Self-insurers in NSW have until mid-December to transition to a new licensing framework as part of the workers’ compensation system, the State Insurance Regulatory Authority (SIRA) says.

The licensing changes follow a PricewaterhouseCoopers review and consultation with self-insurers and other stakeholders.

“SIRA is establishing a new risk-based licensing framework that incentivises self-insurer performance, to provide better outcomes for workers and the workers’ compensation system,” the regulator says.

The new arrangements aim to reduce the regulatory burden and allow greater investment in preventative activities, according to SIRA.

The changes will also recognise high-performing self-insurers and are expected to allow workers’ compensation risks to be quickly identified and addressed.

The transition period runs until December 15.