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Annual Report 2015 Motor Accidents (Compensation) Commission (MACC)



Annual Report 2015 Motor Accidents (Compensation) Commission (MACC)

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Tabled paper 1556


Tabled Papers for 12th Assembly 2012 - 2016; Tabled Papers; ParliamentNT






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Northern Territory Motor Accidents (Compensation) Commission Annual Report 2015 Page 101 Territory Insurance Office Appendices Territory Insurance Office Appendices Motor Accidents (Compensation) Commission Annual Report 2014/2015 87 Appendix 1 of the Annual Report Regulatory Capital Under the Motor Accidents Compensation Commission Act, MACC is regulated for prudential purposes by the Northern Territory Government through Treasurer Determinations that state the MAC Fund must separately comply with all APRA prudential standards unless any standard is specifically exempted. MAC Fund The MAC fund is exempted from the APRA prudential standards GPS110 to GPS 116. The solvency of the MAC Fund is measured as a ratio of Retained Earnings to Net Outstanding Claims. As at 30 June 2015, the Solvency ratio was 39.08%. Motor Accidents (Compensation) Commission Notes to the Financial Statements 30 June 2015 Motor Accidents (Compensation) Commission Annual Report 2014/2015 86 37. Events subsequent to balance date There are no events subsequent to balance date. 38. Contingent liabilities and contingent assets a) Contingent liabilities MACC has legal matters in progress which arise in the normal course of business. MACC defends such matters; however the outcome and quantum of any liabilities are contingent upon the Courts decisions. b) Contingent assets MACC has no contingent assets.

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