PUBLIC NOTICE: MAXIMUM PREMIUMS FOR MOTOR VEHICLE INSURANCE LIMITED EFFECTIVE AS OF 1ST JANUARY 2025

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by ncholohei | Dec 17, 2024 | Public Notice | 0 comments

MAXIMUM PREMIUMS FOR MOTOR VEHICLE INSURANCE LIMITED EFFECTIVE AS OF 1ST JANUARY 2025

The Independent Consumer and 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 the Motor Vehicle Insurance Limited (‘MVIL’) as of 1^st January 2025 to 31^st December 2025 for Compulsory Third-Party Motor Vehicle Insurance. MVIL may exercise the option to charge less than the maximum allowable premium.

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.

MAXIMUM NET PREMIUM BY VEHICLE CLASS FOR THE 2025 REGULATORY YEAR

VEHICLE NUMBER	VEHICLE CLASS	VEHICLE CATEGORY	APPROVED 2025 MNP
10	SEDAN – PRIVATE	Smaller Car – Private	509.30
11	STATION WAGON – PRIVATE	Smaller Car – Private	509.30
12	VAN WITH 9 SEATS OR LESS – PRIVATE	Larger Car (excl Utility) –Private	694.94
13	SEDAN – RELIGIOUS	Smaller Car – Private	509.30
14	STATION WAGON – RELIGIOUS	Smaller Car – Private	509.30
15	VAN WITH 9 SEATS OR LESS – RELIGIOUS	Larger Car (excl Utility) –Private	694.94
16	SEDAN – MEDICAL PRACTITIONER	Smaller Car – Private	509.30
17	STATION WAGON – MEDICAL PRACTITIONER	Smaller Car – Private	509.30
18	9 Seater Van – Religious Use	Larger Car (excl Utility) –Private	694.94
19	AMBULANCE – HEARSE	Smaller Car – Private	509.30
20	SEDAN – BUSINESS	Smaller Car- Business	456.26
21	STATION WAGON – BUSINESS	Smaller Car- Business	456.26
22	BUS WITH LESS THAN 9 SEATS – GENERAL	Larger Car (excl Utility) –Private	694.94
23	STATION WAGON SHORT WHEEL BASED – PRIVATE	Smaller Car – Private	509.30
24	STATION WAGON SHORT WHEEL BASED – BUSINESS	Smaller Car- Business	456.26
25	STATION WAGON LONG WHEEL BASED – PRIVATE	Larger Car (excl Utility) –Private	694.94
26	STATION WAGON LONG WHEEL BASED – BUSINESS	X Large Car -Low Risk	827.55
30	UTILITY – BUSINESS	X Large Car -Low Risk	827.55
31	VAN WITH 9 SEATS OR LESS – GENERAL	Larger Car (excl Utility) –Private	694.94
32	VAN WITH MORE THAN 9 SEATS – GENERAL	X Large Car – High Risk	1039.71
33	TRUCKS – GENERAL	X Large Car – High Risk	1039.71
34	BUS WITH MORE THAN 9 SEATS – GENERAL	X Large Car -Low Risk	827.55
35	PUBLIC MOTOR VEHICLES – GENERAL	PMV Buses	2551.40
36	TAXI – COMMERCIAL	Larger Car (excl Utility) –Private	694.94
37	RENTAL OR HIRE CAR – RENTAL HIRE	Larger Car (excl Utility) –Private	694.94
38	DRIVING SCHOOL VEHICLES	Larger Car (excl Utility) –Private	694.94
39	MOBILE CRANE OR TRACTOR – GENERAL	Tractor/Trade Plate	359.53
40	UTILITY – PRIVATE	Utility –Private	694.94
41	UTILITY – RELIGIOUS	Utility –Private	694.94
45	UTILITY EXCEEDING 1.25 TONNES – GENERAL	Utility exceeding 1.25 tonne	1357.96
50	TRADE PLATE – GENERAL	Tractor/Trade Plate	359.53
60	MOTOR CYCLE – GENERAL	Motor Cycle	403.21
70	TRAILER – GENERAL	Trailer	328.33
80	THREE WHEELER – MINIDOR – DELIVERY VAN (GENERAL USE)	Smaller Car- Business	456.26
81	THREE WHEELER – MINIDOR – PASSENGER VAN (GENERAL USE)	Smaller Car- Business	456.26
82	THREE WHEELER – MINIDOR – MINI WAGON (< 9 SEATS)	Smaller Car- Business	456.26
83	THREE WHEELER – MINIDOR – UTILITY BUSINESS	Smaller Car- Business	456.26
84	THREE WHEELER – MINIDOR – UTILITY PRIVATE	Smaller Car – Private	509.30
Three (3) New Vehicle classes
85	VEHICLE IN EXTRACTIVE INDUSTRY	All vehicles, machines and equipment used in Extractive Industry	509.30
86	VEHICLE IN AGRICULTURE INDUSTRY	All vehicles, machines and equipment used in the Agriculture Industry	509.30
87	VEHICLE IN FORESTRY INDUSTRY	All vehicles, machines and equipment used in Forestry Industry	509.30

These rates are the actual maximum premiums to be charged by MVIL in the 2025 regulatory year and will come into effect on and from 1^st January 2025. These premiums are exclusive of 1% Insurance Commission Levy, 10% GST and 5% National Road Safety Council Levy.

Copies of the gazette notice with 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 and Productivity Division on 3124600 or via email on skora@iccc.gov.pg.

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