Queensland is seeking feedback from the industry and wider public on ways to improve its compulsory third party (CTP) insurance scheme, which last underwent a review in 2010.

The Motor Accident Insurance Commission says the review is necessary in light of major changes such as the emergence of driverless vehicles and growing use of telematics to assess car usage.

Any changes to the scheme will centre on affordability, efficiency, fairness and flexibility.

“Technological change and innovation is evident and emerging in many areas of the Queensland CTP scheme operating environment,” the commission says in a discussion paper.

“The potential implications of these developments need to be anticipated now, to ensure the scheme does not prevent or impede the deployment of beneficial innovations and is able to adapt to the consequent changes in the way vehicles are used in the future.

“Overall, it is good governance to review the current scheme to ensure it remains efficient, stable, fair and affordable.”

The CTP scheme runs on a common law fault-based model, and is underwritten by four licensed private insurers: Allianz, RACQ Insurance, QBE and Suncorp.

More than $1.4 billion in premiums are paid annually to cover more than 4 million registered vehicles.

A final report will be presented to the Government by December 9, with an aim to have proposals implemented from July 1 next year or in time for next year’s premium-setting process. Submissions must be received by 5pm on September 16.

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