Motor Accidents Insurance Board - Pricing Policies Investigation
The current Economic Regulator (MAIB Premiums) Order 2017 is due to expire on 30 November 2021.
MAIB Premiums Order 2021The Economic Regulator (MAIB Premiums) Order 2021 (MAIB Premium Order) was made on 15 September 2021 in accordance with section 36(3) of the Economic Regulator Act. The MAIB Premium Order specifies the maximum premiums MAIB can charge for each of the four years covered by the Order (1 December 2021 to 30 November 2025 inclusive).
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.
Final ReportThe 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.
The media release can be found on the media releases page.
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.
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
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.
|Requirement and Terms of Reference received from Minister for Finance and Minister for Infrastructure and Transport||9 December 2020|
|MAIB lodges its Submission||22 February 2021|
|Consultation on the MAIB's Submission and the Terms of Reference||12 March 2021|
Regulator's Draft Report and actuarial consultant's report released for consultation
|Regulator releases its Final Report||July 2021|