Australian Capital Territory Numbered Acts

ROAD TRANSPORT (THIRD-PARTY INSURANCE) ACT 2008 (NO. 1 OF 2008) - SECT 39

    (1)     The CTP regulator may make guidelines for premiums for CTP policies (the CTP premium guidelines ).

    (2)     The CTP premium guidelines may—

        (a)     state how CTP premiums are to be worked out and the factors to be taken into account in working out CTP premiums; and

        (b)     require licensed insurers to state how they have worked out CTP premiums; and

        (c)     state the additional information the CTP regulator may require licensed insurers to give to the CTP regulator—

              (i)     with an application for approval of a premium; or

              (ii)     to justify CTP premiums they have already given to the CTP regulator for approval.

Example—additional information

for estimated investment earnings—the verification of assumptions, estimated profit, capital allocation to CTP insurance business

Note     An example is part of the Act, is not exhaustive and may extend, but does not limit, the meaning of the provision in which it appears (see Legislation Act, s 126 and s 132).

    (3)     The CTP premium guidelines are a notifiable instrument.

Note 1     A notifiable instrument must be notified under the Legislation Act.

Note 2     It is a condition of a CTP insurer licence that the licensed insurer must comply with CTP premium guidelines (see  s 185).