The SA Government has called for expressions of interest from insurers seeking inclusion in the forthcoming privatised compulsory third party (CTP) motor insurance market.

The state’s Motor Accident Commission will end its role as sole provider of CTP cover from July 1 next year.

The new model for private sector provision will include a multi-provider market, with a set number of eligible insurers for the first three years.

Premium prices will remain fixed for the first three years, with “consumer price index-like” increases to ensure a smooth transition for insurers and motorists.

Transition to a fully contestable market will start from year four.

The new model will include a government regulator with responsibility for setting and controlling CTP premiums.

The Department of Planning, Transport and Infrastructure will continue to issue CTP insurance renewal notices and provide premium collection services.

At the time of publication, the Motor Accident Commission has not responded to requests from insuranceNEWS.com.au for information on the process of choosing initial insurers.