Workers compensation insurance - for insurers

In brief

Licensed insurers sell workers compensation insurance, manage claims and help people recover after workplace injury or illness in NSW.

SIRA licenses and regulates the Nominal Insurer (icare), and all self and specialised insurers in the NSW Workers Compensation Scheme.

We expect licensed insurers to operate in accordance with the:

• Workers Compensation Act 1987
• Workplace Injury Management and Worker Compensation Act 1998
• Workers Compensation Regulation 2016

Other key guides include the:

• Claims administration manual (CAM) standards of practice (mandatory requirements)
• Workers compensation guidelines
• Market practice and premiums guidelines
• Licensed insurer business plan guidelines
• Deemed premium calculation methodology for the Workers Compensation Operational Fund.
• Insurer data reporting requirements

You can find out more about our regulatory requirements on our Insurer compliance and Insurer performance pages.

Notifying SIRA about a significant matter

SIRA is the independent regulator of the Workers Compensation Scheme in NSW.

To fulfil its objectives and functions under the State Insurance and Care Governance Act 2015 and relevant scheme legislation, SIRA requires the timely and transparent notification of significant matters from licensed insurers and providers. These notifications enable SIRA to respond to significant matters related to policies of insurance, claims and other related matters under the scheme legislation.

For more information, please see the Notification of significant matters page.

Information and resources for workers compensation insurers

Further information

Insurers need a licence from SIRA to operate as a self or specialised insurer in the NSW Workers Compensation Scheme.

Find out how to apply to be a self or specialised insurer.