SIRA bulletin - Issue 46

8 August 2022

Assessment of CTP insurer profit underway

SIRA has reached the second stage in its assessment of CTP insurer profit, which will ultimately determine if insurer profit should again be clawed back and returned to NSW drivers.

After concluding the preliminary review of profit at an industry level, actuaries are now reviewing the profit earned by each individual CTP insurer on the sale of Green Slips.

Under the transitional excess profits and losses mechanism introduced in the 2017 CTP reforms, SIRA has the power to claw back insurer profit above 10%.

In 2021, SIRA activated the mechanism for the first time to claw back almost $91 million in insurer profits. This profit was redistributed among NSW motorists through savings on Green Slips.

QBE censured over underpayment on 104 CTP claims

SIRA issued a letter of censure to CTP insurer QBE on 18 July 2022 following an investigation into the underpayment of 104 injured road users.

Quarterly regulatory update

SIRA has published the latest quarterly regulatory report which highlights compliance and enforcement activity for the period 1 January 2022 to 31 March 2022.

Have your say on SIRA’s Return to Work Coordinator eLearning

SIRA is seeking feedback on the online training that builds return to work coordinators knowledge and capability in helping people return to work after an injury. Have your say before the survey closes on 19 August 2022.

CTP scheme performance reports published

Reports on the 2020-2021 performance of the 1999 CTP scheme and the 2017 CTP scheme are now available.

Updated workers compensation public hospital and ambulance service fees orders

Updated workers compensation public hospital and ambulance services fees orders commenced on 22 July 2022.

New guidance on recovery at work

SIRA has released a new resource that is designed to help people who've had an injury understand the benefits of recovering at work.