In 2016, a committee appointed by MAIC reviewed the CTP scheme with a focus on scheme affordability and efficiency and to identify sustainable savings to assist with offsetting the cost to motorists of the new National Injury Insurance Scheme (Queensland).
Following extensive consultation with representative bodies, insurers, lawyers, researchers and motorists, the review committee concluded that there was not a need for major reform in Queensland however a number of opportunities for improvement in the scheme were identified.
Release of the Review of Queensland’s Compulsory Third Party Insurance Scheme December 2016
The committee’s Review of Queensland’s Compulsory Third Party Insurance Scheme December 2016 outlines 19 recommendations to maintain and/or improve scheme experience. MAIC worked closely with the committee during the course of the review and supports all 19 recommendations.
Of the recommendations seven support retaining existing scheme features and seven MAIC can progress immediately within its existing powers. The remaining five recommendations require further investigation.
The review was led by Mr Henry Smerdon AM, former Under Treasurer and current Chancellor of Griffith University. Joining Henry on the committee was Ms Jo Blades and Mr Rowan Ward.
The terms of reference for the Committee can be accessed here.
As part of the review, the Committee has sought community and industry feedback on a discussion paper which examines issues related to the underwriting model, scheme delivery, insurer profitability, scheme coverage, transparency of legal costs and the role of MAIC and the Nominal Defendant.