The inaugural Board of the State Insurance Regulatory Authority (SIRA) has been appointed by NSW Minister for Innovation and Better Regulation Victor Dominello.
SIRA is the new independent regulator of NSW Government insurance schemes with responsibility for the regulatory functions of WorkCover NSW in relation to workers compensation insurance, the Motor Accidents Authority in relation to compulsory third party insurance and home building compensation.
SIRA was established in September 2015 as part of the NSW Government’s workers compensation reform package which saw the creation of three new organisations which included icare and SafeWork NSW to replace the insurance and regulatory functions of WorkCover NSW.
The SIRA Board appointments include Chair, Mr Trevor Matthews, who is a long time insurance industry professional with extensive experience both in Australia and overseas; Deputy Chair, Ms Nancy Milne, OAM a highly credentialed lawyer with experience that includes the insurance and risk management sectors; and three board members, Dr Abby Bloom an adjunct professor at the Menzies Centre for Health Policy and experienced company director, the Secretary of the Department of Finance, Services and Innovation, Martin Hoffman and the Chief Executive of SIRA, Anthony Lean.
The Board will be responsible for advising SIRA on establishing a risk based and outcomes focused insurance regulator; approving premium, licensing and policy frameworks for insurance companies; and ensuring effective monitoring of the financial solvency and performance of insurance schemes.
Chief Executive of SIRA, Anthony Lean welcomed the new appointments.
“The workers compensation reform package is about creating a fairer, more simplified system,” Mr Lean said.
“I look forward to working with the new Board to deliver fairer, more sustainable compensation schemes which focus on injured people and prevent the conflict of interest that existed in the past.”
For further information in the reforms to the NSW workers compensation system, you can begin with our quick overview.
SIRA Board Member bios
Chair, Mr Trevor Matthews
Mr Matthews has extensive insurance and financial services experience in Australia, Canada, Japan and the United Kingdom (UK). He was previously with Aviva, most recently as Executive Director and Chairman, Developed Markets and prior to that Chief Executive Officer (CEO) of Aviva UK. Trevor has also held the position of CEO with Friends Provident and Standard Life, both based in the UK, as well as Manulife Financial in Japan. He has also held senior roles with National Australia Bank and Legal & General in Australia.
Mr Matthews is a non-executive director of AMP Limited, Bupa Australia and New Zealand Group, Tokio Marine Asia, Cover-More Limited, FNZ Asia Pacific Group and Chairman of 1stAvailable Limited. Mr Matthews has a Master of Arts (Actuarial Studies) from Macquarie University, and is a Fellow of the Institute of Actuaries in both Australia and the UK.
Deputy Chair Ms Nancy Milne, OAM
Ms Milne is a former lawyer with over 30 years’ experience primarily in insurance and reinsurance, risk management, corporate governance and professional negligence. She was a partner with Clayton Utz until 2003 and a consultant until 2012. In 2008 she was awarded the Order of Australia Medal for services to the legal sector particularly as an insurance lawyer and to the community.
She is currently a director of ALE Property Group, Greenstone Limited, and the Superannuation Administration Corporation (Pillar Administration), and a former director of the Australand Group (now Frasers Property Group). Ms Milne has a Bachelor of Law from University of Sydney and is a fellow of the Australian Institute of Company Directors.
Board Member, Dr Abby Bloom
Dr Bloom is an experienced Company Director and former Senior Executive and Corporate Advisor in healthcare and health financing, water and sanitation, and ageing. She is a graduate of Yale and Sydney universities, and is currently Adjunct Professor, Sydney Medical School, Menzies Centre for Health Policy.
Dr Bloom is currently a director of Sydney Water Corporation, and a member of the NSW Ministerial Advisory Committee on Ageing, Griffith University Enterprise Advisory Board, and the Risk and Audit Committee of the NSW Department of Family and Community Services. Her previous directorships include Western Sydney Local Health District.
Secretary of DFSI, Martin Hoffman
Martin Hoffman was appointed Secretary of DFSI in August 2015. He was previously Deputy Secretary at the Commonwealth Department of Industry & Science from July 2010. He worked on resources and energy matters, including significant international engagement bi-laterally and with the International Energy Agency and the G20. Martin joined the Australian Public Service in March 2009 in the Department of the Prime Minister and Cabinet.
Before joining the public sector, Martin had a lengthy private sector career primarily in digital media and technology. After an early career in consulting and banking in Australia and Hong Kong, he held senior roles at Optus, the Garvan Institute of Medical Research and Fairfax Media. He was CEO of NineMSN from 2003 to 2006, led Moko Social Media Ltd (ASX:MKB) to an IPO in July 2007 as CEO, and founded the digital media advisory and investment business Ulysses Ventures.
Martin holds an MBA (Hons) from the Institute for Management Development (IMD) in Lausanne, Switzerland, Master of Applied Finance (Macquarie), and Bachelor of Economics (Sydney). He completed the Executive Fellows program at the Australia New Zealand School of Government (ANZSOG) in 2009, and was awarded the James Wolfensohn Public Service Scholarship to study at the Harvard Kennedy School in 2013.
Chief Executive of SIRA, Anthony Lean
Anthony was appointed the Deputy Secretary Better Regulation and Chief Executive of SIRA on 1 September 2015. He has responsibility for SIRA, along with SafeWork NSW and the government’s Better Regulation agenda. He also has responsibility for a number of government businesses, including NSW StateFleet, ServiceFirst, State Records Authority and GovConnect.nsw.
Anthony’s previous roles were Deputy Secretary Government Services, and Deputy Secretary Policy and Executive Services where he led whole-of-government reforms in ICT, procurement, government data centres and shared services transformation.
Prior to this, Anthony spent seven years as the Executive Director of Legal Branch in the Cabinet Office and the Department of Premier and Cabinet before coming to the Department of Finance and Services as General Counsel in August 2009. With significant high level legal and policy experience within the NSW public sector, Anthony has also worked in other agencies, including NSW Health and WorkCover NSW.