SIRA is a new government organisation responsible for the regulatory functions in relation to workers compensation insurance, motor accidents compulsory third party (CTP) insurance and home building compensation.
SIRA was established in September 2015 as part of the NSW Government’s workers compensation reform package which saw the creation of three new organisations which included icare and SafeWork NSW to replace the insurance and regulatory functions of WorkCover NSW.
The SIRA Board appointments include Chair, Mr Trevor Matthews, who is a long time insurance industry professional with extensive experience both in Australia and overseas; Deputy Chair, Ms Nancy Milne, OAM a highly credentialed lawyer with experience that includes the insurance and risk management sectors; and three board members, Dr Abby Bloom, an adjunct professor at the Menzies Centre for Health Policy and experienced company director, Dr Graeme Innes AM, nominee of the Secretary of the Department of Finance, Services and Innovation, and Carmel Donnelly, the Chief Executive of SIRA.
The Board will be responsible for advising SIRA on establishing a risk based and outcomes focused insurance regulator; approving premium, licensing and policy frameworks for insurance companies; and ensuring effective monitoring of the financial solvency and performance of insurance schemes.
SIRA will focus on ensuring key public policy outcomes are achieved in relation to service delivery to injured people, affordability, and the effective management and sustainability of these insurance schemes.
SIRA Board Member Bios
Chair, Mr Trevor Matthews
Mr Matthews has extensive insurance and financial services experience in Australia, Canada, Japan and the United Kingdom (UK).
He was previously with Aviva, most recently as Executive Director and Chairman, Developed Markets and prior to that Chief Executive Officer (CEO) of Aviva UK. Mr Matthews has also held CEO positions with Friends Provident and Standard Life UK, both based in the UK, as well as Manulife Financial in Japan. Prior to that he had senior roles with Manulife in Canada and with National Australia Bank and Legal & General in Australia.
Mr Matthews is chairman of AMP Life and 1st Group Limited and a non-executive director of AMP Limited, Bupa Australia and New Zealand Group, FNZ Asia Pacific Group, Tokio Marine Asia and Edelweiss Tokio Life Insurance.
He has a Master of Arts (Actuarial Studies) from Macquarie University, is a Fellow of the Institute of Actuaries in both Australia and the UK and a Fellow of the Australian Institute of Company Directors.
Deputy Chair, Ms Nancy Milne, OAM
Ms Milne is a former lawyer with over 30 years’ experience primarily in insurance and reinsurance, risk management, corporate governance and professional negligence.
She was a partner with Clayton Utz until 2003 and a consultant until 2012. In 2008 she was awarded the Order of Australia Medal for services to the legal sector particularly as an insurance lawyer and to the community. She was also previously a director of the Australand Group (now Frasers Property Group), Greenstone Limited, and the Superannuation Administration Corporation (Pillar Administration).
Ms Milne is currently Chair of the Securities Exchange Guarantee Corporation and the State Insurance Regulatory Authority Audit and Risk Committee, a director of ALE Property Group, and a member of the Asbestos Safety and Eradication Council and the NSW Council of the Australian Institute of Company Directors.
Ms Milne has a Bachelor of Law from the University of Sydney and is a fellow of the Australian Institute of Company Directors.
Board Member, Dr Abby Bloom
Abby Bloom MPH PhD FAICD is an experienced Company Director. She previously had a successful career as a senior executive and corporate advisor in healthcare and health financing, utilities, infrastructure, education, insurance and ageing.
She is a graduate of Yale and Sydney universities, and is Adjunct Professor, Sydney Medical School, Menzies Centre for Health Policy.
Dr Bloom is currently a director of Sydney Water Corporation and the Sydney Children’s Hospital Network, as well as the State Insurance Regulatory Authority (SIRA). She is also a director of The Longevity Innovation Hub, and is a member of the Advisory Boards of Griffith University Enterprise and the digital company ID Exchange.
She is an Independent Member of the Risk and Audit Committee of the NSW Department of Family and Community Services, Rookwood Cemetery and SIRA. Her previous directorships include Western Sydney Local Health District, Recovre Holdings and Gymnastics NSW.
Dr Bloom has been involved as founder and advisor of numerous start-ups over more than two decades. She is respected for her insights and guidance on digital enablement, big data and innovation. She has worked in over 20 countries, and has provided advice on public-private partnerships, health, and project finance to the World Bank, International Finance Corporation, Asian Development Bank, AusAid, US State Department and UNICEF. Yale University Public Health named Dr Bloom one of its 100 top leaders since its founding over a century ago.
Board Member, Dr Graeme Innes, AM
(Nominee of the Secretary, Department of Finance, Services and Innovation)
Dr Innes has been involved in numerous human rights reform initiatives that have resulted in ground breaking change, perhaps most significantly as the Human Rights Commissioner for Australia. He was involved in drafting the United Nations Convention to the Rights of Persons with Disabilities, and has also served as Australia’s Race Discrimination Commissioner.
Dr Innes was Chair of the Disability Advisory Council of Australia, and the first Chair of Australia's national blindness agency, Vision Australia. He also played a key role in developing the National Disability Strategy and the Disability (Access to Premises – buildings) Standards 2010, and the establishment of Liveable Housing Australia.
In 1995, Dr Innes was entered into the Order of Australia as a Member (AM) for his contribution to the rights of people with a disability in Australia. In 2003, he was a finalist for Australian of the Year. In 2015, he was awarded an honorary doctorate from the University of Canberra and appointed as an adjunct professor at the University of Sydney.
Chief Executive, Carmel Donnelly
Ms Donnelly has extensive experience as a senior executive in NSW Government. Her previous roles include leading regulation of workers compensation and the home building compensation as an Executive Director in SIRA, General Manager, Strategy and Performance for the Safety, Return to Work and Support agencies in NSW, General Manager and Deputy General Manager at the Motor Accidents Authority of NSW and Director, Strategy and Planning with Fire and Rescue NSW. She has also been a Review Director in the NSW Department of Premier and Cabinet and an Associate Director in NSW Health.
Ms Donnelly holds an Executive Master of Business Administration from the Australian Graduate School of Management, a Master of Public Health from the Faculty of Medicine at Sydney University, and a Bachelor of Arts (Honours Psychology) from Sydney University. She is a Graduate Member of the Australian Institute of Company Directors and an Associate Fellow of the Australasian College of Health Service Management.
Ms Donnelly is the NSW Member of Safe Work Australia and is also a Member of the Board of the Personal Injury Education Foundation.
Please visit the State Insurance Regulatory Authority's website at www.sira.nsw.gov.au for more information.