The NSW State Insurance Regulatory Authority has revised market practice and premium guidelines for the state’s workers’ compensation scheme, to “reduce volatility” and “make the system fairer” for businesses.

It follows consultation on draft guidelines in the final quarter of last year.

Changes include: a single cap of 30% for premium rate increases for experience-rated employers because of the employer’s own claims experience or altered premium methodology; “more timely” notice to employers about premium renewals; and a clarified employer premium review process.

Other important changes include a rebate on all premiums for apprentice wages, and requiring insurers to provide a calculator that enables employers to understand premiums.

These will apply to all filings lodged from March 1, including for the 2018/19 policy year.

The next premium filing lodgement date for licensed insurers in the scheme is March 31.