Page 716 - Week 02 - Thursday, 20 February 2020
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For the data prepared for the latest 2018-19 CTP Regulator Annual Report, on a payments basis for the accident year ending 30 June 2010, 13.4% of claims still remain open.
(b)(i) The Section 275 review commenced on 1 January 2019 and was tabled in the Legislative Assembly on 2 April 2019. The scheme actuary assessed the estimated achieved profit by insurers.
(ii) The Section 275 review considered expected and estimated achieved profit margins for the 2014 to 2018 accident years. Profits prior to the commencement of competition were not disclosed as they are commercial-in-confidence and of a proprietary nature for NRMA, the sole insurer in the period immediately before 2014.
(iii) The scheme actuary undertook the analysis and the cost of the report was $55,000 (including GST).
(c) (i), (ii) and (iii) – No additional legislative reviews (s 275 reviews) are planned for the current CTP scheme, with the repeal of the Road Transport (Third-Party Insurance) Act 2008. The MAI Act provides for a three year legislative review under section 493.
(d) See response to (1)(b) and (2)(a) regarding the process and timing for determining estimated achieved profits. The MAI Commission may publish information about the profitability of a licensed insurer’s insurance operations, including any proposed profit margins, noting that confidential information relating to an identified insurer cannot be disclosed.
(3) CMTEDD has released a tender for the establishment of a defined benefit information service for the commencement of the Motor Accident Injuries scheme.
(a) It is unclear at this time what the actual demand on the information service will be and the types of services required by injured persons, with a lower level of demand in the initial year anticipated. As such, an initial 18-month pilot conducted by a single organisation is currently out to tender. An evaluation at the 12-month stage will provide a more complete picture of the information service requirements for a full tender.
(b) The service is intended to be provided by an external entity. A limited tender process is currently underway and for that reason details regarding the procurement process, methodology, and expected cost cannot be made public. The contract period will reflect the pilot period.
(4) (a) Updated premium savings for passenger vehicles cannot be provided as this would disclose information regarding the MAI premiums recently filed which have not yet been publicly released. New premiums will be released in the near future.
(b) See response to (4)(a).
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1 the final cost when all claims for an accident year have finalised.
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