Our approach to regulation during the COVID-19 crisis

SIRA aims to ensure that the insurance and support systems we steward are easy to deal with and deliver protection, recovery and restoration entitlements and good outcomes at an affordable price and in a sustainable way.

At this time, SIRA will significantly focus its regulatory efforts on adapting and responding to the impacts of COVID-19. SIRA is taking a common-sense approach to its advisory, compliance and enforcement activities. These activities will focus on matters that present potential or actual harm to injured people and policy holders or risks to scheme sustainability and integrity. All matters of non-compliance will be assessed using a risk-based approach.

For example, SIRA is proactively renewing or extending most workers compensation self and specialised insurer licences that are due for renewal up to the end of 2020 for a period of one year.  This decision ensures business continuity and reduces regulatory burden. SIRA will increase supervision and regulatory action to mitigate any insurer risks at this time as required.

SIRA is committed to working constructively and pragmatically with scheme participants. SIRA will be working closely with its scheme participants over the coming weeks and months.