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This article first appeared in the  Australian Tort Personal Injury Health and Medical Law Tracker
 
Proposed reforms to make Compulsory Third Party (CTP) insurance affordable and fairer in NSW
 

This has been proposed by NSW Premier Barry O’Farrell and Minister for Finance and Services Greg Pearce who say that Compulsory Third Party (CTP) insurance in NSW is the least affordable in Australia, and the NSW Motor Accidents Authority review has recommended an overhaul.

Under proposed reforms to make the CTP insurance scheme fairer and more affordable, motorists could save about 15% on their green slips.

According to Mr O’Farrell:

“The NSW Government’s proposed green slip changes could reduce the cost of the average CTP premium by about 15 per cent and ensure claimants receive benefits as soon as possible. These proposed changes will drive down costs by ensuring the system is focused on those who are injured, not ambulance chasing lawyers. The current CTP scheme is expensive because of the time it takes to settle compensation disputes often delayed by lengthy legal battles over who is at fault and who should pay.”

O’Farrell urges motorists and other stakeholders to review the plan and give feedback to the NSW Government.

Source: Barry O’Farrell MP, Premier of NSW, Media Release, Sunday 17 February 2013.

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