SIRA unveils regulatory framework to enhance industry oversight

SIRA unveils regulatory framework to enhance industry oversight | Insurance Business Australia

Insurance News

SIRA unveils regulatory framework to enhance industry oversight

Framework serves as roadmap for regulator’s operational priorities

Insurance News

By
Roxanne Libatique

The State Insurance Regulatory Authority (SIRA) has announced the release of its regulatory framework, a comprehensive document that outlines the regulatory strategies SIRA employs to fulfill its responsibilities under the State Insurance and Care Governance Act of 2015.

This framework represents a pivotal development in the regulatory landscape of Australia’s insurance industry.

What to expect from SIRA’s regulatory framework

The framework serves as a roadmap for SIRA’s operational priorities, aiming to efficiently allocate resources towards personal injury and home building compensation schemes. It aims to shed light on the roles and responsibilities of SIRA, enhancing understanding and transparency for individuals, businesses, and other stakeholders involved in these schemes.

At the core of the regulatory framework are the guiding principles and governance structures, the decision-making criteria based on a risk-assessment methodology, and a detailed overview of the regulatory processes, including the spectrum of interventions SIRA can apply.

This document reflects SIRA’s ongoing efforts to refine its regulatory practices and embodies a forward-thinking, principle-driven regulatory approach, supported by a framework that prioritises risk and governance and is expected to adapt over time to meet evolving regulatory needs.

By implementing this regulatory framework, SIRA reaffirms its stance on providing clear, effective oversight and support within the insurance and care sectors, aiming at fostering improved outcomes across these areas.