In the last ten years at least ten schemes have made or proposed changes in their common law arrangements. All academic and policy research argues that common law is far inferior to other arrangements and we predicted 15 years ago that common law access would not exist today. We were wrong! Debate regarding common law access and design has been and will continue to be a very controversial topic due to the many stakeholders involved.
When common law is considered by schemes, sustainability is always one of the main concerns. Generally one or more of three controls is considered:
- Restricting common law to serious injuries
- Some degree of reduction of entitlements to various heads of damage
- Some control over legal and litigation costs
This presentation will compare and contrast examples of common law scheme design changes with a focus on sustainability.
About the Author
Geoff Atkins is a Principal of Finity and his experience covers a wide range of insurance issues in both the public and private sectors. He has been an adviser to many insurance and reinsurance companies and also to a number of CTP and workers compensation schemes in Australia and NZ.Download the presentation Download the paper