State Insurance Regulatory Authority: A new government organisation
As of the 1st September 2015 a new government body was established, the State Insurance Regulatory Authority. This organisation assumed the role of three different insurance regulators, these were the MAA (Motor Accidents Authority), Workcover and the Home Building regulatory body.
The body was introduced to speed up efficiency across the three areas of Government regulated insurances. This was part of a budget scheme introduced by the NSW Minister for Finance, Dominic Perrottet, to reduce the cost of insurance premiums (such as CTP greenslips) and provide more support to those injured whilst working. It would also allow room for insurers to sell cheaper greenslips.
What does SIRA have to do with my greenslip?
SIRA, as previously mentioned, will now be taking over all the responsibilities of the MAA. This means that all accidents claims and injuries, relating to CTP, will be regulated by SIRA. If you have an accident and need to make a claim against your Greenslip insurer, SIRA will be involved in making sure that you are given the best possible service. It will also be taking on the role of insurance performance monitoring. What this means is that the Government will ensure that no insurer is taking advantage or underperforming in regards to their customer service. So you can rest assured a cheap greenslip does not mean insurers leaving anything out to do so.
Phil Lemieux, owner of Marillion Insurance Brokers, comments, “The establishment of SIRA provides NSW consumers with better access to cheap and reliable greenslips due to the operational efficiencies arising from this amalgamation. It’s also a good sign the NSW Government is focused on its electoral promises of improving the CTP structure in the state."
The newly established SIRA is also now in charge of the monitoring of Workers Compensation throughout NSW, a role once held by Workcover NSW. Its role will be providing fair and equitable regulation for both the government and the community. They will also work to ensuring that those injured in the workplace receive the care they require to get them back to full health and working.
The process of amalgamating these government agencies and creating SIRA has been taking place since 2013, when the NSW government appointed new ministers to address the issue of CTP (greenslip) reform. Since then SIRA has established new means of lodging CTP accident claims as well as workers compensation claims. If you require more information on what to do if you need to make a claim, please visit the link below.