Board communiqués

A meeting of the SIRA Board was held on Tuesday 17 June 2025, at 231 Elizabeth Street, Sydney. The meeting noted that the Workers Compensation Legislation Amendment Bill 2025 had been referred to the Public Accountability and Works Committee for inquiry and report. A public hearing occurred on 17 June, at which the Committee voted to hold further inquiries into the proposed legislation in July.

The Board noted strategic and operational updates across all key areas - notably strategy, finance, workers compensation, home building regulation, the Compulsory Third Party (CTP) Scheme and complaints. An update was also provided on self and specialised insurers licensing.

The Board discussed the End of Scheme Transition project concerning the  Excess Profits and Losses (EPL) mechanism under the Motor Accident Injuries Act 2017. It was noted that SIRA is advancing work to redesign the EPL framework by integrating key strengths of and lessons from the Transitional Excess Profit and Loss (TEPL) system. The Board also received a presentation on the TEPL Preliminary Industry Profit Margin for 2025 and next steps involved.

The Board approved the publication of insurer innovation reporting related to the Motor Accidents Insurance Regulation Scheme on SIRA’s website. This initiative recognises the important role innovation plays in enhancing outcomes for scheme participants, strengthening market performance and supporting the overall sustainability of the scheme. The reports will be published on an ongoing and quarterly basis.

The Board endorsed SIRA’s budget expenditure for the 2025–26 financial year. As outlined in the May Board Communique, the Cost Allocation Model serves as the foundation for determining charges across the schemes administered by SIRA.

The Board received an update concerning premium matters from the newly-appointed SIRA CTP Premium Committee Chair, Helen Rowell.

Prepared by: Nicholas Whitlam,

Chair, SIRA Board

There was a meeting of the SIRA Board held on Tuesday 6 May 2025, at 231 Elizabeth Street, Sydney. This was the final meeting for retiring Deputy Chair, Nancy Milne OAM. Ms Milne has served as the inaugural Deputy Chair of the Board since November 2015. During her tenure Ms Milne has also served as the Chair of the SIRA CTP Premium Committee from December 2017 and as the Chair of the SIRA Audit & Risk Committee from April 2016 to April 2019, and then as a Member of that Committee to May 2023. The Board thanked Ms Milne for the service, commitment and guidance she has provided to SIRA.

The Board received an update on the SIRA Employee Survey that was conducted in March 2025 with the purpose of better understanding SIRA staff and improving broader engagement, leading to a more motivated workforce. There were 3 key areas the survey focussed on which included engagement, wellbeing and communication & change management.

The Board received an update on the progress of quarter 3 for the Annual Business Plan, acknowledging that work is underway. Development of SIRA’s Annual Business Plan for the 2025-26 financial year has commenced, with senior leadership conducting a strategic review of the draft plan in alignment with the SIRA2028 Strategy.

The Board noted strategic and operational updates across all key areas - notably strategy, finance, workers compensation, home building regulation and the Compulsory Third Party (CTP) Scheme. The Board also received a presentation from the Chief Financial Officer and staff members of TCorp on the Investment Strategy for the Insurers Guarantee Fund.

Samantha Taylor, recently appointed Independent Review Officer as of February 2025, formally introduced herself and provided the Board with an update on the Independent Review Office’s strategic priorities.

The Board approved changes to the publication of Home Building Insurer data on an open data basis and the publication of CTP scheme data in SIRA’s CTP open data portal on an on-going basis.

The Board endorsed a revised SIRA cost allocation model for the 2024-2025 financial year. This updated model has been designed to support SIRA’s operations by ensuring accurate allocation of costs across the funds it administers.

Prepared by: Nicholas Whitlam,

Chair, SIRA Board

There was a meeting of the SIRA Board held on Tuesday 25 February 2025, at 231 Elizabeth Street, Sydney. The Board noted that SIRA’s new strategy, SIRA2028, was officially launched in February. SIRA2028 builds on the objectives set out in SIRA’s previous strategy to position SIRA as a customer-centred, intelligence-led, risk-based regulator. The updated strategy outlines 5 key goals that address the evolving needs of SIRA’s customers.

The Board received an update on the progress of the SIRA Annual Business Plan 2024-25 to the end of Quarter 2 noting that the 28 plan deliverables are on target across the full year projection.

The Board noted strategic and operational updates across all key areas - notably strategy, finance, workers compensation regulation, home building compensation regulation and the Compulsory Third Party (CTP) Scheme.

The Board discussed the increasing prevalence of micromobility devices in NSW, including electric-powered scooters, and the potential implications for the CTP Scheme.

An update was provided on the Artificial Intelligence (AI) Pilot, highlighting the importance of responsible development and a clear outcome focus to preserve public trust and mitigate unintentional consequences. SIRA is currently running a Pilot AI project in collaboration with the NSW Data Analytics Centre. Updates will continue to be provided to the Board on the progress of the pilot.

The Board reviewed the Annual Complaints Report, which provided analysis of the complaints received relating to the Workers Compensation, Home Building, and Motor Accidents schemes in 2024. The themes of the complaints remain consistent with those identified in earlier years. Of note, a new management system for complaints handling has been introduced to facilitate more efficient resolution of complaints in the future.

Prepared by: Nicholas Whitlam,

Chair, SIRA Board

There was a meeting of the SIRA Board held on Monday 16 December 2024, at 231 Elizabeth Street, Sydney. An update was provided on the finalisation of quarter 1 progress reporting which indicates that SIRA is on track in delivering against its annual business plan.

The Board noted that the Government's State Insurance and Care Governance Amendment (Governance Arrangements) Bill 2024, has successfully passed both houses of Parliament. While the Bill does not impact SIRA, it amends the State Insurance and Care Governance Act 2015 to enhance governance arrangements between icare's board and management.

An update was provided on the People Matter Employee Survey (PMES), which closed on Friday 13 September 2024. SIRA received an engagement result of 70%, which represents a 5% decrease from the previous year’s score albeit higher than the public sector average of 62%.

The Board noted strategic and operational updates across all key areas - notably strategy, finance, workers compensation regulation, home building compensation regulation and the Compulsory Third Party (CTP) Scheme. The Board also received and noted the SIRA CTP Premium Committee and SIRA Audit & Risk Committee chair reports.

The Board received a presentation from Acting Independent Review Officer Jeffrey Gabriel, which provided valuable insights on current trends, emerging issues, and key areas of focus. The presentation also covered key reform directions and ongoing inquiries.

The Board also welcomed a presentation from Judge Gerard Phillips, President of the Personal Injury Commission.

The Board reviewed performance insights on recovery through work, namely the impact of return-to-work rates to the overall effectiveness of the workers compensation scheme.

In line with the NSW Government Boards and Committees Guidelines, the Board undertook its annual review of the Board Charter, which governs the activities and operational function of the Board and made various amendments and improvements to it.

Prepared by: Nicholas Whitlam,

Chair, SIRA Board

There was a regularly scheduled Board meeting of SIRA on Monday 21 October 2024 at 231 Elizabeth Street, Sydney.

An update was provided on the People Matter Employee Survey (PMES) results. The survey opened on Monday 19 August and closed on Friday 13 September 2024. SIRA received an extraordinary employee response rate of 98.31%. High level results expected later this month. This survey provides the Chief Executive and the organisation with an opportunity to listen to employee feedback and implement changes within the business to support employee wellbeing.

The Board noted strategic and operational updates across all key areas - notably strategy, finance, workers compensation regulation, home building compensation regulation and the Compulsory Third Party (CTP) Scheme. The Board also received and noted the SIRA CTP Premium Committee chair’s report.

The Board approved a revision to the TCorp Investment Risk Appetite Statement (IRAS), which followed a review that encompassed three workshops attended by SIRA executives. The Board noted that the changes are intended to simplify and clarify the IRAS and its metrics.

In addition, in line with the Board’s function to oversee the performance of activities within SIRA, the Board received an update from TCorp on the Insurer Guarantee Fund (IGF) performance.

Prepared by: Nicholas Whitlam

Chair, SIRA Board

The SIRA Board meeting held on Friday 30 August 2024 at 231 Elizabeth Street, Sydney, was the first meeting of the new Chair, Mr Nicholas Whitlam and member, Ms Helen Rowell, since being appointed on 24 July 2024. SIRA Chief Executive Mandy Young and the other Board members extended a warm welcome to Mr Whitlam and Ms Rowell. It was also the last meeting for member Dr Graeme Innes AM. The Board thanked Dr Innes for his dedicated efforts in guiding the NSW insurance schemes to better serve our community and for his service on the SIRA Audit & Risk Committee. Dr Innes served four terms on the Board and two on the Audit & Risk Committee. The Secretary for Department of Customer Service, Graeme Head AO, will take his place as a member on the SIRA Board from 1 September 2024.

The Board noted the standing agenda updates namely, the SIRA Chief Executive’s report, the SIRA CTP Premium Committee Chair’s report, the Workers Compensation Regulation update and the Home Building Compensation Regulation update.

The Board received an update from the Chief Financial Officer on the finance report as at 30 June 2024, noting that SIRA has met all statutory reporting requirements for the preliminary financial statements in accordance with the 2023-24 Mandatory Annual Returns to Treasury guidelines, as recently endorsed by the SIRA Audit and Risk Committee. In addition, SIRA has submitted data to the NSW Government for the annual budget, performance monitoring and reporting within the NSW Treasury agreed timeframes.

The Board received an update on the CTP Scheme Priority Program and Regulatory Activity and approved the publication of the Insurer Comparison and the Insurer Conduct and Claims Assurance Program Scheme reports, on an on-going basis.

The Board received an update on the Premium Parameter Review and approved the Premium Relativities and Risk Equalisation Mechanism Schedules effective from 15 January 2025. SIRA conducts an annual review of the assumptions that are inputs into the determination of insurance premiums by licensed insurers.

The Board received a report on SIRA’s Work, Health & Safety performance for the FY2023-24. SIRA continues to be focused on psychological injuries and reviewing early intervention strategies.

Prepared by: Nicholas Whitlam

Chair, SIRA Board

The SIRA Board meeting held on Friday 28 June 2024 at 231 Elizabeth Street, Sydney, was the last for Chair Mr Trevor Matthews and member Mr Rod Stowe PSM.  The new SIRA Chief Executive, Ms Mandy Young, thanked Mr Matthews and Mr Stowe for their dedicated efforts in guiding the NSW insurance schemes to better serve our community. Mr Stowe served four terms at SIRA during his 41 years of service in the NSW Government. Mr Matthews, the inaugural SIRA Chair since SIRA was founded in 2015, was pivotal in founding and nurturing SIRA as a data driven regulator. On Monday 29 July it was announced that Mr Nicholas Whitlam is succeeding Mr Matthews as Chair and Ms Helen Rowell, a former President of the Actuaries Institute and Deputy Chair of the Australian Prudential Regulation Authority, has been appointed to the board.

Ms Young introduced herself to members and provided background on her working history within the Department of Customer Service. Members welcomed Ms Young to her first SIRA Board meeting.

The Board noted the standing agenda updates namely, the Chief Executive’s report, the SIRA CTP Premium Committee Chair’s report, the Workers Compensation Regulation update and the Home Building Compensation Regulation update.

The Board received and endorsed SIRA’s 2024-25 financial year budget and the Board noted the satisfactory quarter three progress on the 2023-24 financial year Annual Business Plan. The Board then approved the progression of work for the refreshed 2024-25 Annual Business Plan. This is SIRA’s third Annual Business Plan under the SIRA2025 Strategy.

The Board received a quarterly update on CTP scheme performance and regulatory activity, The CTP scheme is continuing to perform in line with expectations. It was estimated that in the six and a half years since the introduction of the new scheme in late 2017, premiums for approximately six million NSW motorists have been about 25% cheaper than they would have been otherwise. Furthermore because of the reforms, the efficiency of the scheme has increased by 17 percentage points – from 44% to 61%.

The Board received a horizon scan briefing on artificial intelligence, (AI), which is of significant strategic importance to SIRA. The briefing focussed on the governance and assurance of AI activities. Implementation of AI and Generative AI (like ChatGPT) will provide many opportunities for improved productivity and enhancing services in future years.

At the conclusion of the meeting the Chair thanked his fellow board members and the executives for their support and efforts for SIRA. He asked that his thanks be passed on to the hard-working SIRA staff and he and Mr Stowe wished all the best for the future.

Prepared by: Trevor Matthews

Chair, SIRA Board

At the beginning of the SIRA Board meeting held on Friday 31 May 2024 at 231 Elizabeth Street, Sydney, the Board welcomed the announcement that Mandy Young, the current Department of Customer Service Chief Operating Officer, will take over as SIRA Chief Executive on 10 June 2024.  The Board thanked Dr Petrina Casey for her sterling service as acting Chief Executive since January.

One of the most significant items on the agenda was the SIRA Customer Experience Quarterly Update. This included a refresh of SIRA’s Customer Plan and Customer Experience Framework. The Board was impressed with the news that SIRA is distributing approximately 14,000 surveys each month to claimants in each of the personal injury schemes and by doing so, is gaining some rich customer insights, noting that increasing the focus on customers is an important part of the SIRA2025 Strategy.

The Board received a report on the progress of the 2023-24 SIRA Annual Business Plan, noting the recently published third quarter progress updates and was advised that 2024-25 annual business planning is underway.

As part of its normal standing agenda, the Board received a finance report, briefings from the SIRA CTP Premium Committee, the SIRA Audit and Risk Committee and updates about workers compensation and home building regulation and the Compulsory Third Party (CTP) scheme progress.

An external consultant, engaged by icare, Mr John Trowbridge, delivered a presentation about the work he has undertaken on behalf of icare on their implementation of SIRA’s Workers Compensation Recovery Through Work program. In NSW, there is now an agreed method of monitoring return to work metrics and Mr Trowbridge commented on some interesting results showing how experience varies by type of injury, industry and employer size.

The Board noted an update on road safety innovation funding for 2023. SIRA has awarded $1 million to two research partners, the University of Melbourne and Suncorp (AAMI), for research on influencing young driver behaviour. The initiatives include the proposed use of a ‘Safe Driver Smartphone App’ and an experimental study known as ‘The SMART Trial’. The aim of this research project is to enable SIRA to identify the most effective incentives for modifying young driver behaviour and methods for integrating these findings into the NSW CTP insurance scheme.

Finally, the Board participated in a discussion with NSW Treasury officials about a review they are conducting into icare’s operational expenditure.

Prepared by: Trevor Matthews

Chair, SIRA Board

At the SIRA Board meeting held on Friday 5 April 2024 at 231 Elizabeth Street, Sydney, representatives from TCorp, investment manager for the Insurers’ Guarantee Fund, presented a review of the position of the fund and its performance. The Board was pleased to hear that the fund is in a strong position with assets considerably exceeding liabilities and its performance has more than met its objectives over the long term. The Board agreed to the recommendation to move to a Total Portfolio Approach for the management of the fund and approved a new Reference Portfolio and Asset Allocation Ranges. The IGF has a high likelihood of meeting its future objectives.

The Board discussed the NSW Auditor General’s workers compensation claims management report which had been released a few days before the Board meeting. It provides recommendations for icare, NSW Treasury and SIRA designed to improve claims management and the operation of the system. SIRA accepts and is already progressing the implementation of its two recommendations.

The Board was briefed on the latest developments regarding the Treasury Managed Fund (TMF) Review report, which was compiled following extensive consultation with specific stakeholders. Overall, stakeholders have supported the report's findings and proposed actions. SIRA is yet to publish the TMF review.

The Board received a verbal briefing on the audit being conducted by SIRA regarding Home Building insurance compliance to protect homeowners. SIRA has completed reviews of 790 building projects undertaken by 25 builders and issued cautions to 9 builders in February primarily due to the businesses unlawfully taking deposits without insurance in place. The Board was pleased to learn that in all cases the projects were later insured, or insurance had been applied for. SIRA is maintaining ongoing communication with the Building Commissioner and icare, providing regular updates on the progress of insurance compliance.

The Board received an update on the analysis of the CTP Care Operating Cost Model, noting the legislative changes that were enacted in 2022. The changes grant SIRA the authority to establish the maximum amounts concerning claims handling costs of the Lifetime Care and Support Authority (LCSA) under the Act, within a specified timeframe. It is expected consultation with LCSA will commence shortly.

The Board received a quarterly update on SIRA’s implementation of Value-Based Healthcare (VBHC) in personal injury schemes and health regulation. SIRA is close to activating all 21 initiatives within the implementation plan for VBHC in the NSW Workers’ Compensation and Compulsory Third-Party Schemes and is on track to realise almost $40 million in savings. SIRA launched the “Model of Care for the Management of Low Back Pain” on 20 February 2024, a best practice guide for practitioners that should help empower injured people in their recovery journeys. The Board noted that the SIRA VBHC Advisory Committee, which is comprised of senior representatives from all aspects of the personal injury sector including those with lived experience of the schemes, continues to provide ongoing support and aids SIRA’s work to achieve its ambitious VBHC goals and actions.

Prepared by: Trevor Matthews

Chair, SIRA Board

On Friday 16 February 2024 at 231 Elizabeth Street, we held a SIRA Audit and Risk Committee, (ARC), in the morning followed by our Board meeting in the afternoon. The composition of our ARC is changing. Dr Abby Bloom chaired her last ARC meeting and at the conclusion of the meeting handed over to a new independent chair, Christine Feldmanis. She is joined on the committee by two other independent members, Lyn Baker and Kerry Adby. The ARC has served us well and we are confident that under the new chair it will continue to add value to SIRA.

At the Board meeting SIRA’s Acting Chief Executive, Dr Petrina Casey, introduced two presenters from the New South Wales Treasury Corporation (TCorp) who manage the Insurer Guarantee Fund on our behalf. They introduced the Board to the Total Portfolio Approach to investment management and contrasted this to Strategic Asset Allocation. We will continue to receive information on the total portfolio approach at future meetings.

We received a regular finance update, and it was pleasing to see that SIRA continues to meet all its NSW Government budgetary requirements.

The Board was advised that SIRA has finalised a review of the Treasury Managed Fund which includes a compliance audit and performance review of Government agencies’ workers compensation claims. It is expected that the report will be released shortly.

Conditions in the building industry continue to be of concern with the rate of building industry insolvencies nearly doubling last financial year to 981 construction companies in NSW entering external administration compared to 513 in the previous year. This will have implications for claims under the Home Building Compensation Scheme.

The Board noted an update on the Compulsory Third Party Transitional Excess Profits and Losses (TEPL) assessment.  SIRA announced the TEPL assessment in November 2023 and identified $183.1 million in excess profits from the 2018 and 2019 accident years. SIRA will recover these funds from insurers in 2024 with the goal of maintaining the affordability of CTP insurance through subsiding levies.

Prepared by: Trevor Matthews

Chair, SIRA Board

At the SIRA Board meeting held on Friday 1 December 2023 at 231 Elizabeth Street, Sydney, SIRA’s Chief Executive, Adam Dent, informed the Board that the new Secretary for Digital, and Department of Customer Service, Graeme Head AO, commenced in the role on 27 November 2023.

The Board approved a revised Statement of Investment Beliefs and an updated Investment Policy Statement for the Insurers’ Guarantee Fund which funds the claim payments for the remaining liabilities for insolvent Workers Compensation insurers. The Board considered a report on the fund’s investment performance that earlier in the day had been presented by representatives of T-Corp, the fund’s investment manager, to the SIRA Audit and Risk Committee and was advised that the fund continues to be in a very sound financial position.

The Board received a presentation regarding Workers Compensation Self and Specialised insurers specifically in relation to active and current claims and a statistical analysis of payments.  It was noted that the 70 Self insurers and the 6 Specialised insurers that are responsible for 8.5% and 7.3% of the systems’ active claims respectively have consistently achieved better Return to Work rates than the system.

SIRA staff provided the Board an update on various Workers Compensation Policy initiatives.

The Board noted an update on the supervision of the icare Home Building Compensation Fund (HBCF). The Board approved the publication of key performance indicators regarding icare’s handling of Home Building Compensation Fund claims. SIRA published the final key performance indicators for the period to June 2023 as of 7 November 2023 and expects to update the indicators on a quarterly basis.

The Board was provided an update on SIRA’s Customer Experience Framework which will be launched in 2024. Further work will be undertaken by SIRA’s directorates to implement the Framework within the Authority, with collateral materials such as a language guide to be developed in parallel.

The Board received a presentation from the Independent Review Officer, Simon Cohen, who was approaching the end of his term.  He described IRO operations throughout the 2023 financial year, upcoming projects to be commenced during the next 12 months and discussed with the Board the Independent Legal Assistance and Review Service (ILARS) expenditure.

The Chair thanked members of management for their commendable efforts during the year and asked for those thanks to be passed on to SIRA staff.

Prepared by: Trevor Matthews

Chair, SIRA Board

At the SIRA Board meeting held on Friday 27 October 2023 at 231 Elizabeth Street, Sydney, SIRA’s Chief Executive, Adam Dent, advised that he has had the opportunity to brief our new Minister, the Hon. Anoulack Chanthivong, about SIRA related issues. The Minister also has the following portfolios: Better Regulation and Fair Trading, Building, Corrections, Industry and Trade, and Innovation, Science and Technology.

It was noted that several of these are of direct relevance to SIRA.

The Chief Executive provided the Board with an update on the Law & Justice Standing Committee’s inquiry into the 2023 Review of the Workers Compensation Scheme. Mr Dent confirmed since SIRA’s original submission into this inquiry, an addendum has been made to account for updated data from two further financial years; 2021-22 and 2022-23, as well as insights on shifts in trends or financial impacts since the original submission.

The Board received a regular update about icare’s Improvement Program which is designed to deal with the recommendations of the McDougall Report and a Governance, Accountability and Culture Review carried out by PricewaterhouseCoopers.

The Board was advised that a report about the Treasury Managed Fund (TMF) based on a review of over 900 claim files has been drafted and will be circulated to seek targeted external stakeholder feedback. before publication. The TMF Review report will include data analysis, employer audits, stakeholder interviews, surveys, and insights.

The Board noted an update on the Building Legislation Amendment Bill 2023, which was introduced by the Government into Parliament on 12 October 2023. The Bill will enable regulations to be made to exempt from home building compensation insurance the development of low-rise strata schemes if the developer instead buys a new form of long term “decennial insurance”. The Department of Customer Service has committed to consulting SIRA before any regulation is made under these provisions.

The Board received an update on the Law and Justice 2022 Review of the CTP Scheme recommendations by virtue of which SIRA, in consultation with stakeholders, has investigated jurisdictional issues relating to interstate accidents and CTP claims with a view to identify or implement potential solutions.

The Board considered a  SIRA Board Self-Assessment for 2023, which concluded that the Board is  appropriately fulfilling its key responsibilities and legislated functions, is operating effectively and is well supported administratively. The Board approved an Action Plan to make further improvements.

A highlight of the meeting was a presentation of SIRA’s People Matter Employee Survey results which saw SIRA’s engagement score increase by 2 percentage points to 75%, exceeding the Cluster average of 73%. It was noted that SIRA has prioritised employee engagement in recent years and that the results demonstrate a strong commitment to creating a positive workplace culture. SIRA’s most improved area was Teamwork and collaboration (81%) which increased by 6 percentage points from the previous survey. The Board congratulated management on these splendid results.

The Board meeting was followed by a joint meeting of the Boards of icare and SIRA which provided the opportunity to discuss matters of mutual interest.

Prepared by: Trevor Matthews 
Chair, SIRA Board

At the SIRA Board meeting held on Friday 29 September 2023 at 231 Elizabeth Street, Sydney, SIRA’s Chief Executive, Adam Dent, informed the Board that the Annual Business Plan for 2023/24 and a final report on progress for the 2022/2023 year had been launched at SIRA’s September Town Hall. He explained that the plan was well received and that the SIRA team is working hard to achieve the challenging 2023/2024 plan objectives.

A highlight of the meeting was an update on SIRA’s Value Based Healthcare project which incorporates new health provider regulation. The Value Based Healthcare concept has gained considerable momentum not just in NSW but also in other states and overseas. The update provided that the projected  annual savings of $40 million in health expenditure are on track to be realised in the  workers compensation scheme.  An important part of the project has been the development of a Model of Care for Low Back Pain which affects approximately 18,000 claimants in SIRA schemes each year. One of the next initiatives will be developing a model of care for psychological injuries, an increasing area of concern. The Board thanked and complimented the SIRA team for leading this significant work.

The Board received reports from the Chairs of the CTP Premium Committee and the Audit and Risk Committee, which had met earlier in the day.

The Board noted an update on SIRA’s plan regarding delivery of the government’s commitment to provide workers compensation benefits to gig economy workers. Further work will be undertaken on how this might include other relevant industry sectors.

The Board was advised that there had been a jump in the number of builders entering administration in the past year (981 v 513 the year before). This will result in an increase in claims on the Home Building Compensation Fund. SIRA has commenced an audit of builders to check that they have the required insurances in place to protect their clients.

The Board noted that a report prepared by SIRA on the bi-annual Statutory Review of the Personal Injury Commission Act 2020 was tabled in parliament in August 2023. The report found that the policy objectives of the Personal Injury Commission, remain valid and included two recommendations regarding a fit for purpose legislative framework for the Independent Review Office, and review of the dispute resolution model.

The Board received and considered a number of papers regarding CTP matters including the Transitional Excess Profits and Losses (TEPL) assessments, updates to the CTP Fund Levy, revisions to the premium assumptions for the coming year and a new set of Motor Accident Guidelines.

The Secretary of DCS, Ms Em Hogan attended the latter part of this meeting and expressed her gratitude for the efforts of the SIRA staff, management and Board. The Board thanked her for her leadership and support and wished her well in her future career.

Prepared by: Trevor Matthews 
Chair, SIRA Board

At the SIRA Board meeting held on Friday 25 August 2023 at 231 Elizabeth Street, Sydney, SIRA’s Chief Executive, Adam Dent, informed the Board that the Workers Compensation Assist Evaluation report has been delivered and supports the ongoing delivery of this valuable service.

The Board noted the three new recommendations introduced to the SIRA Reviews and Inquiries report, following the 2022 Review of the Compulsory Third Party Insurance Scheme. Work will commence on these recommendations and an update will be provided at the next reporting period in November 2023.

The Board noted the content of the Annual Complaints Report, which includes a summary of high level trends in conjunction with the current complaint themes. Under the new service level standards, SIRA aims to finalise complaints triaged for Early Resolution within 20 working days and complaints triaged for Complex Resolution within 90 business days.

The Board noted that the State Insurance Care and Governance Amendment Bill 2023, introduced on 28 June 2023 and led by NSW Treasury, was passed by Parliament on 3 August 2023 and is awaiting assent.

The Board was informed that the Government’s approach on the election commitment to review the Home Building Compensation Fund, currently remains under consideration. SIRA has provided the Minister further information on the key risks involving the scheme.

The Board approved SIRA’s proposal for the reviewed Premium Relativities Schedule and Risk Equalisation Mechanism (REM) Schedule, both effective 15 January 2024. The Board was informed these reviews occur annually to provide current data and experiences for the CTP scheme and are undertaken by SIRA and the scheme actuary, Ernst & Young (EY).

Prepared by: Trevor Matthews 
Chair, SIRA Board

At the SIRA Board meeting held on Friday 28 July 2023 at 231 Elizabeth St, Sydney, SIRA’s Chief Executive, Adam Dent informed the Board that the SIRA Innovation Framework was recently launched at an all staff meeting. He also reported that the refresh of SIRA’s Annual Business Plan for FY23/34 is well underway.

The Board agreed to carry out a self-assessment and performance review in accordance with the SIRA Board Charter.

A key item on the agenda was an update on recent work to develop a series of SIRA risk appetite statements, and a refresh of SIRA’s enterprise risks. After a good discussion the Board approved the proposals and looks forward to regular monitoring against the new risk appetite statements.

The Board received an update on the endorsement made out-of-session, regarding an amendment to the 2023-24 budget. Further comparisons of the 2023-24 budget to draft actuals for the FY2022-23 were presented to the Board. and after discussion the Board noted the SIRA draft year-end financial statements.

The Board endorsed a new accounting policy which has been developed for transitional excess profits and transitional excess losses (TEPL) in line with a 2022 recommendation by the Audit Office that SIRA develop an accounting policy to consider all possible events in the TEPL mechanism and the associated accounting treatment.

The Board was informed that, the Government introduced the State Insurance and Care Governance Amendment (icare Board) Bill 2023 on 28 June 2023 which amends the State Insurance and Care Governance Act 2015 to provide for the appointment of directors nominated by employee and employer bodies to the icare Board. This work is being led by NSW Treasury.

The Board received an update on the review of both the NSW Compulsory Third Party Insurance Scheme (CTP Scheme) and the Lifetime Care and Support Scheme (LTCS Scheme), conducted by the NSW Law and Justice Parliamentary Standing Committee. The Government response to both reviews has been published on the NSW Parliament website as at 23 June 2023.

Finally, the Board reviewed the scheme design framework and the six scheme design principles that SIRA will use to enable the design and administration of the NSW Personal Injury Schemes to drive sustainability. SIRA plans to further test the principles with an expert roundtable scheduled for September 2023.

Prepared by: Trevor Matthews 
Chair, SIRA Board

At the SIRA Board meeting held on Friday 26 May 2023 at 231 Elizabeth St, Sydney, SIRA’s Chief Executive, Adam Dent, confirmed that SIRA now sits under the Finance portfolio, reporting to The Hon Courtney Houssos, MLC. He also advised the SIRA Board that the second SIRA Employee Survey results pleasingly were in line with those of the first survey and he noted some areas of focus in advance of the next survey.

The Board received an update on priority programs within the motor accident scheme and regulatory activities, including information on the work currently underway on the Statutory Review of the Personal Injury Commission Act 2020 (the PIC Act), which is due to be tabled in Parliament by August 2023.

The Board received a presentation on the draft report relating to the costings for the various models for legal supports, including costing the Independent Legal Assistance and Review Service (ILARS).

The Board were informed of the preliminary findings from the draft Preliminary Industry Profit Margin (PIPM) Assessment for the 2018, 2019, 2020 and 2021 Accident Years. The PIPM was prepared by the CTP Scheme Actuary, in accordance with clause 4.1 of the Motor Accident Guidelines – Transitional excess profits and transitional excess losses (TEPL Guidelines) and the TEPL Preliminary Assessment report. The Board also received a Peer Review Report by a second set of peer review actuaries. After some discussion the Board agreed to recommend to the Chief Executive that he should proceed to the next step in the TEPL Process by requesting the Scheme Actuary to undertake the Reassessed Industry Profit Margin Report for the 2018 and 2019 Accident Years but defer consideration of the other Accident Years to a future date. The Chair thanked those involved for their excellent work and especially commended the efforts of the CTP Premium Committee.

The Board were provided an overview of key strategic risks and focus areas for Workers Compensation Regulation including an update on icare’s performance and supervision. The Board were advised that SIRA is closely monitoring the implementation and progress of icare’s Improvement Plans.

The Board were given an update on the TMF Review and was informed that staff from different areas of SIRA had been seconded to progress the review rather than using outside consultants.

The Board also were informed about the review being conducted by McGrathNicol of icare’s compliance with its obligations in respect of the eligibility decisions for builders in regard to the Home Building Compensation Fund.  This is particularly important at the present time because many builders are under stress due to the economic conditions.

Finally, the Board received a Quarterly Complaints Report together with an update on SIRA’s continuing work developing and implementing the complaint resolution framework for the Feedback & Complaints team. The Board were pleased to note the steady decline in Workers Compensation complaints from the third quarter 2020.

Prepared by: Trevor Matthews 
Chair, SIRA Board

At the SIRA Board meeting held on Thursday, 27 April 2023 at 231 Elizabeth St, Sydney, SIRA’s Chief Executive, Adam Dent, provided the SIRA Board with an update on the implementation of the Regulatory Framework which was launched at the recent SIRA All Staff day. The Framework sets out the regulatory approach SIRA is taking to deliver its regulatory functions under the State Insurance and Care Governance Act 2015.

The Board noted an update on those election commitments of the incoming Government that will potentially impact the Home Building Compensation Regulation Fund due to an overhaul of building and construction in NSW.

The Board received an update on the status of icare’s premium filing, noting that SIRA is required to assess and determine its position by 21 May 2023. An update was also provided on the performance of icare, specifically around the implementation and progress of the improvement plans in place. The Board was informed of the results of SIRA’s second Nominal Insurer audit, including in relation to the operation of the Guidewire reporting system. The Board also received a presentation relating to return to work data and efforts to improve the current rates.

The Board was advised that as a result of the Motor Accidents Injuries Amendment Bill 2022, an adjustment of the Risk Equalisation Mechanism (REM) Schedule was required to reflect the increased payments for the extended no-fault statutory benefit period, particularly relating to motorcycles. This will result in an increase of the cross subsidy for the motorcycles by all other vehicle classes by $1.81 to ensure affordability and market competitiveness.

The Board approved the proposed Board reporting refresh, which has been developed to provide greater insights into SIRA’s regulatory and scheme performance and its strategic achievements measured against the SIRA2025 strategy.

Following the Board meeting, Board members welcomed members of the Board of icare to a discussion about matters of mutual interest. This focussed on recent developments, current plans and the implementation of the improvement programs icare has underway in which SIRA has a keen interest.

Prepared by: Trevor Matthews 
Chair, SIRA Board

At the SIRA Board meeting held on Friday, 17 February 2023 at 231 Elizabeth St, Sydney, Adam Dent, SIRA’s Chief Executive, referred to the launch of SIRA’s Annual Business Plan for 2022-2023 at a SIRA Town Hall in Gosford on 14 February 2023. SIRA has made substantial progress in delivering the SIRA2025 Strategy as outlined in the plan. Of the 53 strategic deliverables listed in the Business Plan, at the end of Quarter 2, 2022-2023 64% (34) are on track and 20% (10) have been completed.

The Board was advised that since the September 2022 Board Meeting, all 23 recommendations from the 2021 Statutory Review of the Motor Accidents Injuries Act 2017 have now been implemented or closed. Two of the recommendations of the 2020 Review of the Workers Compensation Scheme continue to show a moderate likelihood of delayed delivery, and a number of mitigating activities are underway to continue to monitor and manage these activities closely. SIRA’s Audit, Risk and Compliance team will conduct an internal audit on the ‘Reviews and Inquiries Report’ as part of the FY23 Audit Plan which will review governance processes and undertake a follow up review on a sample of completed recommendations to verify obligations have been met. The audit will focus on the current February 2023 update and will provide findings to improve the reporting process.

The Board received a regular update on SIRA’s financial status. As of 31 December 2022, SIRA had net assets of $300 million with sufficient assets to address both current and non-current liabilities and is operating within all NSW Treasury budget controls.

The Board noted an update about the Home Building Compensation Scheme. Although the number of construction industry insolvencies and claims reduced in the December quarter after peaking in the September quarter the insolvency and claim risks remain elevated given challenging market conditions and the possible impact of expected further interest rate rises.

The Board was provided with an overview of key strategic risks and focus areas for Workers Compensation Regulation including proposed legislative reforms in the State Insurance and Care Legislation Amendment Bill 2022. SIRA is preparing a presentation for the incoming Minister on the key issues in the workers compensation system, the need for review and the options and approach for review and reform.

An update was provided to the Board on how SIRA is closely monitoring the implementation and progress of icare’s improvement plans through monthly engagement at both executive and operational levels, specific meetings with the independent assurance provider, Promontory, and separate deep dives into sections of icare’s plans and performance. SIRA has recently published a second audit of icare’s claims management.

This study of activity during the first four weeks of 50 claims revealed some improvements but also some continuing concerns.

Mr John Trowbridge, an independent consultant, presented an analysis of recent Return to Work (RTW), performance which revealed for the first time the extent of variation in how RTW rates vary by industry group and by size of employer. A second presentation by Professor John Buchanan looked at broader trends and prompted a discussion about desirable longer term system changes. All agreed however that in the short term it is important to improve claims management across the entire system.

The Board was provided an update on the Motor Accidents Insurance Regulation (MAIR) CTP policy program, CTP Scheme performance, the monitoring of insurers and motor accident scheme activities including legislative amendments passed by the Motor Accident Injuries Amendment Bill 2022, which responded to 15 priority Statutory Review recommendations.

The Board received an update from the Feedback and Complaints Team on how the development of the new Salesforce environment for complaints handling is progressing. Currently scheduled for completion in July, it will allow for a more detailed breakdown of complaint types, themes, trends, and insights.

Finally, the Board thanked outgoing Executive Director, Theresa Fairman, for her excellent service and wished her well for her future career.

Prepared by: Trevor Matthews 
Chair, SIRA Board