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.

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.

Share this news item:

Insurance News

Clear

Surge in Mental Health Claims Challenges Australia's Income Protection Insurance

25 Dec 2025: Paige Estritori

Recent data from the Council of Australian Life Insurers (CALI) reveals a significant shift in the landscape of income protection insurance in Australia. Mental health conditions have emerged as the leading cause of total and permanent disability (TPD) claims, accounting for nearly one-third of all claims paid. In 2024 alone, insurers disbursed over $2.2 billion for retail mental health claims, a figure that has almost doubled compared to five years prior. - read more

Decline in Income Protection Premiums Reflects Market Adjustments in Australia

25 Dec 2025: Paige Estritori

Recent research from Rainmaker Information indicates a notable decrease in income protection insurance premiums across Australia. Direct income protection premiums have fallen by 12% for policies with a 30-day waiting period and 13% for those with a 90-day waiting period since 2024. Similarly, premiums for life products sold through advisers have decreased by 5%, with income protection premiums dropping by 7% for 30-day waiting periods and 5% for 90-day periods. - read more

Superannuation Insurance Extends Coverage to 6 Million More Australians

25 Dec 2025: Paige Estritori

New research from the Association of Superannuation Funds of Australia (ASFA) reveals that superannuation insurance now provides critical protection to over 6 million Australians who would otherwise be uninsured. This expansion has been achieved without impacting household spending, as the coverage is included within superannuation contributions. - read more

Adore Beauty's Strategic Acquisition of Ikou Enhances Market Presence

25 Dec 2025: Paige Estritori

In a significant move within the Australian beauty industry, Adore Beauty has announced the acquisition of wellness and skincare brand Ikou for $25 million. This strategic decision aims to bolster Adore Beauty's private label offerings and marks its entry into the physical retail space. - read more

Government Scrutinizes Health Insurers' Pricing Practices

25 Dec 2025: Paige Estritori

Health Minister Mark Butler has issued a stern warning to private health insurers regarding the use of 'underhanded' tactics to raise premiums. This comes in response to findings that some insurers have been closing old policies and introducing more expensive ones, effectively increasing costs for consumers. - read more

Click for more Insurance News