Third-Party Car Insurance (Green Slip) Licence - New South Wales

Description

You will require this licence if you run an insurance business and intend to provide third-party car insurance policies (also known as a Green Slip).

A third-party car insurance policy is an insurance policy which insures the owner of a motor vehicle against liability for the injury or death of people caused by the owner or driver of the vehicle.

Third-party car insurance is compulsory in NSW and must be taken out when registering a motor vehicle. It is regulated by the NSW State Insurance Regulatory Authority (SIRA).

The authority will conduct an extensive review of your previous business practices when you submit an application.

Please consult the Contact Officer for more information.

Service type

Licence

A licence defines the need to obtain recognition / certification and registration to undertake a certain business activity.

Eligibility requirements

To be eligible for this licence you must:

  • be a corporation authorised by the Commonwealth Government to carry on an insurance business
  • be a party to the Insurance Industry Deed
  • complete an application with all the required information and documentation.

Please consult the Contact Officer for more information regarding eligibility requirements.

Ongoing eligibility requirements

As a licensed third-party insurance provider in New South Wales, you must:

  • notify the State Insurance Regulatory Authority of the amount of all third-party insurance premiums received for a specified time period
  • provide the authority with a business plan for your third-party insurance business when requested
  • revise your business plan every 12 months or whenever the authority directs you to do so
  • keep all records related to the running of the insurance business and provide them to the authority when required to do so.

Duration

A licence is in force until it is cancelled.

Fees

Fees Details for this service in table format.

Task Type Business Structure Description
Apply Application All

Please consult the Contact Officer for information on fees to be submitted.

Forms

Task Business Structure Resources
Apply All Third-Party Car Insurance Licence Application - Please consult the Contact Officer for information on forms to be submitted.

Act(s) name

Motor Accidents Compensation Act 1999 NSW

Regulation(s) name

Motor Accidents Compensation Regulation 2015 NSW

Additional information

The State Insurance Regulatory Authority may place conditions on your licence. You may be asked to provide additional documentation with your application. The authority may order an audit of your business. You have the right request an administrative review of any decision made by the authority.

Administering agency

Department of Finance, Services and Innovation

State Insurance Regulatory Authority