The State Insurance Regulatory Authority (SIRA) has published its quarterly regulatory update for the period ending June 30, 2026 – and a single insurer’s compliance record is the standout finding.
NRMA Insurance (NRMAI) commenced three separate remediation plans between May and June 2026, all within a single quarter. The plans, recorded in SIRA's Q4 2026 quarterly regulatory update, cover three distinct issues: an annual self-audit under the Motor Accident Injuries Act 2017 (commenced May 5, 2026), incorrectly charged premiums (commenced May 28, 2026), and non-compliance with medical examination obligations (commenced June 17, 2026).
For context, SIRA’s December 2025 quarterly update recorded three CTP remediation plans commencing across all six licensed CTP insurers combined that quarter. Three plans against a single insurer in 90 days is a different picture.
Fourteen CTP remediation plans remain open as of June 30, 2026. Three were closed during the quarter after sustained compliance was demonstrated, and 19 were commenced in total across the 12-month period.
SIRA also conducted Supervision Assurance Program (SAP) activity between March and April 2026 to assess insurer compliance with medical examination obligations under the Motor Accident Guidelines. Where substantial compliance was not demonstrated, insurers were required to submit remediation plans. A scheme report outlining findings is expected shortly.
During the quarter, 31 significant matters were notified to SIRA in the CTP scheme, covering six legal matters, four regulated entity obligation breaches, 17 notifications relating to actual or alleged serious or systemic fraud, and four investigations involving conduct constituting gross negligence, intentionally misleading or deceptive conduct, or fraud.
In the workers compensation scheme, SIRA’s Q4 activity was shaped by preparation for the reforms that took effect July 1, 2026, enacted through the Workers Compensation Legislation Amendment Act 2025 and the Workers Compensation Legislation Amendment (Reform and Modernisation) Act 2026.
SIRA issued notices to all workers compensation insurers covering updated data reporting requirements and wrote to all insurers expecting updated injury management programs and claims and underwriting systems to be in place before commencement.
In June 2026, four industry forums were delivered to 381 industry representatives. From June 18, 2026, SIRA began hosting weekly online Operationalisation Forums, which remain ongoing. SIRA’s stated regulatory approach for the reform period prioritises capability building and compliance uplift, with increased oversight of insurer performance and targeted enforcement to follow emerging risks.
Special licence conditions remain in place for 20 workers compensation insurers.
SIRA’s proactive employer engagement program produced a notable result during the period. The Q4 2026 quarterly update records 1,643 employers incepting new workers compensation policies, covering 6,252 additional workers and generating $5,991,139 in additional premium. The same program for the quarter ending March 31, 2025, resulted in 334 employers incepting new policies, per SIRA’s Q1 2025 quarterly update – a difference that suggests either a scaling of the program, a broader pool of non-compliant employers, or both.
SIRA issued 126 Penalty Infringement Notices (PIN) and 83 Double Avoided Premium (DAP) notices during the period, totalling $142,650 and $3,112,780.88, respectively.
In the CTP scheme, SIRA received 19 new fraud referrals and maintained 29 active investigations. Five briefs of evidence were referred to DCS Legal Services for prosecution consideration, and 11 CTP fraud matters remain before the NSW Local Court.
In the workers compensation scheme, 33 new fraud referrals were received and 68 active investigations maintained. On May 15, 2026, SIRA successfully prosecuted a defendant under section 192E of the Crimes Act 1900 (NSW) who submitted fraudulent Certificates of Capacity to obtain weekly payments. The court ordered restitution of $20,805.60 to the Workers Compensation Insurance Fund and $8,130 in costs to SIRA. Five workers compensation fraud matters are currently before the NSW Local Court, while 10 further briefs were referred to DCS Legal Services for prosecution consideration.
The Q4 report arrives as the NSW workers compensation scheme operates under its most significant legislative overhaul in more than a decade.
The National Insurance Brokers Association of Australia (NIBA) appeared before the NSW Legislative Council’s Public Accountability and Works Committee during the reform process, noting the scheme’s deteriorating financial position and raising concerns about its long-term stability.
Business NSW CEO Daniel Hunter said when the legislation passed that without the reforms, businesses faced a projected 36% increase in premiums over three years, with one in five of the organisation’s almost 50,000 member businesses saying those increases would close their doors.
A premium rate freeze applies across the 2026-27 and 2027-28 policy years. icare has confirmed that industry classification rates will not change for the 2026-27 period – but individual employer premiums may still move based on wages, business activity, and claims experience. Experience rating continues to operate within the freeze, meaning claims management quality and accurate industry classification remain direct premium levers at every NSW renewal.
The NSW government has also announced a review of the premium pricing model covering 340,000 employers, with brokers and industry groups named as invited stakeholders. Editors should verify the current submission deadline directly via the NSW government’s Have Your Say platform before publication, as consultation timelines are subject to change.
SIRA’s full Q4 2026 quarterly regulatory update is available on the SIRA website.
