Liability Insurance :: News

Share this news item!

Stringent Conditions Imposed on Workers' Compensation Self-Insurer

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

A major property company in New South Wales has come under intense scrutiny following a recent evaluation of its workers' compensation system.

The State Insurance Regulatory Authority (SIRA) found several compliance and claims management discrepancies in the self-insurance operations of ISS Property Services.

According to the audit, SIRA has mandated ISS Property Services to adopt a robust remediation strategy designed to address and rectify these issues. This plan is required to gain the regulator's approval and adhere to specified deadlines, with ISS needing to present monthly updates to show progress until substantial improvements in managing claims are evident.

The newly imposed conditions are a response to the audit conducted by SIRA, which highlighted significant gaps in the company's adherence to expected standards in claims handling. The corrective measures are not only aimed at improving current practices but also at ensuring future compliance and operational excellence within ISS's compensation handling processes.

In addition to the remediation initiative, ISS is required to implement a quality assurance program. This program is essential for continuously evaluating the success of the remediation plan as well as the overall performance in managing claims efficiently. Detailed monthly reporting will be necessary, providing insight into the progress and adjustments being made.

The regulatory body emphasised its commitment to rigorous monitoring of ISS, explicitly stating that, "SIRA is closely monitoring ISS’ performance and compliance with these conditions." This indicates a proactive approach by SIRA to ensure that the required improvements are executed effectively and within the prescribed timeframe.

This development sheds light on the broader challenges faced by self-insured entities in adhering to regulatory standards and the increasing vigilance of regulatory bodies like SIRA. It underscores the necessity for organizations to not only meet but continuously strive to exceed compliance expectations, thereby safeguarding the rights and welfare of their workers.

This latest news follows the original report from the source, Insurance Business Australia, which detailed the conditions imposed on ISS Property Services in response to the identified compliance issues.

Published:Tuesday, 11th Feb 2025
Author: Paige Estritori

Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.

Share this news item:

Rate this article

0 Comments

No comments yet. Be the first to share your thoughts.

Insurance News

Why Delayed Life Milestones Could Widen New Zealand’s Income Protection Gap

11 Jul 2026: Paige Estritori

New Zealand’s younger workers are reshaping the traditional path into insurance. Fresh industry reporting, drawing on Deloitte’s 2026 Gen Z and Millennial Survey and Financial Services Council research, points to a clear shift: many Gen Z and millennial New Zealanders are delaying major life decisions because of financial pressure. Home ownership, starting a family and career changes have long been moments when people reassess life, mortgage and income protection cover. - read more

Why the FMA’s conduct focus matters for life insurance buyers

11 Jul 2026: Paige Estritori

New Zealand’s financial advice sector is heading into a more targeted year of scrutiny after the Financial Markets Authority’s latest conduct priorities highlighted fraud, adviser commissions and complaints handling as areas of concern for 2026/27. For households arranging life, trauma, income protection or health-related cover, the message is practical: the quality of advice, disclosure and record keeping matters just as much as the premium on the page. - read more

What Victoria’s New Building Defect Powers Mean for Strata Communities

11 Jul 2026: Paige Estritori

Victoria has moved another step in its building reform program, with the Building and Plumbing Commission now operating with stronger consumer protection powers and a developer bond scheme scheduled for apartment buildings from 1 July 2027. For strata communities, the announcement is not simply a construction law update. It is a reminder that building quality, defect management and insurance planning are becoming increasingly connected. - read more

Why Policy Details Matter Before a Home Service Claim

11 Jul 2026: Paige Estritori

A recent Australian Financial Complaints Authority decision has delivered a timely reminder for small operators: insurance protection depends on the details being right before something goes wrong. The dispute involved a food delivery business that suffered theft and damage at a site that was not listed on its insurance schedule. - read more

Click for more Insurance News

Business Insurance Articles

The Impact of Environmental Liability on Australian Business Operations

In today's ever-evolving business landscape, the significance of environmental sustainability and legal accountability is increasingly paramount. Australian enterprises, in particular, are encountering a growing need to understand and manage environmental liability. This reality not only influences corporate image but also carries substantial financial and legal ramifications. - read more

How to Lower Public Liability Insurance Premiums Without Sacrificing Coverage

In the ever-evolving landscape of Australian commerce, business insurance stands as a crucial bulwark, safeguarding enterprises against unforeseen financial perils. Recognizing this, our in-depth exploration begins with an overview of the monumental role business insurance plays for Australian companies, both large and small. It's a cornerstone for risk management, providing business owners with peace of mind as they navigate the intricacies of their industries. - read more

Freelancer or Employee? Understanding the Difference and the Liability Implications

The contemporary business landscape in Australia is witnessing a significant shift towards the gig economy, with a growing number of professionals opting for the flexibility and autonomy that freelancing offers. This trend has not only revolutionized the way work is performed but has also introduced new dynamics in the legal distinctions between freelancers and traditional employees. - read more

How to Assess Your Risk Exposure and Select the Right Indemnity Coverage

Professional indemnity insurance stands as a pivotal safeguard for Australian professionals navigating the intricacies of liability in their work life. This form of insurance is designed to protect professionals against legal costs and claims for damages arising from acts, omissions, or breaches of professional duty in the course of their practice. Whether it's due to an honest mistake or an unforeseen error, the ramifications of such professional oversights can be financially crippling. - read more

Start Here !

Knowledgebase

Moral Hazard:
The concept that individuals may take on more risk when they do not bear the full consequences of that risk, often relevant in insurance scenarios.

This website is owned and operated by Clark Family Pty Ltd (ACN 010 281 008) as Trustee for the Clark Family Trust (ABN 35 957 893 714), 43 Larch Street Tallebudgera QLD 4228. Clark Family Pty Ltd is an Authorised Representative (AR 1298860) of Unique Group Broker Services Pty Ltd (AFSL 509434) for financial product referrals and an Authorised Credit Representative (ACR 401491) of Saccasan Pty Ltd (ACL 386297). Check our licensing details on the ASIC registers: Clark Family Pty Ltd ACR, Clark Family Pty Ltd AR, Saccasan Pty Ltd, Unique Group Broker Services.

IMPORTANT: We act solely as an introducer and refer enquiries to licensed third-party brokers, insurers, and lenders. We do not provide financial product advice or credit assistance. We may receive a fee or commission from these third parties in consideration for the referral. Before any action is taken to obtain a product or service referred to by this website, advice should be obtained (from either the third party to whom we refer you or from another qualified intermediary) as to the appropriateness of obtaining those products having regard to your objectives, financial situation and needs. Whilst we have our own process for validating the legitimacy of our referral partners, you should independently verify the credentials and licensing of any adviser or provider you engage. Visit the ASIC website for further information.