26 September 2023

MAIC checks if CTP insurance still OK

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The Motor Accident Insurance Commission has published an Industry Discussion Paper aimed at ensuring the State’s compulsory third party (CTP) insurance scheme is still fit for purpose.

The Commission said it was focused on identifying opportunities to improve the scheme’s sustainability and would not consider any changes to the CTP scheme’s premium setting process or compensation benefits for people who were injured.

“Queensland’s CTP insurance scheme is the most affordable in mainland Australia and delivers fair and timely compensation and rehabilitation support to people injured in road crashes through no fault of their own,” the Commission said in a statement.

“This is the first review of the CTP insurance scheme since 2016.”

Treasurer, Cameron Dick said it was clear the CTP scheme was delivering for Queensland drivers but for its long-term health there was a need to make sure it was sustainable for insurers as well.

“We’re looking to hear from any industry participants or other stakeholder with ideas about how things can be done better,” Mr Dick said.

“Queenslanders can be assured that the setting of premiums and compensation benefits will be untouched by this review process.”

Submissions close on 21 April with the Industry Discussion Paper available on the Commission’s website at this PS News link.

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