Six green slip providers in NSW are licensed to sell CTP insurance: AAMI, Allianz, CIC Allianz, GIO, NRMA Insurance and QBE. These six CTP insurers are owned by four financial services companies.
CTP is regulated because it is a compulsory public requirement provided by private companies. State Insurance Regulatory Authority (SIRA) is the government body responsible for statutory oversight of green slip providers. Insurers set their own prices but must submit them to SIRA at least once a year. SIRA rejects prices if they are excessive, do not fund the insurer’s liability or fail to meet insurer guidelines.
By law all green slips must offer exactly the same cover. Consider three main factors when choosing a CTP insurer:
- At-Fault Driver Cover – an extra free benefit with green slips from NRMA Insurance, Allianz and GIO
- Ease of access to insurers for payments or renewals.