I believe other factors such as overseas expansion and good investment markets have been greater influences. This justification is in relation to their CTP portfolios. Results in other classes of business in NSW, other parts of Australia or overseas or capital appreciation of their listed shares are irrelevant. The MAA can refuse an insurer's requested premium if it does not adequately fund CTP liabilities. More recently Parliaments, both Federal and State, have reduced lawyers' privileges.
Lawyer bashing is therefore neither new nor restricted to insurers.
It is hardly going to stop by suggesting that insurers should cross-subsidise their CTP operations from other operations, even if the MAA would allow it. The Law Society of New South Wales is the professional association for the solicitors branch of the legal profession in the State of New South Wales, Australia. 170 Phillip Street, Sydney NSW 2000, Australia.