A new NSW CTP Green Slip Scheme is a step closer and expected to commence in December after a bill to reform the scheme passed NSW Parliament this week.
Minister for Finance, Services and Property Victor Dominello said the passage of the Motor Accident Injuries Bill 2017 would substantially reduce Green Slip premiums and ensure people injured in motor accidents get the support they need to recover.
“Average premiums will be slashed from around $700 down to around $520 for Sydney passenger vehicle owners and from approximately $480 today down to $430 for country drivers,” he said.
“Over the past decade Green Slip premiums have increased by over 85 per cent in Sydney, and further hikes were expected unless we took action to overhaul the scheme.
“This is a big win for motorists and fulfills a Government promise to deliver a fairer and more affordable scheme. The new scheme will deliver cheaper Green Slips, stamp out exaggerated claims and eliminate insurer ‘super profits’.”
Under the new model, there will be a new safety net allowing all injured road users to access benefits for loss of income and medical expenses for up to six months, with lump sum compensation retained for those with long-term injuries.
The reforms will also see a significant reduction in average annual premiums for NSW taxi owners in metropolitan areas in excess of $3000 per year.
“I would like to thank all stakeholders for their contribution to the reform process. This is an example of what can be achieved when all sides come together in good faith and work in the interests of the people of NSW,” Mr Dominello said.
The State Insurance Regulatory Authority will consult with industry stakeholders over coming months to develop guidelines and regulations for the new scheme.
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Further information on the reforms is available at www.sira.nsw.gov.au.