Outcomes from recent SRCC meetings (News)
10 July 2023
The SRCC met on 14 June 2023 to consider requests for revocations of the self-insurance licences of Colonial Services Pty Limited and Commonwealth Securities Limited, the implementation of revised performance measures, and the performance reports of individual licensees.
Licence revocation – Colonial Services Pty Limited and Commonwealth Securities Limited
The SRCC agreed to requests from Colonial Services Pty Limited and Commonwealth Securities Limited to revoke the respective self-insurance licences from 30 June 2023.
Update to Licence Compliance and Performance Model
At the meeting, the SRCC agreed to update its regulatory performance model, the Licence Compliance and Performance Model, to give effect to endorsed revised performance measures. The changes are administrative in nature, and do not affect the SRCC’s regulatory approach.
In addition, the SRCC agreed to revised Licensee Key Performance Indicator (LKPI) Specifications, to support the revised performance measures. This required updates to the following existing documents:
- Licensee Key Performance Indicator Specifications; and
- Licensee Key Performance Indicator Target Setting Methodology