MAIC

The MAIC stand for Motor Accident Insurance Commission and it is the regulatory authority responsible for the ongoing management of the Compulsory Third Party scheme in Queensland. MAIC was established under the Motor Accident Insurance Act 1994, and commenced operations on 1 September 1994 as a statutory body reporting to the Treasurer.

The Chief Executive of the Commission is the Insurance Commissioner who, in this capacity, is also the Nominal Defendant. The MAIC is funded by a statutory levy payable with the CTP insurance premium, interest earned on investment of the Motor Accident Insurance Fund and revenue from compliance fines, combined with a small surplus from the statutory levy, fund the Commission's research initiatives.

The key functions of MAIC are:

• licensing and supervising CTP insurers;
• monitoring the operation of the scheme;
• fixing the range within which each insurer's premium must fall and recommending to Government the levies payable;
• promoting research, education and the infrastructure to facilitate the rehabilitation of the injured person;
• developing and maintaining a claims register and statistical database for the purpose of providing management information; and
• administering the Nominal Defendant Fund.

Source: MAIC website.