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.

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.

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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