Third-party motor cover from MMIP

The Star, Saturday, May 16, 2009, PETALING JAYA: Members of the public who are unable to get third-party insurance coverage from individual insurance companies are advised to obtain coverage from the Malaysian Motor Insurance Pool (MMIP).
MMIP is a pool contributed by all insurance companies and deemed as the insurer of last resort.

Recently, there had been reports that motor vehicle owners had experienced some difficulties in obtaining third-party motor vehicle coverage.

Deputy Finance Minister Datuk Wira Chor Chee Heung met officials from the Finance Ministry, Bank Negara and representatives from Persatuan Insurans Am Malaysia (PIAM) yesterday to discuss issues regarding motor vehicle insurance, especially the issuance of third-party motor vehicle insurance.

In a statement, the ministry said that Chor subsequently instructed Bank Negara to resolve the matter together with PIAM.

Chor wants both parties to jointly come up with balanced short and long-term resolutions which would be amicable to all stakeholders, namely insurance companies, consumers and regulators.

PIAM said that insurance companies were willing to issue coverage but hefty losses due to large claims from third-party coverage had resulted in it being a non-viable business.

Source from: The Star Online, URL:
http://biz.thestar.com.my/news/story.asp?file=/2009/5/16/business/3919991&sec=business