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HIRE AND RENTAL NEWS • NOVEMBER 2016
The discussion paper, which includes
standard licensing conditions and
insurer top tier requirements, as well as a
PricewaterhouseCoopers Australia report,
is available on the WorkCover website
www.workcover.nsw.gov.au
Submissions closed 28 October 2016.
The release of the discussion paper
and report was the second stage of
SIRA’s review of NSW self-insurance
arrangements which aims to develop
an innovative self-insurer licensing
framework that will provide strong, fair,
results-focused regulation of insurers and
improved outcomes for injured workers.
Under the NSW workers compensation
system, employers can become licensed
to insure their workers against workplace
injuries and administer their own claims.
SIRA licenses 55 self-insurers that make
up approximately 11% of claims in the
NSWWorkers Compensation Scheme.
NSW self-insurance licensing framework offers incentives
Deputy Secretary Better Regulation,
Department of Finance, Services and
Innovation and Chief Executive of SIRA,
Anthony Lean said: “SIRA commenced
a review of the self-insurance licensing
scheme in August 2015 in an effort to
achieve better workers compensation
outcomes through smarter regulation.
“PwC was engaged to assist with the
review and has developed a report
based on stakeholder responses to an
issues paper which was released in
November 2015. The report contains 16
recommendations on the design of a new
licensing framework which, if adopted,
would incentivise self-insurers to improve
workers compensation outcomes by
providing a level of earned autonomy for
high performers which is supported by
assessment of self-insurer performance.
“Key recommendations include the
implementation of a tiered supervisory
model with top tier requirements,
establishment of an integrated and
automated data analysis system to
regularly assess and report performance
and an increase in the maximum licence
term from three to eight years.
“The release of the discussion paper and
PwC report is part of SIRA’s efforts to
seek further stakeholder feedback on a
new self-insurance licensing framework.”
SIRA will release the Self-Insurance
Licensing Framework in early 2017.
“There will be a transitional period
to enable self-insurers to adjust
their operations to meet licensing
requirements,” he said. "SIRA intends to
implement the new licensing framework
by mid-2017 with the objective of
establishing fit for purpose, best practice
self-insurance licensing that incentivises
self-insurer performance.”
Contact: 13 10 50 or visit website:
www.sira.nsw.gov.au
As part of its efforts to achieve better outcomes for injured workers, the NSW State
Regulatory Insurance Authority (SIRA) released a discussion paper and report on potential
workers compensation self-insurance licensing arrangements.
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