MAIB

Motor Accidents Insurance Board MAIB - 2017 Pricing Policies Investigation

Final Report

The Regulator has released theFinal Report and media release in relation to its investigation into the Motor Accidents Insurance Board's (MAIB) pricing policies, having considered submissions received in response to its Draft Report.

The Final Report contains the Regulator's conclusions and recommendations for maximum premiums to apply for the four years beginning 1 December 2017.

The Government is now considering the Final Report.

Draft Report

The Regulator has released a Draft Report and media release in relation to its investigation into the Motor Accidents Insurance Board's pricing policies.

The Draft Report took account of the MAIB's Preliminary Submission in response to the Terms of Reference, other submissions provided by stakeholders and advice from the Regulator's actuarial consultant, Finity Consulting Pty Ltd: Finity Final Report.

The Regulator invited submissions on matters raised in the Draft Report and on any other matters relevant to the Terms of Reference. Submissions were due on 13 June 2017.

The Regulator received three submissions:

Motor Accidents Insurance Board
UBER
Tasmanian Taxi Council

Motor Accidents Insurance Board's Preliminary Submission

The MAIB lodged its Preliminary Submission on 21 February 2017.

The Regulator invited submissions on matters raised in the MAIB's Preliminary Submission and in the Terms of Reference with submissions closing on 14 March 2017.

The Regulator received three submissions:

Tasmanian Motorcycle Council
UBER
Tasmanian Taxi Council

Request and Terms of Reference

On 12 December 2016, having obtained the agreement of the Minister administering the Motor Accidents (Liabilities and Compensation) Act 1973, the Treasurer sent a  Request and  Terms of Reference to the Regulator to conduct an investigation into the MAIB's pricing policies.

The Regulator took a similar approach to that utilised in previous investigations. This included analysing the MAIB's preliminary submission, engaging the services of an actuarial consultant to assist with the investigation, releasing a draft report for comment and then a final report having considered submissions made on the draft report.

Investigation timetable
DescriptionDates
Request and Terms of Reference received from Treasurer and Minister for InfrastructureDecember 2016
MAIB lodges its Preliminary SubmissionFebruary 2017
Consultation on the MAIB's Preliminary Submission and the Terms of ReferenceMarch 2017
Regulator's Draft Report and actuarial consultancy's Final Report released for consultation NoteMay 2017
Regulator receives submissions on its Draft ReportJune 2017
Regulator releases its Final ReportJuly 2017


 

Motor Accidents Insurance Board MAIB - 2013 Pricing Policies Investigation

Final Report

The Regulator has released itsFinal Report and​ media release in relation to its investigation into the MAIB's pricing policies.

The Final Report contains the Regulator's recommendations for maximum premiums from 1 December 2013 to 30 November 2017.

Amendment to Finity's Final Report

Finity's final report has been amended to correct one error and one omission with regards to state/territory solvency targets.

Specifically, Table 3.1 corrects Western Australia's target solvency to 25 per cent (above outstanding claims liabilities) from 0 per cent and now includes Northern Territories target solvency of 25 per cent. This has also been updated in Figure 3.3.

Furthermore text in the report that referred to the MAIB having a target solvency "toward the upper end of the range of those adopted by government owned CTP schemes" has been removed.

Draft Report

The Regulator released itsDraft Report and media release in relation to its investigation into the MAIB's pricing policies on 12 April 2013.

The Draft Report presented a number of proposed recommendations including the average premium that the MAIB can earn and also the prices for each premium class. The Draft Report also presented a number of items for comment.

The Draft Report took into account the MAIB's preliminary submission in response to the Terms of Reference, other submissions provided by stakeholders and advice from the Regulator's actuary consultantFinity final report.

The Regulator invited submissions on the items for comment in the Draft Report, including any other matters relevant to the Terms of Reference.

Submissions were due on 20 May 2013.

The Regulator received five submissions.

Motor Accidents Insurance Board
Taylor Fry
Mason Pearson
Betty Parssey
Tasmanian Motorcycle Council

Motor Accidents Insurance Board's preliminary submission

The Motor Accidents Insurance Board (MAIB) lodged itspreliminary submission in February 2013.

The Regulator invited submissions on matters raised in the MAIB's preliminary submission and in the Terms of Reference.

The Regulator received two submissions.

Mr Tony Miller
Mr Robert Westley

Request and Terms of Reference

On 17 December 2012, having obtained the agreement of the Minister administering the Motor Accidents (Liabilities and Compensation) Act 1973, the Minister for Finance sent aRequest and Terms of Reference to the Regulator to conduct an investigation into the MAIB's pricing policies.

The Regulator took a similar approach to that utilised in previous investigations. This included receiving and analysing the MAIB's submission, releasing a draft report for comment and then a final report having considered submissions made on the draft report. The Regulator engaged the services of actuarial and insurance consultants, Finity Consulting Pty Ltd, to assist with the review. Finity prepared a draft report to assist the Regulator in making its recommendations to Government.

Timetable for the investigation

The timetable for the investigation was as follows.

February 2013Received and published the MAIB's preliminary submission
February / March 2013Consulted on matters raised in the MAIB's preliminary submission and in the Terms of Reference
April 2013Released the Regulator's draft report and Finity's final report
April / May 2013Sought submissions on the Regulator's draft report
July 2013Released the Regulator's final report


 

 

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