SIRA publishes its Regulatory Framework supporting its regulatory practice

The State Insurance Regulatory Authority (SIRA) has published its Regulatory Framework that sets out the regulatory approach it takes to deliver its functions under the State Insurance and Care Governance Act 2015.

As a contemporary regulator, the Framework guides where SIRA targets its resources to achieve the best outcomes across the personal injury and home building compensation schemes. It provides clarity and transparency about SIRA’s role and functions to scheme users, regulated entities, service providers and stakeholders.

The Regulatory Framework sets out SIRA’s approach including:

• The principles and governance the Regulatory Framework is based upon.
• SIRA’s decision making principles and risk-based approach.
• The regulatory processes and the range of interventions available to SIRA.

The newly published Regulatory Framework includes elements of SIRA’s regulatory practices which have been updated, reviewed and enhanced as part of SIRA’s commitment to continuous improvement.

SIRA is implementing the Regulatory Framework, which is supported by a regulatory risk and governance approach which will continue to evolve over time.

• Read the Regulatory Framework
• Read more about our regulatory activity and reporting

To contact SIRA about the Regulatory Framework, email [email protected].