On Sep. 25, AST NSW PRL issued amendment bill re icare governance.
AST NSW PRL introduced the State insurance and care governance amendment (governance arrangements) bill 2024, to amend State Insurance and Care governance act 2015; purpose includes removing CEO from board of icare as a Managing Director.
In addition, appoint Treasury Secretary or nominated Treasury delegate to icare board.
Require Ministerial approval for appointment of a CEO by icare board; require tabling of icare annual statement of business intent in Parliament from Jan. 1, 2025 onwards.
Follows AST NSW FT Jun. 2023 discussed the legal reform journey re icare, #177625.
Next Steps
The bill will follow the required legislative process.
Sep. 27, 2024 AST NSW FT Comments
On Sep. 27, 2024, AST NSW FT discussed key aspects of bill above, and publishedOperational expenditure review into Insurance and Care NSW which contains findings.
AST NSW FT stated the amendments under the bill strengthen icare’s governance arrangements, lift accountability and transparency for icare’s business performance.
Key findings of the review include that icare is addressing a difficult legacy of accountability, governance and culture, and investing in digital transformation.
In addition, that the complexity, scale, cost as well as pace of this investment will require proactive management to reduce duplication and deliver expected benefits.
The act commences in accordance with section 2, on Dec. 2, 2024 (being the date of assent) except for paras 8 and 9 of Schedule 1, which commence on Jan. 1, 2025.
Regulators
AST NSW FT; AST NSW PRL
Entity Types
Ins
Reference
Act 88 of 2024, 12/4/2024; Rp, PR 9/27/2024; Bill, Info 9/25/2024; ESG; Citation: State Insurance and Care governance act 2015; State insurance and care governance amendment (governance arrangements) act;
