Motor Accidents Insurance Board - Pricing Policies Investigation

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The current Economic Regulator (MAIB Premiums) Order 2017​ is due to expire on 30 November 2021.

Final Report​

The Regulator has released its Final Report in relation to its investigation into the pricing policies of the Motor Accidents Insurance Board (MAIB). In preparing its Report, the Regulator reviewed the MAIB’s forecasts of claims and expenses, sought independent actuarial advice and considered matters raised in submissions.
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  2021 MAIB pricing policies investigation- Final Report   (2Mb)

July 2021

The media release can be found on the media releases page.

T​The Final Report contains the Regulator's conclusions and recommendations for maximum premiums to apply for the four years beginning 1 December 2021. The 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 MAIB must seek the Regulator's approval of its proposed premiums. The Regulator approves the proposed premiums if they are consistent with the Order.


Draft Report​

On 11 June 2021, the Regulator released its Draft Report setting out its intended recommendations in relation to the maximum premiums the Motor Accidents Insurance Board (MAIB) can charge for motor accident personal injury insurance for the next four years beginning 1 December 2021.

  2021 MAIB pricing policies investigation- Draft Report   (2Mb)

Media Release - Release of the Regulator’s 2021 MAIB pricing policies investigation Draft Report​

The media release is available on the ​media releases page​.

The Draft Report takes account of the MAIB's submission in response to the Terms of Reference, other submissions provided by stakeholders and actuarial advice from the Regulator's consultant, Ernst & Young.

  Ernst & Young Report- 2021 MAIB pricing policies investigation   (1Mb)​

The Regulator invited submissions on matters raised in the Draft Report and on any other matters relevant to the Terms of Reference. Submissions closed on Friday 2 July 2021.​

The Regulator received four submissions

  Department of State Growth submission to the Draft Report July 2021   (59Kb)​​

Motor Accidents Insurance Board's Submission

MAIB lodged its submission on 22 February 2021:

MAIB submission to the 2021 MAIB pricing policies investigation  

The Regulator invited submissions on matters raised in the MAIB's Submission and in the Terms of Reference. Consultation closed on 12 March 2021.

The Regulator received one submission:

Car Next Door Submission MAIB March 2021

Request and Terms of Reference

On 9 December 2020, the Minister for Finance requested that the Regulator investigate the pricing policies of MAIB. The requirement to investigate included the following:

Ministerial requirement (353Kb)​

Terms of Reference (123Kb)​

​The Regulator intends to take a similar approach to that used in previous investigations. This includes analysing MAIB's 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 received from interested parties on the Regulator's draft report.


Investigation timetable

DescriptionDates
Requirement and Terms of Reference received from Minister for Finance and Minister for Infrastructure and Transport9 December 2020​
MAIB lodges its Submission22 February 2021
Consultation on the MAIB's Submission and the Terms of Reference12 March 2021
Regulator's Draft Report and actuarial consultant's report released for consultation 
May 2021
Regulator releases its Final ReportJuly 2021

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