The government has issued important materials which (i) inform of the discount rate-setting consultation with the Government Actuary and Treasury and (ii) introduce and set out draft regulations by which insurers will be expected to account for savings arising from the provisions in the Act.
Regrettably, this is not a comprehensive update on the whiplash and small claims reforms that are due to be implemented in just over a year. The title is, however, the heading used by Justice Minister Lord Keen in a recent letter about these reforms to the Justice Select Committee.
On 19 March 2019, the Scottish Government Minister for Community Safety told the Scottish Parliament that she expects this Bill “to save defenders money”. This can perhaps be taken as a Scottish Government indication that the new Personal Injury Discount Rate (PIDR) for Scotland will be higher than the present -0.75% one. Given the prescriptive formula set by the legislation and to be applied by the Government Actuary, this government indication has to be treated with some caution.