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ROAD TRANSPORT (THIRD-PARTY INSURANCE) AMENDMENT REGULATION 2008 (NO 1) (NO 31 OF 2008)
Australian Capital Territory
Road Transport (Third-Party Insurance) Amendment Regulation 2008 (No 1)
made under the
Road Transport (General) Act 1999 section 233
Jon Stanhope MLA
Treasurer
ROAD TRANSPORT (THIRD-PARTY INSURANCE) AMENDMENT REGULATION 2008 (NO 1)
This Regulation is authorised by section 233 of the Road Transport
(General) Act 1999.
Section 214 of Road Transport (General) Act 1999 (the Act)
prohibits an authorised insurer from charging a higher premium for a compulsory
third party (CTP) policy than the maximum premium prescribed by regulation for
the policy.
The amendments proposed in this Regulation amend the Road
Transport (Third-Party Insurance) Regulation 2000 (the principal regulation)
by revising the maximum premiums that can be charged by an authorised insurer
for the various premium classes for CTP policies taking effect on or after
18 August 2008. The premiums set out in Schedule 1 to the amending
regulation have been developed following a peer review by an independent actuary
engaged by the Government to ensure that the interests of the ACT community are
protected.
The new premiums represent reductions of $1.20 (or 0.3%) for a
private use car and $8.60 (or 2.0%) for a business use car, with pro-rata
reductions for other classes of vehicle. A schedule of the new CTP premiums for
all classes of vehicles, including those used for business purposes, is at
Attachment 1. The former premiums are shown at Attachment 2.
Revenue/Cost Implications
There are no revenue or cost
implications as CTP premiums are paid in their entirety to the authorised
insurer.
Clause 1 – Name of Regulation – states the title of
the Regulation, which is the Road Transport (Third-Party Insurance) Amendment
Regulation 2008 (No 1).
Clause 2 – Commencement –
states when the Regulation commences. The Regulation commences on the day
after its notification day.
Clause 3 – Legislation Amended
– provides that this Regulation amends the Road Transport
(Third-Party Insurance) Regulation 2000.
Clause 4 – New
Section 11 (5), (6) and (7) – are transitional provisions that
continue to apply the existing schedule of maximum premiums for different
classes of vehicles to CTP policies that begin after the commencement of the
amending regulation but before 18 August 2008.
Clause 5
– Schedule 1 – substitutes the existing schedule of maximum
premiums for different classes of vehicles with the new schedule of premiums
that can be charged for CTP policies that begin on or after
18 August 2008.
ATTACHMENT 1
(APPLICABLE FROM 18 AUGUST 2008)
MAXIMUM RATES OF 12 MONTH PREMIUMS
Item Classification Maximum Premium
Private
Use Business Use
1 Ambulance......................................................................... $539.00 $582.60
2 Breakdown vehicle............................................................... $770.10 $832.40
3 Bus or tourist vehicle
(a) if the vehicle has seating for not more than 16 adults
(including the driver)...................................................... $1,155.15 $1,248.60
(b) if the vehicle has seating for more than 16 adults
(including the driver)...................................................... $1,655.70 $1,789.65
4 Drive-yourself vehicle.......................................................... $2,310.30 $2,497.20
5 Firefighting vehicle............................................................... $481.30 $520.20
6 General hire car.................................................................... $1,540.20 $1,664.80
7 Goods vehicle
(a) if the unladen weight is not over 975 kg.......................... $385.05 $416.20
(b) if the unladen weight is over 975 kg but not over 2 t...... $577.55 $624.25
(c) if the unladen weight is over 2 t....................................... $1,617.20 $1,748.00
8 Historic vehicle.................................................................... $38.50 $41.60
9 Miscellaneous vehicle........................................................... $539.00 $582.60
10 Mobile crane......................................................................... $770.10 $832.40
11 Motorcycle
(a) if the engine capacity is not over 300 mL....................... $77.00 $83.20
(b) if the engine capacity is over 300 mL but is not over
600 mL............................................................................ $346.50 $374.50
(c) if the engine capacity is over 600 mL.............................. $346.50 $374.50
13 Police vehicle........................................................................ $962.60 $1,040.45
14 Primary producer’s goods vehicle
(a) if the unladen weight is not over 2 t................................. $385.05 $416.20
(b) if the unladen weight is over 2 t....................................... $462.05 $499.40
15 Primary producer’s tractor.................................................... $308.00 $332.90
16 Taxi....................................................................................... $5,390.70 $5,826.80
17 Trader’s Plates......................................................................$115.50 $124.80
18 Trailer....................................................................................$0.00 $0.00
19 Undertaker’s vehicle............................................................. $308.00 $332.90
20 Veteran
vehicle..................................................................... $38.50 $41.60
21 Vintage
vehicle..................................................................... $38.50 $41.60
ATTACHMENT 2
(APPLICABLE FROM 1 NOVEMBER 2007 TO 17 AUGUST 2008)
MAXIMUM RATES OF 12 MONTH PREMIUMS
Item Classification Maximum Premium
Private
Use Business Use
1 Ambulance......................................................................... $540.75 $594.75
2 Breakdown vehicle............................................................... $772.50 $849.65
3 Bus or tourist vehicle
(a) if the vehicle has seating for not more than 16 adults
(including the driver)...................................................... $1,158.75 $1,274.50
(b) if the vehicle has seating for more than 16 adults
(including the driver)...................................................... $1,660.85 $1,826.75
4 Drive-yourself vehicle.......................................................... $2,317.50 $2,549.00
5 Firefighting vehicle............................................................... $482.80 $531.00
6 General hire car.................................................................... $1,545.00 $1,699.30
7 Goods vehicle
(a) if the unladen weight is not over 975 kg.......................... $386.25 $424.80
(b) if the unladen weight is over 975 kg but not over 2 t...... $579.35 $637.20
(c) if the unladen weight is over 2 t....................................... $1,622.25 $1,784.30
8 Historic vehicle.................................................................... $38.60 $42.45
9 Miscellaneous vehicle........................................................... $540.75 $594.75
10 Mobile crane......................................................................... $772.50 $849.65
11 Motorcycle
(a) if the engine capacity is not over 300 mL....................... $77.25 $84.95
(b) if the engine capacity is over 300 mL but is not over
600 mL............................................................................ $347.60 $382.30
(c) if the engine capacity is over 600 mL.............................. $347.60 $382.30
13 Police vehicle........................................................................ $965.60 $1,062.05
14 Primary producer’s goods vehicle
(a) if the unladen weight is not over 2 t................................. $386.25 $424.80
(b) if the unladen weight is over 2 t....................................... $463.50 $509.80
15 Primary producer’s tractor.................................................... $309.00 $339.85
16 Taxi....................................................................................... $5,407.50 $5,947.70
17 Trader’s Plates......................................................................$115.85 $127.40
18 Trailer....................................................................................$0.00 $0.00
19 Undertaker’s vehicle............................................................. $309.00 $339.85
20 Veteran
vehicle..................................................................... $38.60 $42.45
21 Vintage
vehicle..................................................................... $38.60 $42.45