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 support they receive in what many perceive now as 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.
To learn how you can provide feedback please refer to SIRA.