CTP Scheme Actuarial Services

The Motor Accident Insurance Commission (the Commission) is the regulatory authority responsible for the ongoing management of the Compulsory Third Party (CTP) scheme in Queensland. The CTP Scheme is designed to allow insurers to set their premiums for each class of motor vehicle within floor and ceiling premium bands set by the Commission. Four licenced insurers currently underwrite the CTP scheme.

Under section 13A of the MAI Act, the Commission must at a minimum once in each year obtain an actuarial analysis of the statutory insurance scheme and, at least once in each quarter, obtain an actuarial review of current trends that could affect the financial soundness of the scheme. Although the legislation does not specifically require the Commission to engage ‘independent’ (external as opposed to internal) actuary, it is intended that the analysis will be undertaken by an independent actuary to ensure transparency, neutrality and impartiality in the assessment of premium components.

The scope of this engagement includes:

1. full and comprehensive actuarial analyses of the Queensland CTP insurance scheme
2. quarterly actuarial reviews for the underwriting quarters commencing 1 October, 1 January and 1 April
3. annual scheme delivery and insurer profitability updates
4. annual advice and reporting on the appropriateness of existing premium rate relativities
5. quarterly taxi monitoring
6. ITC loading calculations
7. insights framework
8. provision of general actuarial advice relating to the operations of the CTP Scheme

For detailed information on the specific goods / services sought under this tender, please review the "Specification Documents" in "Section 3 - Here is the detail".