Queensland Consolidated Acts
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MOTOR ACCIDENT INSURANCE ACT 1994 - SECT 13A
13A Premium rates
(1) This section describes the process for setting the insurer’s premiums,
under section 13 (1) , for each assessment period.
(2) The commission first
fixes limits of insurer’s premium for each class of CTP insurance.
limits consist of a floor amount (below which the premium can not be set) and
a ceiling amount (above which the premium can not be set).
(4) Before the
commission fixes the limits, the commission must invite written submissions
(a) licensed insurers on matters relevant to the fixing of the limits
and, in particular, on—
(i) current factors and trends influencing the cost
of insurance under the statutory insurance scheme; and
(ii) any other factors
that should, in the opinion of the insurers, influence the permissible range
of insurers’ premiums for the assessment period; and
organisations representing motorists in Queensland.
(5) The commission must
at least once in each year obtain an actuarial analysis of the statutory
insurance scheme and, at least once in each quarter, obtain an actuarial
review of current trends that could affect the financial soundness of the
(6) After considering the financial soundness of the statutory
insurance scheme in the light of the most recent actuarial analysis and
quarterly review obtained under subsection (5) , the submissions made in
response to the commission’s invitations and other material the commission
considers relevant, the commission must—
(a) fix the limits of insurer’s
premium for each class of CTP insurance; and
(b) give each licensed insurer a
(i) stating the limits fixed for each class of CTP
(ii) requiring the insurer to submit its insurer’s premiums
for each class of CTP insurance for the relevant assessment period on or
before a date stated in the notice; and
(iii) specifying other requirements
with which the insurer’s submission must comply.
(7) The premiums must be
submitted in accordance with requirements specified in the notice within a
time limit fixed under a regulation.
(8) Each licensed insurer must give the
commission written notice of the premiums set by the insurer on or before the
date stated in the commission’s notice.
(9) On receipt of the notice from
the insurer, the commission must, within a time limit fixed by a regulation—
(a) record the premiums set by the insurer for the relevant assessment period
for each class of CTP insurance; and
(b) give the insurer a written notice
confirming the insurer’s insurance premiums for the relevant
assessment period; and
(c) notify transport administration of each
insurer’s insurance premiums for the relevant assessment period.
(10) If a
(a) fails to submit premiums for each class of CTP
insurance as required by the commission; or
(b) sets a premium outside the
limits allowed by the commission; the commission may, by written notice to the
insurer, withdraw the insurer’s licence.
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