10Compulsory comprehensive motor vehicle insurance

10 Compulsory comprehensive motor vehicle insurance

10 Compulsory comprehensive motor vehicle insurance

(1) For the purposes of section 54C (3) of the Act, a comprehensive motor vehicle insurance policy required by section 54C (1) of the Act—

(a) must provide cover of at least $5,000,000 against any liability for damage to property caused by or arising out of the use of any motor vehicle to which the policy relates, and

(b) must indemnify each person for the time being receiving driving instruction or undertaking a driving test by means of or in connection with any such motor vehicle in relation to any damage (including any excess payable on a claim) arising out of the use of the motor vehicle, and

(c) must be maintained with a corporation authorised under the Insurance Act 1973 of the Commonwealth to carry on insurance business.

(2) Transport for NSW may exempt a person from compliance with section 54C (1) of the Act.