WORKERS COMPENSATION REFORMS TAKE EFFECT
Media Release | Friday, 28 August 2015
Minister for Finance, Services and Property Dominic Perrottet and Minister for Innovation and Better Regulation Victor Dominello today announced the State Insurance and Care Governance Act 2015 comes into effect on 1 September 2015.
The Act paves the way for three new organisations – Insurance & Care NSW (icare), the State Insurance Regulatory Authority (SIRA), and SafeWork NSW.
“The NSW Government’s workers compensation reforms will result in a new order,” Mr Perrottet said. “This will enable us to deliver a fairer, more sustainable compensation schemes with a focus on the injured person, not the process.”
Mr Dominello also welcomed the reforms.
“These schanges mark the end of the inherent conflict of interest that has existed in NSW between the operation and regulation of insurance,” Mr Dominello said. “They allow a better focus on getting regulation right and improving workplace safety.”
Minister Perrottet also announced several key appointments to the board and executive of icare, to manage the State’s insurance schemes.
Michael Carapiet is Chair of the new icare Board with Customer Service Commissioner Michael Pratt as Deputy Chair. Other board members will be recruited over time.
Vivek Bhatia has been appointed by the Board as the Chief Executive of icare, which will deliver services to those served by WorkCover, the Lifetime Care and Support Authority, the Dust Diseases Authority, and SICorp.
icare will manage $30 billion in assets and $26 billion in liabilities, making it the largest general insurer service provider in Australia and report to Minister Perrottet.
SIRA will be part of the new Better Regulation Division in the Department of Finance and Services (DFSI) and report to Minister Dominello.
For further information about the reforms to the NSW workers compensation system, visit: http://insurancereforms.nsw.gov.au/