Former NRMA president Nicholas Whitlam has been appointed to chair SIRA, the NSW authority responsible for regulating CTP insurance, workers compensation insurance, and the home building compensation scheme.

Making the announcement on Monday, customer service minister Jihad Dib said Mr Whitlam would  bring extensive insurance and finance sector experience to his role with the State Insurance Regulatory Authority.

Mr Whitlam, who replaces outgoing chair Trevor Matthews, said he looked forward to taking up his new responsibilities.

“Compulsory insurance, notably CTP and workers compensation, is now a part of everyday life.  I look forward to participating in the supervision of these key protections of a civilised society,” Mr Whitlam said.

Mr Whitlam, the son of former PM Gough 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.

He also served as chair of the Lifetime Care and Support Authority and was on the boards of WorkCover NSW and the WorkCover Insurance Investment Fund, and was chief executive and managing director of the State Bank of NSW.

Meanwhile Mr Dib has also appointed former deputy chair of the Australian Prudential Regulation Authority (APRA)  Helen Rowell to the SIRA Board.

“I would like to congratulate Mr Whitlam and Ms Rowell on their appointments, and I look forward to their experience helping guide NSW insurance schemes to better serve our communities,” he said in a statement.