New South Wales (NSW) is undertaking a detailed review of its Compulsory Third Party (CTP) insurance scheme as well as its lifetime care and support system.
The Standing Committee on Law and Justice of the state's upper house has initiated this examination as part of their routine practice conducted every parliamentary term.
The last thorough assessment took place in 2022.
The review is crucial as it involves evaluating the CTP scheme, which is essential for vehicle owners in NSW, guaranteeing coverage in the event of motor vehicle accidents. Additionally, the lifetime care and support scheme under scrutiny provides necessary services such as treatment, rehabilitation, and long-term care for individuals who sustain severe injuries in road accidents.
According to committee chair Greg Donnelly, this statutory review presents a valuable platform for key stakeholders to provide their insights and feedback. The process is open to input from regulators, legal analysts, and insurance industry professionals, with an extended welcome to all interested parties to contribute their perspectives.
For those interested in making a submission, the deadline is set for October 10. This engagement provides an opportunity for community members and industry players to influence the future functionality and efficiency of these pivotal insurance and care schemes.
By continually assessing and gathering feedback, NSW aims to ensure that these schemes continue to effectively serve the public's needs while adapting to changing circumstances and requirements within the sector.
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