Canberra’s legal fraternity says the ACT’s new compulsory third party (CTP) insurance bill needs further review before being approved by the Legislative Assembly.

ACT Law Society President Athol Opas wants a parliamentary inquiry, alleging there has not been enough open consultation with all concerned parties.

He says the government has also failed to provide any evidence that the “drastic changes… will result in increased competition or reduced insurance premiums”.

But a spokesman for ACT Treasurer Katy Gallagher told insuranceNEWS.com.au the Government doesn’t believe further investigation into the issue will “bring anything new to the table”.

She says the legal fraternity has had ample time to debate the issue during a two-month consultation period following the bill’s release last October.

“We consulted extensively with lawyers, unions, NRMA Insurance and road-users, subsequently making significant changes including bringing non-economic loss thresholds for psychological injuries down to 15%, the same for physical injuries,” she said.

Mr Opas says the changes will make the ACT one of the harshest jurisdictions in Australia for compensation entitlements.

But the government spokesman says under the changes all claimants will have access to common law, which is not the case in all jurisdictions.

A spokesman for NRMA Insurance told insuranceNEWS.com.au the company “will continue to work with the Government to keep premiums affordable and improve outcomes for people injured on the road”.