Since early 2016 the NSW CTP Greenslip scheme changes has been in consultation with interested parties about the effectiveness of the current NSW CTP Scheme. The Minister for Innovation and Better Regulation, Victor Dominello has requested a full review of the CTP scheme and has sought feedback from all interested parties. Some concerns of the current scheme include
- Scheme premiums not benefiting injured parties to the extent envisaged
- Increased legal activity in the pursuit of claims by aggrieved parties
- Increase in perceived fraudulent claims made against the scheme
Many of these factors result in one thing for NSW motorists – higher CTP Greenslip premiums.
The review is nearing completion and currently has an implementation date of 1 December 2017.
It is envisaged that any proposed changes will include the following:
- A reduction in premiums to a maximum of 30% as result of new benefit structures and operational efficency in overall scheme management
- An introduction of premium structures to better reflect exposure i.e. ride sharing vehicles or standard vehicles used for reward
- A streamlined approach to accessing benefits under the scheme by removing an at times adversarial approach to entitlements
We shall keep you abreast of further developments in this regard.