The State Insurance Regulatory Authority (SIRA) is the independent regulator of the workers compensation, Compulsory Third Party (CTP) and home building compensation schemes. These schemes provide an important social safety net for the people of NSW who may one day experience injury or loss.
To fulfil its objectives and functions under the State Insurance and Care Governance Act 2015 and relevant scheme legislation, SIRA requires timely and transparent notification of significant matters from regulated entities.
These notifications enable SIRA to respond to significant matters related to policies of insurance, claims and other related matters under the scheme legislation that may have already, or have the potential to:
- cause harm to scheme participants
- impact the operation and/or reputation of the schemes
- impact the regulated entity’s ability to comply with its obligations under the relevant legislation.
What is a significant matter?
Significant matters are defined in the SIRA Significant matter notification requirements, and may include:
- legal matters
- privacy or information breaches
- regulated entity obligation breaches
- investigations
- other (as specified in the requirements).
Further details and considerations on when a notification is required can be found in the SIRA Significant matter notification requirements.
Notification timeframes
The regulated entity must notify SIRA of a significant matter within the following timeframes:
| Significant matter | Timeframes to notify SIRA |
|---|---|
| Legal matter | Within 5 business days of becoming aware of a significant matter |
| Privacy or information breach | Within 1 business day of the statement, report or notice exchange with the relevant authority |
| Regulated entities obligation breach | Within 5 business days of becoming aware of a significant matter |
| Investigation | Within 10 business days of the 30-calendar day milestone from an investigation commencing |
| Other | Within 5 business days of becoming aware of a significant matter |
Once notified, SIRA will review the matter and respond in line with its regulatory framework.
Confidentiality
Information provided to SIRA is protected by provisions in the relevant scheme legislation and may only be disclosed externally in line with statutory requirements.
For more information about how we handle personal information or health information collected, please refer to our Privacy page.
Further information
Should a regulated entity need any clarification of the obligations outlined on this page, they should contact SIRA (the Authority).
Updated 19 December 2024