One of Queensland’s four licensed CTP insurers, RACQ Insurance Limited (RACQ), has requested to withdraw from Queensland’s compulsory third party (CTP) insurance scheme effective from 1 October 2023.
This is a commercial decision for RACQ.
As the scheme regulator, the Motor Accident Insurance Commission (MAIC) is considering their request in line with the Motor Accident Insurance Act 1994.
RACQ’s existing CTP insurance policies would be reassigned from the next registration renewal date after the withdrawal takes effect meaning there will be no impact on motorists or premium prices. If RACQ’s withdrawal is approved, we will consult with insurers and the Australian Prudential Regulatory Authority (APRA) on this.
CTP insurance continues to deliver important protection for motorists and support for people injured in motor vehicle accidents.
We will work with RACQ and the Department of Transport and Main Roads to deliver a smooth transition for people who have CTP claims underway or who have CTP insurance policies with RACQ.
We will continue to update our valued stakeholders as the process is followed.