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New MAA Guidelines

Monday, 16 January 2012

The MAA has released new Market Practice Guidelines, commencing 1 January 2012. All insurers are required to comply with the guidelines, unless the MAA approves otherwise.

There have been some notable changes to the guidelines.

New to the guidelines is clause 2)f), which requires that all insurers will sell greenslips over the phone, including payment by MasterCard and VISA.

Clause 3)i)g, has been amended so that an insurer can no longer require a customer to go to the insurers Head Office to purchase a greenslip.

More on this later.


Motorcycle Pillions

Thursday, 05 January 2012
Why can we not have CTP cover for a motorcyclist who do not ever carry a pillion passenger? The likelyhood of me as a motorcyclist injuring another person is far far less than drivers of cars, 4WD's etc and yet my premium is almost twice the price.

Call for CTP Review

Thursday, 29 December 2011

A review of the Motor Accidents Authority (MAA) was released this week and some parties are not happy with the findings.

The NSW Parliamentary Law and Justice Standing Committee released its eleventh review into the MAA and the Motor Accidents Council (MAC) on Tuesday. A copy of the report is available here.

Amongst other things, the report found that for the last five years there is a gap between the profit insurance companies project for the purpose of setting greenslip premiums and the profit they actually make.

The NSW Bar Association says that this represented a €œfundamental flaw€ in the greenslip scheme in NSW and, along with the NSW Greens, has called for an overhaul of the scheme.

The Insurance Council of Australia argues that the higher profits result from fewer claims on the scheme.


Motorbike Greenslips Down

Thursday, 22 December 2011

The NSW Government has announced that the average greenslip price for motorbikes will fall by up to 19% from 1 January 2012. All motorbikes are to benefit except those in the 1,126 to 1,325cc class.

The real test will come when you renew your greenslip.

Let us know how you go. Respond to this blog with your experience.


Govt Rejects CTP Increases

Wednesday, 14 December 2011

The Government has issued a press release today stating that the Motor Accidents Authority (MAA), at the request of the Government, has rejected greenslip price increases of up to 15%. The increased premiums were to come into effect from 1 January 2012.

Minister for Finance and Services Greg Pearce said in the release that motorists had been spared up to $57.00 and that the best price for Sydney metropolitan sedans will remain in the range of $460.00 to $480.00 from 1 January 2012.


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