MOTOR VEHICLE (THIRD PARTY INSURANCE) ACT 1943 - SECT 3T
MOTOR VEHICLE (THIRD PARTY INSURANCE) ACT 1943 - SECT 3T
3T . Premiums
(1) At least once in
each financial year, the Commission is to make an assessment of the extent to
which the premium income of the Commission as estimated on the basis of
existing scales of premiums, together with other income expected to be
received under and for the purposes of this Act and the MV(CI) Act by the
Commission, will be sufficient to meet claims, payments, costs and other
expenses anticipated to arise or to be incurred under this Act and the MV(CI)
Act.
(2) Before making an
assessment under subsection (1), the Commission shall procure and consider an
actuarial report on the Fund and the Motor Vehicle (Catastrophic Injuries)
Fund established under the Insurance Commission of Western Australia Act 1986
section 16(1)(b).
(3) If, having regard
to an assessment made under subsection (1), the Commission is of the opinion
that the existing scales of premiums are likely to be insufficient or
excessive, the Commission shall submit for the approval of the Minister its
recommendations for new scales of premiums and at the same time shall furnish
to the Minister a copy of the actuarial report referred to in subsection (2).
(4) The Minister may
approve or refuse to approve recommended scales of premiums submitted under
subsection (3) or may invite the Commission to review all or any of its
recommendations.
(5) If under
subsection (4) the Minister invites the Commission to review all or any of its
recommendations, the Commission shall proceed to do so and after such a review
the Commission may submit further recommendations for the approval of the
Minister.
[Section 3T inserted: No. 81 of 1982 s. 14;
amended: No. 51 of 1986 s. 46(2); No. 15 of 2006 s. 6; No. 8 of 2016 s. 47.]