Approval of NRMA Insurance Compulsory Third Party (CTP) insurance premiums to take effect from 1 September 2012


Released 16/07/2012

The ACT CTP regulator, Megan Smithies, today announced that compulsory third party (CTP) insurance premiums charged by NRMA Insurance for most ACT motor vehicles will increase by 10 per cent with effect from 1 September 2012.

"The new premium for a family car will be $578.70, an increase of $52.10," Ms Smithies said.

Approval of NRMA's new premiums follows an extensive actuarial review process. Under the CTP legislation, licensed insurers are required to charge premiums that will fully fund their present and future liabilities under the legislation to people injured in road crashes but which are not excessive.

"Based on independent actuarial advice, I am satisfied that NRMA's new premiums are soundly based and are not excessive," Ms Smithies concluded.

- Statement ends -

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