The Nominal Insurer’s licence is unlike any other in NSW.

Under section 154B of the Workers Compensation Act 1987, it is considered “unconditional.”

That means the regulator NSW State Insurance Regulatory Authority (SIRA) cannot attach conditions, suspend, or revoke it the way it can for other licensed insurers.

Even SIRA’s own independent review highlighted this anomaly, warning that it limits the regulator’s enforcement powers and leaves only persuasion, not accountability.

That’s why SIRA itself has called for legislative reform and for iCare to strengthen its governance and compliance culture.

When a public insurer operates under an unconditional licence, the balance between oversight and autonomy becomes dangerously skewed.

Accountability should never be optional especially when public money and injured workers’ lives are at stake.

Section of the Act: https://lnkd.in/gbKBAEYu