- reduce delivery and acquisition costs and promote greater price competition within the CTP scheme so as to deliver premium savings to motor vehicle owners.
- The Bill amends the Motor Accident Insurance Act 1994 (MAI Act) to cater for the State as the insurer of last resort in circumstances of a shortfall in private sector underwriting capacity. The Bill also makes a number of technical amendments to align with Queensland’s motor vehicle registration legislation, namely the Transport Operations (Road Use Management – Vehicle Registration) Regulation 1999 and the Transport Operations (Road Use Management – Vehicle Standards and Safety) Regulation 1999.
- the banning of commissions and inducements paid to third parties;
- allowing an insurer, at the request of a CTP policyholder, to assign an inducement made to the policyholder as a financial donation to a charity (registered in Queensland) or a road safety research entity (as defined) but prohibiting any type of trailing payment; and
- not allowing the cost of providing direct policyholder incentives to be charged against the CTP insurance scheme.
Brisbane Barrister – David Cormack