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SIRA sets out guiding principles as pandemic continues

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The NSW State Insurance Regulatory Authority (SIRA) has adopted 10 regulatory principles to inform its work as it adapts to changes including the COVID-19 pandemic.

The principles will underpin its approach and guide decisions, including on scheme design and compliance, related to workers’ compensation, compulsory third party and home building compensation insurance schemes.

“SIRA’s regulatory approach has adapted to respond to new priorities and expectations, including learnings from the Hayne banking and finance royal commission, the Australian Prudential Regulation Authority (APRA) capability review and now the COVID-19 pandemic,” it says.

The principles are based on customer focus, responsiveness, stewardship, consultation, evidence, innovation, efficiency, fairness, information and accountability.

SIRA says everything it does is guided by protecting the interests of the policyholders and people who make claims now and in the future.

It also warns it will take strong enforcement action when needed, based on the degree of harm or negligence, or the need for deterrence.