Statement of Intent
Review of operation of the CTP insurance Scheme
Section 275 of the Road Transport (Third-Party Insurance) Act 2008 (CTP Act) requires the Treasurer to review the operation of the CTP Act every 3 years.
The review was undertaken by the ACT CTP Scheme Actuary (the Actuary), who reviewed the operation of the CTP Act in terms of the ‘more quantitative CTP scheme objectives’. It was considered that the Actuary was best placed to undertake an independent review of progress relating to the objectives, given the Actuary’s understanding of scheme design and an extensive knowledge of schemes operating in other jurisdictions. A quantitative approach was considered to be more thorough than other approaches.
The findings of the review by the Actuary are factual, based on the claims and premiums experience over the 3 years to 31 December 2015.