The Independent Consumer & Competition Commission (‘ICCC’) would like to inform relevant stakeholders and the general public that the ICCC has approved the maximum allowable premium rates to be charged by Motor Vehicle Insurance Limited (MVIL)  as of 1^st January 2024 for Compulsory Third-Party Motor Vehicle Insurance. MVIL may exercise the option to charge less than these maximum allowable premiums.

1. Maximum Net Premium by Vehicle Class for the 2024 Regulatory Year (Kina)
   

   VEHICLE NUMBER	VEHICLE CLASS	VEHICLE CATEGORY	APPROVED 2024 MNP
   10	SEDAN – PRIVATE	Smaller Car – Private	492.00
   11	STATION WAGON – PRIVATE	Smaller Car – Private	492.00
   12	VAN WITH 9 SEATS OR LESS – PRIVATE	Larger Car (excl Utility) –Private	671.31
   13	SEDAN – RELIGIOUS	Smaller Car – Private	492.00
   14	STATION WAGON – RELIGIOUS	Smaller Car – Private	492.00
   15	VAN WITH 9 SEATS OR LESS – RELIGIOUS	Larger Car (excl Utility) –Private	671.31
   16	SEDAN – MEDICAL PRACTITIONER	Smaller Car – Private	492.00
   17	STATION WAGON – MEDICAL PRACTITIONER	Smaller Car – Private	492.00
   18	9 SEATER VAN – RELIGIOUS USE	Larger Car (excl Utility) –Private	671.31
   19	AMBULANCE – HEARSE	Smaller Car – Private	492.00
   20	SEDAN – BUSINESS	Smaller Car- Business	440.77
   21	STATION WAGON – BUSINESS	Smaller Car- Business	440.77
   22	BUS WITH LESS THAN 9 SEATS – GENERAL	Larger Car (excl Utility) –Private	671.31
   23	STATION WAGON SHORT WHEEL BASED – PRIVATE	Smaller Car – Private	492.00
   24	STATION WAGON SHORT WHEEL BASED – BUSINESS	Smaller Car- Business	440.77
   25	STATION WAGON LONG WHEEL BASED – PRIVATE	Larger Car (excl Utility) –Private	671.31
   26	STATION WAGON LONG WHEEL BASED – BUSINESS	X Large Car -Low Risk	799.39
   30	UTILITY – BUSINESS	X Large Car -Low Risk	799.39
   31	VAN WITH 9 SEATS OR LESS – GENERAL	Larger Car (excl Utility) –Private	671.31
   32	VAN WITH MORE THAN 9 SEATS – GENERAL	X Large Car – High Risk	1,004.31
   33	TRUCKS – GENERAL	X Large Car – High Risk	1,004.31
   34	BUS WITH MORE THAN 9 SEATS – GENERAL	X Large Car -Low Risk	799.39
   35	PUBLIC MOTOR VEHICLES – GENERAL	PMV Buses	2,464.39
   36	TAXI – COMMERCIAL	Larger Car (excl Utility) –Private	671.31
   37	RENTAL OR HIRE CAR – RENTAL HIRE	Larger Car (excl Utility) –Private	671.31
   38	DRIVING SCHOOL VEHICLES	Larger Car (excl Utility) –Private	671.31
   39	MOBILE CRANE OR TRACTOR – GENERAL	Tractor/Trade Plate	350.51
   40	UTILITY – PRIVATE	Utility –Private	671.31
   41	UTILITY – RELIGIOUS	Utility –Private	671.31
   45	UTILITY EXCEEDING 1.25 TONNES – GENERAL	Utility exceeding 1.25 tonne	1,311.70
   50	TRADE PLATE – GENERAL	Tractor/Trade Plate	350.51
   60	MOTOR CYCLE – GENERAL	Motor Cycle	389.54
   70	TRAILER – GENERAL	Trailer	318.80
   80	THREE WHEELER – MINIDOR – DELIVERY VAN (GENERAL USE)	Smaller Car- Business	440.77
   81	THREE WHEELER – MINIDOR – PASSENGER VAN (GENERAL USE)	Smaller Car- Business	440.77
   82	THREE WHEELER – MINIDOR – MINI WAGON (< 9 SEATS)	Smaller Car- Business	440.77
   83	THREE WHEELER – MINIDOR – UTILITY BUSINESS	Smaller Car- Business	440.77
   84	THREE WHEELER – MINIDOR – UTILITY PRIVATE	Smaller Car – Private	492.00
   Three (3) New Vehicle classes
   85	VEHICLE IN EXTRACTIVE INDUSTRY	All vehicles, machines and equipment used in Extractive Industry	492.00
   86	VEHICLE IN AGRICULTURE INDUSTRY	All vehicles, machines and equipment used in the Agriculture Industry	492.00
   87	VEHICLE IN FORESTRY INDUSTRY	All vehicles, machines and equipment used in Forestry Industry	492.00

These rates are the actual maximum premiums to be charged by MVIL in the 2024 regulatory year and will come into effect from 1^st January 2024 to 31^st December 2024. These premiums are exclusive of 1% Insurance Commission Levy, 10% GST and 5% National Road Safety Council Levy.

Copies of the Gazette Notice with the approved premium schedule can be obtained from the ICCC’s website (www.iccc.gov.pg).

All enquiries in relation to this matter should be directed to Mrs. Stella Mirisa Kora, Executive Manager – Regulated Industries Division on 312 4600 or via email to skora@iccc.gov.pg.