The NSW State Insurance Regulatory Authority has outlined its priorities for the financial year, aligning with a three-year strategy announced in February.  

It will focus on bolstering the regulatory environment through improved scheme design, policy and performance. This includes efforts to improve outcomes for claimants, and increasing the sustainability of government schemes for workers’ compensation, home building compensation and compulsory third party insurance.  

Strategic collaboration is a priority, with SIRA outlining renewed efforts to consult with stakeholders to enhance insurer claims practices.  

Improved employer education and fraud detection are other areas to address.  

The authority says it aims to take “strong, intelligence-led, risk-based” regulatory actions aimed at non-compliant and fraudulent activities.  

“Publishing our regulatory priorities for the year ahead [sends] a clear signal to regulated entities and service providers of where our efforts will be concentrated, and how they can align with our expectations,” SIRA CEO Mandy Young said.  

“Through the updated priorities, SIRA remains committed to delivering regulatory outcomes that are fair, transparent and in the public interest.”  

SIRA says it has identified activities to address its priorities, to be delivered this year and next.  

“These activities span the four regulatory pillars from our regulatory framework (design, licence, supervise and enforce) and rely on the spectrum of SIRA’s regulatory tool kit.”

See SIRA’s priorities here.