Page 363 - Week 01 - Thursday, 27 February 2014

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Answers to questions

Insurance—third-party
(Question No 157)

Mr Smyth asked the Treasurer, upon notice, on 24 October 2013:

(1) For each financial year since Compulsory Third-Party Insurance (CTP) reforms, can the Treasurer provide the (a) number of people eligible for the scheme and (b) total financial value of all claims, including (i) highest value, (ii) lowest value, (iii) mean average, (iv) median value and (v) mode value.

(2) What jurisdictions are currently in negotiations with the Government regarding CTP reforms, and can the Treasure include the date of (a) commencement of negotiations and outcome and (b) last negotiations and outcome.

(3) What further CTP reforms are the Government anticipating and when.

Mr Barr: The answer to the member’s question is as follows:

(1)(a) Compulsory Third-Party (CTP) insurance indemnifies vehicle owners and drivers who are legally liable for personal injury caused to any other party in the event of a motor vehicle accident. CTP insurance is a mandatory requirement for registration of a vehicle in the ACT. As such, there can be no eligibility requirements for the CTP Scheme. A measure of the number of participants in the Scheme is the number of registered motor vehicles in the ACT.

(b) Claims data for the ACT CTP Scheme is subject to considerations of commercial sensitivity due to the existence of a single insurer in the market up until 1 July 2013. In the future it is expected that it will be possible to disclose more information once time is allowed for competition to take full effect in the market. (See ACT Civil & Administrative Tribunal (ACAT) decision- Council of the Law Society in the ACT & ACT Treasury Directorate and NRMA Insurance (Administrative Review) [2012] ACAT 13).

In response to the questions, I can provide as follows:

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