The Premiums Board was established by the 1973 Motor Accidents (Liabilities and Compensation) Act. It consisted of a chairman appointed by the Governor and two assessors so appointed.;;The function of the Board was to submit an annual report to the Minister regarding the adequacy and suitability of the premiums prescribed under the Act and to make recommendations in relation to the amounts of those premiums. It was also called upon to provide advice to the Minister relating to any matter arising in connection with the Act and to report thereon.;;The first meeting of the Premiums Board of Tasmania was held on 17 September 1974.