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Motor Accident Commission (MAC)

Financial statistics
Outstanding claims liability: $1712 million
   
Other financial assets: $1922 million
   
Assets held for sale: $588 million
   
Net result: $313 million
   
Number of FTEs: 36.1

Compulsory Third Party (CTP) Fund assets exceeded the targeted solvency level by $406 million (119% of the targeted level).


Significant events and transactions
  • From 1 July 2016 MAC ceased its role as the provider of CTP insurance.
  • MAC made a $448.5 million payment to the Highways Fund as a return of capital.
  • The outstanding claims liability reduced by $166 million.
  • MAC’s investment property portfolio was offered for sale through an expression of interest.
  • $120 million of premiums received by MAC before 1 July are recognised as payables to the four new private insurers and the CTP insurance regulator.

Financial statement opinion
Unmodified

Financial controls opinion
Unmodified