The State Insurance and Care Governance Act 2015 comes into effect today, 1 September.
The Act paves the way for three new organisations: Insurance & Care (icare), the State Insurance Regulatory Authority (SIRA), and SafeWork NSW.
“The NSW Government’s workers compensation reforms will result in a new order,” said Minister for Finance, Services and Property, Dominic Perrottet.
“This will enable us to deliver a fairer, more sustainable compensation schemes with a focus on the injured person, not the process.”
Minister for Innovation and Better Regulation, Victor Dominello said the changes will result to an improved workplace safety in the state.
“These changes mark the end of the inherent conflict of interest that has existed in NSW between the operation and regulation of insurance,” said Mr Dominello. “They allow a better focus on getting regulation and improving workplace safety.”
Minister Perrottet announced key appointments to the board and executive of icare.
Michael Carapiet is Chair of the new icare Board with Customer Service Commissioner Michael Pratt as Deputy Chair. Other board members will be chosen over time.
Vivek Bhatia is 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 be the largest general insurance service provider in the country managing $ 30 billion in assets and $ 26 billion in liabilities. icare will report to Minister Perrottet.
SIRA will be part of the Better Regulation Division in the Department of Finance and Services (DFSI), and will report to Minister Dominello.
More information about these changes can be found at the insurance reforms site.