3TPremiums

##### 3T. Premiums (1) At least once in each financial year, the Commission is to make an assessment of the extent to which the premium income of the Commission as estimated on the basis of existing scales of premiums, together with other income expected to be received under and for the purposes of this Act and the MVWA(CI) Act by the Commission, will be sufficient to meet claims, payments, costs and other expenses anticipated to arise or to be incurred under this Act and the MVWA(CI) Act. (1A) The reference in subsection (1) to other income expected to be received under, and to claims, payments, costs and other expenses anticipated to arise or to be incurred under, the MVWA(CI) Act is limited to that income and to those claims, payments, costs and other expenses that relate to motor vehicle injuries to which that Act applies. (2) Before making an assessment under subsection (1), the Commission shall procure and consider an actuarial report on the Fund and the Motor Vehicle and Workplace Accidents (Catastrophic Injuries) Fund established under the *Insurance Commission of Western Australia Act 1986* section 16(1)(b). (3) If, having regard to an assessment made under subsection (1), the Commission is of the opinion that the existing scales of premiums are likely to be insufficient or excessive, the Commission shall submit for the approval of the Minister its recommendations for new scales of premiums and at the same time shall furnish to the Minister a copy of the actuarial report referred to in subsection (2). (4) The Minister may approve or refuse to approve recommended scales of premiums submitted under subsection (3) or may invite the Commission to review all or any of its recommendations. (5) If under subsection (4) the Minister invites the Commission to review all or any of its recommendations, the Commission shall proceed to do so and after such a review the Commission may submit further recommendations for the approval of the Minister. [Section 3T inserted: No. 81 of 1982 s. 14; amended: No. 51 of 1986 s. 46(2); No. 15 of 2006 s. 6; No. 8 of 2016 s. 47; No. 21 of 2023 s. 684.]