Raising the bar on transparency and accountability in NSW insurance schemes
17 June 2022
SIRA is stepping up transparency of insurer and regulated entity performance in the workers compensation, motor accidents and home building compensation schemes.
Chief Executive Adam Dent said that under a new publishing policy, SIRA will routinely publish more information about its compliance and enforcement activity.
“Today I’m releasing a policy that will enhance regulatory transparency and accountability in SIRA-regulated insurance schemes,” Mr Dent said.
“The policy outlines the types of information I will make publicly available, including the imposition of insurer licence conditions, improvement notices, and more details about our investigations.
“SIRA has warned insurers that it will begin to publish more information about compliance in NSW insurance schemes.
“I expect that greater transparency around SIRA’s regulatory activity will strengthen deterrence and drive improved outcomes for customers as a result.
“SIRA already makes a lot of information available through channels such as the Open Data Portal and quarterly regulatory updates. This policy represents the next step, further building on our existing foundation of regulatory publishing.
“More than 110,000 people make claims on the NSW workers compensation, motor accidents and home building compensation insurance schemes each year. It’s important that they understand how regulated entities and the schemes are performing.”
SIRA will communicate its regulatory activity through a variety of channels, including media statements, bulletins, web articles and quarterly regulatory updates. The nature of the communication will be commensurate with the significance of the matter.