligations and bolstering its underwriting systems and processes. This supervision action highlights SIRA’s commitment to upholding regulatory standards and strengthening trust and confidence in the HBCF scheme’s operation.
In other news, I'm pleased to share an update on recent appointments to the SIRA Board. Helen Rowell, who joined the board in July 2024, has been appointed Deputy Chair, replacing outgoing Deputy Chair Nancy Milne. I want to thank Nancy for her service and the guidance she provided to SIRA, as well as her contribution to the SIRA CTP Premium Committee and SIRA Audit and Risk Committee. I’m also delighted to welcome 2 new independent members - Lynelle Briggs AO and The Hon Dr John Della Bosca AM, both of whom bring a wealth of public service experience at senior levels to the board.
We look forward to keeping you updated throughout the year as we strive to achieve the best outcomes for people across NSW.
Mandy Young
Chief Executive
SIRA releases regulatory priorities for the 2025-26 financial year
SIRA has established a set of regulatory priorities for 2025-26 to ensure the NSW compulsory insurance schemes protect and support the people who need them, now and in the future.
SIRA publishes review of under insurance in Workers Compensation Scheme
SIRA has published the findings of its review of under insurance in the NSW Workers Compensation Scheme.
SIRA review drives improvement to home builder eligibility for insurance
SIRA has published a review of icare’s Home Building Compensation Fund that identified historical problems with its eligibility practices.
SIRA appoints new Deputy Chair and independent Board members
SIRA is pleased to announce the appointment of Helen Rowell as Deputy Chair and welcomes Lynelle Briggs AO and The Hon Dr John Della Bosca as independent members of the SIRA Board.
SIRA issues Letter of Censure to Fletcher International
SIRA has issued a Letter of Censure to Fletcher International Exports Pty Ltd for failing to comply with its obligations under section 189 of the Workers Compensation Act 1987.
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.
icare Workers Compensation Supervision Plan 2025
With a collaboration first approach, SIRA will seek to engage icare in a proactive and productive manner to best meet the current societal, financial and claims performance challenges facing the NI and TMF.
Update to the NSW Workers Compensation Public Hospital and Ambulance fees orders
The Workers Compensation (Public Hospital Rates) Order 2025 (the Public Hospital Fees Order) and Workers Compensation (Ambulance Services Fees) Order 2025 (the Ambulance Fees Order) commenced on 7 July 2025.
Updated fees orders can be found here
Quarterly Regulatory Update
Each quarter SIRA publishes a summary of the compliance and enforcement activities undertaken by SIRA in relation to the schemes it regulates and the healthcare providers operating within them. The January – March 2025 report is now available.
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Updated 7 August 2025