KAREN Doran, a representative of the ACT Compulsory Third Party (CTP) Regulator, has announced that CTP insurance premiums charged by NRMA Insurance for ACT motor vehicles will increase with effect from 1 December 2014.
“The new premium for a family car insured by NRMA will be $588.60 – a small increase of $10.40 or 1.8 per cent from the current premium of $578.20. This is NRMA’s first increase since September 2012,” Karen said.
Licensed insurers are required to charge premiums that will fully fund their present and future liabilities under CTP legislation, but which are not excessive, and approvals of new premiums follow an extensive actuarial review process.
“Based on independent actuarial advice, I am satisfied that NRMA’s new premiums are soundly based and are not excessive,” Ms Doran concluded.