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SIRA bulletin - Issue 11

A new insurer enters the CTP market

The State Insurance Regulatory Authority (SIRA) Chief Executive, Carmel Donnelly, has today announced that SIRA intends to issue a licence to Youi Pty Ltd to become a licensed CTP insurer.

SIRA expects to welcome Youi to the NSW motor accidents CTP scheme from 1 December 2020.

This is good news for motorists as increased competition in the market will encourage even better premium affordability.

Following a rigorous application process, Youi was found to meet all requirements under division 9.1 of the Motor Accident Injuries Act 2017 for the licensing of CTP insurers.

SIRA is satisfied that Youi has the financial sustainability and capacity to effectively deliver services to policy holders and injured road users.

Youi will be the first insurer onboarded into the NSW motor accidents CTP scheme since the 2017 reforms.

The reforms have delivered substantially cheaper premiums for most motorists in NSW.

Motorists will be able to compare Youi CTP Green Slip quotes to other insurers in the Green Slip Check from 1 December 2020.

The Green Slip Check increases transparency so that motorists get the best possible price, and it is the quickest and easiest way to quote and purchase CTP insurance.

You can access the Green Slip Check at www.greenslips.nsw.gov.au

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Contact SIRA on 1300 656 919 for any CTP enquiries or on 13 10 50 for workers compensation and home building enquiries. You can also email us at contact@sira.nsw.gov.au