Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Premier Carr can act on HIH.



Download PDFDownload PDF

MINISTER FOR FINANCIAL SERVICES AND REGULATION

NO. FSR/032

Premier Carr can act on HIH

Premier Carr should face up to the fact that the NSW Government can help HIH policyholders.

Compulsory Third Party is a State-guaranteed scheme in NSW. It is extraordinary for the Premier to try and avoid his own responsibilities in relation to his own legislated insurance scheme.

NSW and Queensland are the only States where HIH has been involved in Compulsory Third Party insurance.

Premier Carr's scheme permitted HIH involvement and now he is attempting to avoid his responsibilities.

It is his scheme, so he should take action and follow the advice of his own bureaucrats from the Motor Accidents Authority to raise funds for his CTP shortfall.

The Carr Government has the power to follow Western Australia and introduce a levy to back the NSW State Scheme. (Western Australia recently put in place a 5% statutory levy on its State-guaranteed Workers Compensation Scheme to make up for an HIH induced shortfall).

The provisional liquidator has not been able to quantify HIH's liability on CTP. But Premier Carr has information about his own CTP scheme and has the capacity to act quickly.

2 May 2001

Media contact: Matthew Abbott, Minister's office 02 6277 7230, 0413 076 213  

what's new | press releases | speeches | about the portfolio | biographical details | contact | search | links | copyright information | disclaimer | privacy statement

Site Last Updated: Wednesday, May 02, 2001 2:37:32 PM AEST