Final Report
The Regulator has released the Final 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. However, the final decision on the level of maximum premiums is made by the Tasmanian Government and is set out in an Order tabled before both Houses of Parliament. Under the Economic Regulator Act 2009 (the Act), the MAIB must then seek the Regulator’s approval of its pricing policies and prices.
The Economic Regulator (MAIB Premiums) Order 2017 (MAIB Premium Order) was made on 21 September 2017 in accordance with section 36(3) of the Act. The MAIB Premium Order specified the maximum premiums MAIB could charge for each of the four years covered by the Order (1 December 2017 to 30 November 2021 inclusive).
The MAIB’s pricing application to the Regulator was received on 15 November 2017.
On 27 November 2017, the Regulator, having confirmed that the proposed premiums were consistent with the MAIB Premium Order, approved the MAIB’s proposed premiums for the 12 month period ending on 30 November 2018.The premiums can be found on the MAIB’s web site
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 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:
MAIB Submission June 2017 (131Kb)
UBER Submission MAIB June 2017 (207Kb)
Tasmanian Taxi Council Submission MAIB June 2017 (109Kb)
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 Submission MAIB March 2017 (298Kb)
UBER Submission MAIB March 2017 (206Kb)
Tasmanian Taxi Council Submission MAIB March 2017 (192Kb)
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
Description | Dates |
Request and Terms of Reference received from Treasurer and Minister for Infrastructure | December 2016 |
MAIB lodges its Preliminary Submission | February 2017 |
Consultation on the MAIB's Preliminary Submission and the Terms of Reference | March 2017 |
Regulator's Draft Report and actuarial consultancy's Final Report released for consultation Note | May 2017 |
Regulator receives submissions on its Draft Report | June 2017 |
Regulator releases its Final Report | July 2017 |