Compulsory third party insurer's licence - Queensland

Description

You will need this licence if you run an insurance business and intend to provide third-party car insurance policies. A third-party car insurance policy 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. It is compulsory in Queensland and must be taken out when registering a motor vehicle.

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 you must:

  • be a suitable person to hold the licence
  • have adequate experience in the business of general insurance
  • have sufficient financial resources to carry on business as a licensed insurer
  • have adequately experienced staff available in Queensland to administer personal injury claims under the CTP insurance scheme.

Duration

Continuity is subject to compliance with the licence requirements.

Fees

Fees Details for this service in table format.

Task Type Business Structure Description
Apply Miscellaneous All

No fees are payable for this licence.

Forms

Task Business Structure Resources
Apply All Application to operate as a compulsory third party insurer - Please contact the administering agency for information on forms to be submitted.

Application process

Apply

You can obtain this licence by submitting a written application to the agency, including:

  • a description of the applicant, the nature of its business and its experience in the business of general insurance in the State
  • a copy of the Act, charter, deed of settlement, memorandum and articles of association or other document by which the applicant is established
  • if the applicant is a body corporate limited by shares - particulars of the applicant's capital structure, the classes of its shares and its paid-up share capital and particulars of the applicant's shareholders
  • particulars of the applicant's directors, or the members of its governing body
  • particulars of the managers and staff who are to be involved in the applicant???s CTP insurance business
  • particulars of entities with which the applicant is associated in its insurance business
  • copies of the returns and accounts of the applicant for the last three years
  • copies of the applicant's returns for the last three years
  • full particulars of reinsurance arrangements or proposed reinsurance arrangements for the applicant's CTP insurance business
  • a business plan describing how the applicant???s CTP insurance business is to be conducted, including details about marketing, claims handling, the provision of rehabilitation services, the keeping of records, systems management and control of costs.

Transfer

You cannot transfer this licence.

Administering agency

Queensland Treasury

Motor Accident Insurance Commission

Contact details

Contact Email, Phone and Address Details for this service in simple two column table format, header then data.

Please use these contact details for help or more information:

Motor Accident Insurance Commission

Queensland Treasury

 Queensland
Operating address: Level 26, 1 William Street
BRISBANE
Queensland 4000
Mailing address: GPO Box 2203
Brisbane
Queensland 4001
Phone: 1300 302 568
Fax: 07 3220 6689
Website: http://www.maic.qld.gov.au (Opens in new window)