The NSW Government has formed a taskforce to look into the professional services sector, but general and life insurers have been ignored.

The Professional Services Industry Action Plan Taskforce board includes ANZ Chairman Warwick Smith, Ernst & Young Senior Tax Partner Alf Capito and Royal Bank of Scotland Executive Director Amanda Copping.

A spokesman for NSW Deputy Premier Andrew Stoner told insuranceNEWS.com.au “it’s a good board - there are some big names that tick all the boxes”.

He says the lack of representation from either the general or life insurance industries is simply a case of not being able to include every industry on the taskforce.

That’s despite Sydney being home to such major insurers as QBE, IAG and AMP, as well as being the regional headquarters for a number of international insurers.

Other taskforce board members are University of Sydney Deputy Chancellor Alan Cameron, Johnson Partners Executive Chairman John Colvin, Norton Rose Partner Richard Fogl and WorleyParsons CEO John Grill.

Mr Stoner says the taskforce will establish a 10-year strategy to grow the sector.

“The professional services sector has the potential to develop into one of the most important exporters for NSW and Australia during the coming decade,” he said.

“The action plan will focus on the subsectors of finance and insurance, legal and regulatory, and engineering services.”

It’s understood the financial services sector will be able to make electronic submissions to the taskforce.