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House of Assembly - Fifty-First Parliament, Third Session (51-3)
2009-09-10 Daily Xml
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MOTOR ACCIDENT COMMISSION

Mr GRIFFITHS (Goyder—Deputy Leader of the Opposition) (14:45): I have a supplementary question, if I may, Mr Speaker, and it refers to the Treasurer's answer. Given the concern that you have held for some time for the solvency rate of the Motor Accident Commission and your announcement yesterday of the solvency rate being 91.7, can you confirm to the house how often since 30 June you have received briefings on what the solvency rate is?

The Hon. K.O. FOLEY (Port Adelaide—Deputy Premier, Treasurer, Minister for Industry and Trade, Minister for Federal/State Relations) (14:45): I meet monthly with the Chairman and CEO of the Motor Accident Commission and, at those meetings, they update me on the financial position of the Motor Accident Commission.

Mrs Redmond interjecting:

The Hon. K.O. FOLEY: I do not have that information right in front of me. I have just said to you in that last answer that I will get you that information. I do not carry solvency ratios to the exact percentage point or the dollar point in my head. You may be cleverer than me but I do not have that on hand. My office, I am sure, are listening to this and, as diligent as they are, they will—

Mrs Redmond: Are they going up or down?

The Hon. K.O. FOLEY: We will have that information for you shortly. As I said, I meet monthly with Mr Cook and Mr Daniels and am updated on their financial position. My guess is—and I will wait until we have the actual information from my office—it is probably around the same situation as at 30 June, maybe a little bit better. Also, remember that the operation of the motor accident scheme is not just about investment: it is also about accident rates, costs and the operational side of the business in terms of claims costs, etc. There are a number of factors and payouts. You only have to have a serious, traumatic settlement—

The Hon. P.F. Conlon: One catastrophic accident.

The Hon. K.O. FOLEY: —a catastrophic accident—where you make a very large lump sum payment, and that has a very serious material impact in the short term on the solvency. But I am asking my office via the microphone to get me that information and I am happy to get it and give it to you.

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