The current Economic Regulator (MAIB Premiums) Order 2017 is due to expire on 30 November 2021.
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 with submissions closing on 12 March 2021.
The Regulator received one submission:
Car Next Door Submission MAIB March 2021
The Regulator will invite further submissions when it releases its Draft Report in May 2021. The Regulator has engaged Ernst & Young to provide actuarial consultancy advice and assist the Regulator in making its recommendations to Government.
It is the Regulator's policy to publish written
submissions to matters being consulted on the OTTER website. A respondent may request
that the submission, or part of it, be treated as confidential. The material
for which a request of confidentiality is made should be clearly identified.
The Regulator will not publish
submissions which contain material that the Regulator believes is or could be
derogatory or defamatory.
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|