Home / Regulatory & Government / SIRA consults on new licence conditions
15 July 2019
The State Insurance Regulatory Authority (SIRA) is consulting on its plans for insurers to comply with new rules around claims.
Insurers in the NSW schemes for workers’ compensation, compulsory third party and home building compensation would have to observe the proposed customer service conduct principles.
These include a requirement for insurers to complete regular statements on how they have performed against principles described in the consultation paper.
Insurers must also undergo regular independent measurement of their performance and publish the results.
“SIRA acknowledges that insurers within these schemes already have licence conditions regarding their conduct and interactions with customers,” the regulator says.
“However, the ones proposed in this discussion paper are intended to apply to all schemes and all customer interactions.
“As the mechanism of imposition and enforcement of the licence conditions varies by scheme and insurers, SIRA will consider the most effective approach for inclusion of the conduct principles in licence conditions in parallel with this consultation process.”
The closing date for submissions is August 19. For more, click here.