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SIRA invites submissions as NSW CTP scheme is reviewed

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NSW’s State Insurance Regulatory Authority (SIRA) is inviting public submissions relating to a statutory review of the state’s Compulsory Third Party (CTP) scheme, which was introduced in 2017.

The review will consider the effectiveness of the CTP scheme in ensuring insurers are receiving a “fair but not excessive” profit margin, SIRA says, as well as the general performance of insurers in the scheme, the timeliness of the provision of benefits to injured people, the proportion of each dollar of premiums collected that directly benefits injured people and whether changes are needed to the scheme.

A discussion paper on the review of the Motor Accident Injuries Act is to be posted on the SIRA website.

Injured people, organisations and members of the public will be given an opportunity to contribute to the review, which Clayton Utz and Deloitte have been commissioned to conduct for the Minister for Digital and Customer Service Victor Dominello.

The review will assess whether the policy objectives in the existing 2017 Act remain valid, and whether terms remain appropriate.

A report on the outcome of the review is to be tabled in each House of Parliament by December 1.