Market practice and premiums guidelines
The workers compensation market practice and premiums guidelines (MPPG) apply to premium filings provided to SIRA on or from 1 March 2017 until the guidelines are revised or revoked.
The MPPG includes:
- Workers compensation market practice and premium guidelines
- Annexure A - NSW Workers Compensation Classification System
- Annexure B - Recovery of excess from employer
- Annexure C - Late payment prescribed amount
- Annexure D - Motor vehicle and accommodation allowance
- Annexure E - Premium filing process.
The guidelines specify:
- the minimum requirements for policies of insurance
- how insurers are to present premium filings to the Authority (SIRA)
- how the Authority (SIRA) will assess those filings.
Licensed insurer business plan guidelines
From 1 March, the revised Workers compensation licensed insurer business plan guidelines (LIPBG) supersede the previous Licensed insurer business plan guidelines and will apply until rescinded, amended or replaced.
The business plan for each licensed insurer is to be prepared by 30 September in accordance with section 202B of the Workers Compensation Act 1987 (1987 Act) and must reflect the business plans for the financial year beginning 1 July.
The LIPBG sets out the minimum requirements for all licensed insurers in describing the manner in which their workers compensation insurance business will be conducted (including premiums, claims handling, management, expenses and systems).
The MPPG and LIBPG apply to all ‘licensed insurers’ as per the 1987 Act, including the Nominal Insurer and specialised insurers.
The following entities are exempt from the requirements of the guidelines:
- Self Insurance Corporation (SICorp)
- Coal Mines Insurance.
Deemed Premium Calculation Methodology
For information on the calculation of deemed premium income for self-insurers and Comcare self insured employers, please see the Deemed Premium Calculation Methodology.