The Compulsory Third Party (CTP) motor vehicles insurance industry has been declared by the Treasurer to be a regulated industry pursuant to section 26 of the Motor Vehicles (Third Party Insurance) Act (Chapter No. 295) (hereafter the ‘Motor Vehicles Act’).
In 2002 the Minister for Treasury declared under section 32 of the ICCC Act that:
• The provision of CTP motor vehicles insurance coverage to be a regulated service under section 32(1) of the ICCC Act; and
• Motor Vehicles Insurance Lminited (here after “MVIL”) to be a regulated entity under section 32(2) of the ICCC Act
MVIL is licensed under section 18 of the Insurance Act 1995 to provide CTP motor vehicles insurance coverage in Papua New Guinea.
This CTP Motor Vehicles Regulatory Contract is a contract that is binding on MVIL and the ICCC pursuant to section 35 of the ICCC Act and the Motor Vehicles Act.
This Contract regulates the premiums that MVIL shall charge for the provision of CTP motor vehicles insurance coverage and the charges that MVIL shall make for endorsements in respect of policies for that insurance.
Owners of motor vehicles are required under the Motor Vehicles Act to take out CTP motor vehicles insurance coverage with MVIL.
2014 MVIL Maximum Net Premiums