The NSW Independent Pricing and Regulatory Tribunal has released its draft “red tape” report, in which it acknowledges the cost of regulation for the insurance industry.

Insurance Council of Australia CEO Kerrie Kelly says the report’s recommendations for the industry will be well received and are accurately portrayed in line with industry perceptions.

“We are particularly pleased that the report specifically addresses the regulatory burden on insurers and acknowledges that compliance costs insurers between $5 million and $60 million a year, depending on their size,” she said.

The recommendations support greater consistency in the regulation of workers’ compensation and greater monitoring of direct offshore foreign insurers’ compliance with tax and levy requirements.

Encouraging more consistency in privacy regulation is also an important aspect of the report, Ms Kelly says. “We look forward to continuing to work with the NSW Government to increase the effectiveness of the state’s regulatory regime.”