A son of former Australian Prime Minister Gough Whitlam has been appointed State Insurance Regulatory Authority (SIRA) chair.
Nicholas Whitlam was the inaugural chair of the Port Authority of NSW until 2018, after holding the chair positions for the ports of Sydney, Newcastle and Port Kembla prior to their amalgamation.
A former chief executive and managing director of the State Bank of NSW and a former president of the NRMA, Whitlam replaces outgoing chair Trevor Matthews.
He brings a wealth of experience across insurance and finance sectors to the state authority responsible for regulating motor accident compulsory third party (CTP) insurance, workers compensation insurance and the home building compensation scheme in NSW, says Minister for Customer Service and Digital Government Jihad Dib.
Dib has also appointed Helen Rowell to the SIRA board and says she was the deputy chair of the Australian Prudential Regulation Authority (APRA) for 10 years until June 2023.
“She has been a member of the executive committee of the International Association of Insurance Supervisors, president and vice president of the Council of the Actuaries Institute of Australia, and member and chair of committees of the International Actuarial Association from 2001 to 2007.”
Congratulating them both, Dib says he looks forward to their experience helping guide NSW insurance schemes to better serve its communities.
SIRA chief executive Mandy Young says adding their experience will bolster SIRA’s capability as a modern, person-centric and data-driven regulator.
Meanwhile, proposed product standards for e-bikes and e-scooters to stop fires, protect properties and save lives are likely to be introduced.
Preventing fires caused by lithium-ion battery powered products is behind a move by the Minns Labor Government to ensure the batteries and products comply with strict safety standards.
Lithium-ion battery powered products are the fastest growing cause of fires in NSW, with Fire and Rescue NSW recording about 90 incidents relating to e-bike, e-scooter, hoverboards, e-skateboards and other lithium-ion battery powered products across 2022 and 2023.
In response to the growing risks, the NSW Government says it is taking steps to ensure these products comply with safety standards and are appropriately tested, certified and marked before they enter the market.
The Government is considering feedback from a roundtable which will inform rules made by the NSW Fair Trading Commissioner.
NSW Fair Trading has also started a consumer education campaign explaining how these products should be used, highlighting unsafe charging practices and other factors that may cause fires.
When the changes come into effect, selling products that don’t meet the prescribed standards could attract penalties of up to $825,000 for corporations and $82,500 for individuals.
Dib says: “The NSW Government is taking action to respond to the rise in fires caused by these batteries and Fair Trading has an important role to play, as well as the frontline and community engagement work being carried out by FRNSW.”
