South Australian Consolidated Acts South Australian Consolidated Acts14—Functions and objectives of Commission
(1) The functions of
the Commission are—
(a) to
provide policies of compulsory third party insurance under Part 4 of the
Motor Vehicles Act 1959 , and to be the sole approved insurer under that
Part until such time as the Minister responsible for the administration of
that Act forms the view that it would be in the best interests of the State to
invite and approve other persons or bodies of persons to be insurers under
that Part;
(b) to
maintain the Compulsory Third Party Fund;
(c) to
perform the functions of the nominal defendant while the Commission holds that
office under Part 4 of the Motor Vehicles Act 1959 ;
(d) to
provide financial or other support for and promote programs designed to reduce
the incidence or impact of road accidents and road accident injuries;
(e) to
carry on any other residual insurance business arising from its earlier
operations as the State Government Insurance Commission (but only in order to
wind up that business);
(f) to
perform any functions of a kind prescribed by regulation;
(g) to
perform any functions that are necessary or convenient for or incidental to
the performance of functions referred to above.
(2) The Commission may
perform its functions within or outside the State.
(3) The principal
objectives of the Commission in providing compulsory third party insurance
are—
(a) to
achieve and maintain a sufficient level of solvency in the Compulsory Third
Party Fund; and
(b) to
minimise premium charges having regard to the Commission's objective of
achieving and maintaining a sufficient level of solvency in the Fund; and
(c) to
deal with claims for compensation in accordance with law as expeditiously as
possible.