Stringent Conditions Imposed on Workers' Compensation Self-Insurer
Stringent Conditions Imposed on Workers' Compensation Self-Insurer
2
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 Source: Paige Estritori
Please Note: If this information affects you, seek advice from a licensed professional.
Australian businesses are currently grappling with a complex landscape of escalating insurance risks, driven by factors such as increased litigation, rapid technological advancements, supply chain disruptions, catastrophic events, and geopolitical tensions. These challenges necessitate a proactive approach to risk management and insurance coverage. - read more
In July 2025, Farmsafe Australia launched the 'Second Chances - Who Knows How Many You'll Get' campaign, aiming to transform near misses on farms into learning opportunities to prevent future accidents. This initiative underscores the critical importance of recognising and addressing close calls in agricultural settings. - read more
In October 2025, WFI Insurance unveiled its annual farm accident insights as part of Farmsafe Australia's 2025 Safer Farms Report. The findings paint a stark picture of the challenges facing Australian agriculture, with 2024 recording 72 farm-related deaths-the highest in over two decades. - read more
The Australian Securities and Investments Commission (ASIC) has recently conducted a comprehensive review of insurers' complaint handling processes, uncovering significant deficiencies that fail to meet regulatory obligations. The findings indicate that insurers are not adequately identifying and addressing customer complaints, with one in six complaints going unrecognized. Additionally, systemic issues are often overlooked, communication timeframes are missed, and existing systems fail to record outcomes such as compensation payments. - read more
Public liability insurance is an essential part of any business's risk management strategy, especially for those operating in Australia. It's designed to protect businesses when they're found legally responsible for injury or damage to third parties due to their operations. But what happens when you need to make a claim? That's where understanding the claims process becomes vital. - read more
Liability insurance is a type of coverage designed to protect you from claims arising out of injuries or damages to other people or property. For freelancers, who often juggle multiple projects and clients, liability insurance can offer a safety net that reduces financial risk and instability. - read more
Running a small business can be both rewarding and challenging. One of the key challenges is the variety of risks that can arise unexpectedly. These risks can range from financial uncertainties to operational hiccups, each potentially impacting your business's success. Understanding these risks and preparing for them is crucial for the longevity and sustainability of any small enterprise. - read more
Public liability insurance is a key consideration for business owners in Australia. This type of insurance helps protect businesses against claims made by third parties for injuries or property damage. But what exactly does it do? In simple terms, public liability insurance covers legal costs and expenses, as well as any damages awarded, if your business is found liable for an incident. - read more
Start Here !
Knowledgebase
Coinsurance: A percentage of the cost of a covered healthcare service that you pay after you have paid your deductible.
