Have your say on CTP green slip reforms
The NSW Government is seeking community feedback on a discussion paper aimed at creating a fairer and more affordable NSW compulsory third party insurance (CTP) scheme for NSW motorists and injured road users.
Currently only 45 cents in every green slip dollar goes to injured road users, with the rest going to scheme costs, such as insurer profits and legal fees.
Minister for Innovation and Better Regulation Victor Dominello said that insurer profits were unacceptably high and resulted in motorists paying higher green slip premiums.
“Since the current NSW CTP scheme was introduced in 1999, insurance companies have made an average profit margin of about 20 per cent,” he said.
"We are determined to put an end to the days of insurer super profits. Our reforms will provide government with greater powers to regulate these profits so that more money goes to injured road users. The changes will also see a significant reduction in premiums for motorists.”
The discussion paper includes a number of regulatory and administrative changes that are already in train, as well as seeking feedback on additional legislative changes to wind back insurer profits to a reasonable level.
Mr Dominello also announced the appointment of Dr Graeme Innes AM as a member of the NSW State Insurance Regulatory Authority Board.
“Dr Innes has a wealth of experience both as a lawyer and disability advocate. He understands the challenges faced by those who are injured and will advocate for a scheme that protects injured road users and ensures they have optimal outcomes,” Mr Dominello said.