❓ Mr. Wyatt questions the Premier regarding assurances given to the RAC about ICWA dividend payments and whether the Liberal Party planned to change the law to allow such payments. The Premier defends the policy change, stating it's appropriate for ICWA to pay dividends like other government enterprises.
AnsweredQoN 250Legislative Assembly
QuestionView source ↗
INSURANCE COMMISSION OF WESTERN AUSTRALIA —
STATE REVENUE
250. Mr B.S. WYATT to the Premier:
I refer to today's media statement from the RAC which
states, in part —
''Prior to the State
election the RAC sought assurances from both major parties that ICWA would not
be used as a source of additional funds for government through the calling-in
of special dividend payments,''
''The RAC had been reassured
by the State government's response that the ICWA Act did not allow the payment of such dividends.
(1) Did the
Premier inform the RAC that, despite the Insurance Commission of Western
Australia Act not allowing the payment of dividends, the Liberal Party's
policy was that if it won the election it would change that law to allow for
the payment of dividends?
(2) If no to
(1), why not?
STATE REVENUE
250. Mr B.S. WYATT to the Premier:
I refer to today's media statement from the RAC which
states, in part —
''Prior to the State
election the RAC sought assurances from both major parties that ICWA would not
be used as a source of additional funds for government through the calling-in
of special dividend payments,''
''The RAC had been reassured
by the State government's response that the ICWA Act did not allow the payment of such dividends.
(1) Did the
Premier inform the RAC that, despite the Insurance Commission of Western
Australia Act not allowing the payment of dividends, the Liberal Party's
policy was that if it won the election it would change that law to allow for
the payment of dividends?
(2) If no to
(1), why not?
AnswerView source ↗
(1)–(2)
The legislation before the Parliament at present makes provision for ICWA to
pay dividends. That is a correct policy position. It was a decision made
subsequent to the election campaign and, as the Treasurer explained today,
ICWA, through motor vehicle third party insurance and also through being an
insurer for government, loses money, overall, on that. It also has a
significant investment portfolio which generates enough money to cover the
losses on insurance. There is then, if you like, a surplus above that and ICWA,
like any other government agency, should pay a percentage of that as a dividend
to government—just as any other government trading enterprise does.
That is entirely appropriate and, indeed, why should ICWA be given preferential
—
Several
members interjected.
Mr C.J. BARNETT : Mr Speaker, I am
trying to speak.
Mr W.J. Johnston: You asked a question!
The SPEAKER: Member
for Cannington, there are plenty of opportunities to ask further questions. I
call you to order for the first time.
Mr C.J. BARNETT :
In a wider insurance industry, why should ICWA be given any privileged position
above any other insurer in the whole industry?
The legislation before the Parliament at present makes provision for ICWA to
pay dividends. That is a correct policy position. It was a decision made
subsequent to the election campaign and, as the Treasurer explained today,
ICWA, through motor vehicle third party insurance and also through being an
insurer for government, loses money, overall, on that. It also has a
significant investment portfolio which generates enough money to cover the
losses on insurance. There is then, if you like, a surplus above that and ICWA,
like any other government agency, should pay a percentage of that as a dividend
to government—just as any other government trading enterprise does.
That is entirely appropriate and, indeed, why should ICWA be given preferential
—
Several
members interjected.
Mr C.J. BARNETT : Mr Speaker, I am
trying to speak.
Mr W.J. Johnston: You asked a question!
The SPEAKER: Member
for Cannington, there are plenty of opportunities to ask further questions. I
call you to order for the first time.
Mr C.J. BARNETT :
In a wider insurance industry, why should ICWA be given any privileged position
above any other insurer in the whole industry?
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