The State Insurance Regulatory Authority (SIRA) have commissioned an independent review of the performance and compliance of the NSW Workers Compensation Nominal Insurer – icare.
NSW Nominal Insurer icare Review – since driving significant change across NSW workers compensation, many NSW businesses are unhappy with the lack of the support they receive in what many perceive now as being a pro-injured worker scheme with little consideration given to the businesses that fund the scheme.
In NSW 65% of active claims are managed by the nominal insurer and overseen by Insurance & Care NSW (iCare) – this is the largest insurer in the NSW system.
They collect $2.3 billion in premiums and pay out $1.97 billion in claims costs, providing cover for more then 320,000 employers.
The independent review will include a compliance audit against legislation and best practice guidelines. As well as engaging with key stakeholders including employers, claimants and third party providers.
This will also include a performance review of return to work outcomes and claims management and a public consultation.
ABILITY GROUP’s clients have enthusiastically been sharing their experience and to find out more information and to learn how you can provide feedback please refer to SIRA.