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Nominal Insurer for workers compensation

Topic: Regulation

The State Insurance Regulatory Authority (SIRA) is reviewing compliance and performance of the workers compensation Nominal Insurer, icare.

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What's this about?

icare is the largest insurer in the NSW workers compensation system and accounts for almost 65 per cent of total active claims. It provides workers compensation cover for over 320,000 employers, collects $2.3 billion in premiums, and pays out approximately $1.97 billion in claim-related costs each year.

During 2018, SIRA monitored and analysed aspects of the compliance and performance of the Nominal Insurer scheme, including trends in liability valuations and costs, premium setting, operational reforms and risk management, return-to-work rates, data quality, customer complaints and concerns raised by business representatives, unions and other stakeholders.

This review is being undertaken due to the dominance of icare within the NSW market. Its success is critical to the success of the NSW workers compensation system.

SIRA invites employers, workers and other interested stakeholders to make submissions on the matters outlined in the discussion paper

Have your say

There are three ways you can submit your feedback:

Have your say by 16 June 2019.

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Topic: Regulation
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