The State Insurance Regulatory Authority (SIRA) will implement a new publishing policy to improve the transparency and accountability of insurers and regulated entities in three insurance schemes in New South Wales (NSW).
The new publishing policy – to be implemented in the workers' compensation, motor accidents, and home building compensation schemes in NSW – will see SIRA routinely publish more information about its compliance and enforcement activity. It outlines the types of information SIRA will make publicly available, including the imposition of insurer licence conditions, improvement notices, and more details about its investigations.
“SIRA has warned insurers that it will begin to publish more information about compliance in NSW insurance schemes,” said SIRA chief executive Adam Dent. “I expect that greater transparency around SIRA's regulatory activity will strengthen deterrence and drive improved outcomes for customers as a result.”
According to SIRA, over 110,000 people make claims on the NSW workers' compensation, motor accidents, and home building compensation insurance schemes annually.
“It's important that [people] understand how regulated entities and the schemes are performing,” Dent said.
SIRA will communicate its regulatory activity through various channels, including media statements, bulletins, web articles, and quarterly regulatory updates, with the nature of the communication depending on the matter's significance.
SIRA's announcement came after the NSW Parliament passed the Motor Accidents and Workers' Compensation Legislation Amendment Bill 2021.
