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

Allianz Australia Penalised for Misleading Travel Insurance Information

30 Dec 2025: Paige Estritori

In a significant ruling, Allianz Australia Insurance and its subsidiary, AWP Australia, have been fined a total of $16.8 million for providing misleading information about their travel insurance products. The Supreme Court of New South Wales found that between 2016 and 2018, the companies misrepresented the extent of coverage available to consumers, leading to potential misunderstandings about policy benefits. - read more

Allianz Partners Highlights Risks of Travelling Uninsured

30 Dec 2025: Paige Estritori

Recent research conducted by the Insurance Council of Australia (ICA) and the Department of Foreign Affairs and Trade (DFAT) has unveiled a concerning trend: approximately 14% of Australian travellers embark on international journeys without any form of travel insurance. This statistic has prompted Allianz Partners to urge Australians to reconsider the importance of securing adequate coverage before travelling abroad. - read more

Surge in Medical Claims Among Australian Travellers Highlights Importance of Comprehensive Insurance

30 Dec 2025: Paige Estritori

In 2024, medical incidents emerged as the leading cause of travel insurance claims among Australian travellers, accounting for more than 40% of all claims handled by nib Travel. This trend underscores the critical importance of securing comprehensive travel insurance to mitigate the financial risks associated with medical emergencies abroad. - read more

Allianz Australia Penalised $16.8 Million for Misleading Conduct

30 Dec 2025: Paige Estritori

In a significant regulatory action, Allianz Australia and its subsidiary, AWP Australia, have been fined $16.8 million for making false and misleading statements. This penalty was imposed following an investigation by the Australian Securities and Investments Commission (ASIC), underscoring the critical need for transparency and honesty in the insurance sector. - read more

New Legislation Prohibits Use of Genetic Test Results in Life Insurance Underwriting

30 Dec 2025: Paige Estritori

The Australian government has announced plans to introduce legislation that will ban life insurers from using adverse genetic test results in their underwriting processes. This move aims to eliminate genetic discrimination and encourage individuals to undergo genetic testing without fear of insurance repercussions. - read more

Click for more Insurance News