{"id":4016,"date":"2019-10-28T11:58:11","date_gmt":"2019-10-28T11:58:11","guid":{"rendered":"http:\/\/www.16news.com.au\/?p=4016"},"modified":"2019-10-28T11:58:11","modified_gmt":"2019-10-28T11:58:11","slug":"cutting-costs-for-nsw-drivers","status":"publish","type":"post","link":"http:\/\/www.16news.com.au\/index.php\/2019\/10\/28\/cutting-costs-for-nsw-drivers\/","title":{"rendered":"CUTTING COSTS FOR NSW DRIVERS"},"content":{"rendered":"<p>Groundbreaking new rules will give the NSW Government the power to claw back excessive insurer profits from Compulsory Third Party (CTP) insurance and return the money to motorists through cheaper Green Slips.<br \/>\nMinister for Customer Service Victor Dominello said insurer profits will be capped at 10 per cent by the State Insurance Regulatory Authority (SIRA), keeping costs to motorists down while also encouraging the industry to be more innovative.<br \/>\nThe new CTP scheme gave Government the authority to eliminate super profits, and these Australian first rules provide the policy framework to achieve that objective.<br \/>\n\u201cUnder the old CTP scheme, insurer profits were in excess of 30 per cent and resulted in motorists paying some of the highest premiums in the country,\u201d Mr Dominello said.<br \/>\n\u201cThose days are over and the sun has completely set on insurer super profits. The new scheme is fairer and more affordable, with motorists paying $490 on average for their Green Slips \u2013 the most affordable since 2011.<br \/>\n\u201cWe have delivered on a promise and these rules and are a big win for motorists who can have confidence that the Government will crackdown on excessive profits.\u201d<br \/>\nBased on current premiums, for every one per cent of excess profit recovered from insurers, more than $15 million will be returned to NSW vehicle owners through lower Green Slip prices.<br \/>\nInsurers with approved innovation programs will be able to retain an additional three per cent profit. This gives a strong incentive for them to enhance injury prevention and help people return to health, while ensuring premiums do not increase.<br \/>\nSIRA will monitor insurer profits on a yearly basis and claw back any profits when claims for more complex and serious injuries are resolved.<br \/>\nThe new rules are already applicable. Further information is available at\u00a0<a href=\"http:\/\/www.sira.nsw.gov.au\/\">www.sira.nsw.gov.au<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Groundbreaking new rules will give the NSW Government the power to claw back excessive insurer profits from Compulsory Third Party (CTP) insurance and return the money to motorists through cheaper Green Slips. Minister for Customer Service Victor Dominello said insurer profits will be capped at 10 per cent by the State Insurance Regulatory Authority (SIRA), &hellip; <a href=\"http:\/\/www.16news.com.au\/index.php\/2019\/10\/28\/cutting-costs-for-nsw-drivers\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;CUTTING COSTS FOR NSW DRIVERS&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4016","post","type-post","status-publish","format-standard","hentry","category-nswnews"],"_links":{"self":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/4016","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=4016"}],"version-history":[{"count":0,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/4016\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=4016"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=4016"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=4016"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}