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Saturday, 17 April 2010

Third Party Bodily Injury and Death (TPBID)

Due to the popularity of the TPBID topic, we compile below all our previous posts on TPBID:

Insurance News It would be interesting to see what solution/proposal BNM comes up with on TPBID Tuesday next week. So far the unofficial sources seem to think that the scheme will have a cap of RM2 mil, claims to be settled within 1 month and an increase in premium. For compilation of earlier posts on TPBID, visit: http://bit.ly/at9Ont
PETALING JAYA: Bank Negara is scheduled to address key issues involving third party bodily injury and death motor insurance on April 20.
April 17, 2010

Insurance News The proposed TPBID compensates for injuries but does not cover other vagaries such as loss of current and future income.

KLANG: The Consumers Asso­ciation of Penang (CAP) has welcomed the Prime Minister’s statement that he will tell Bank Negara to consult all interested parties with regard to the proposed new basic motor insurance coverage for third-party injuries and death.

April 7, 2010

Insurance News FOMCA proposes that a fund be setup and managed by government to resolve the TPBID issue. Those who are injured in car accident can seek compensation from the fund. This approach is used in Australian and NZ. The fund can operate in a similar fashion as SOCSO and is to be funded by the public.

(雪蘭莪‧八打靈再也)大馬消費人聯合會(FOMCA)總秘書莫哈末沙阿尼建議當局設立一個由政府管理的基金,讓任何在車禍受傷的人士索取賠償金,減少涉 及三號車險的投保人、保險業者及第3方的爭議。

April 6, 2010

Insurance News PM instructed BNM to consult consumer groups before finalising TPBID scheme. The scheme apparently has a cap of RM100,000 compensation. PM also took note of the loss suffered by the industry in motor insurance. http://bit.ly/aBs7Be

BANK Negara Malaysia (BNM) must take into consideration the plight of the people when proposing new basic motor insurance coverage for third-party bodily injury and death, just like enacting any other policy. ...

April 5, 2010

Insurance News The TPBID plan will be finalised by middle of this year and a special company may be formed to oversee the plan. http://bit.ly/ca8uVy

KUALA LUMPUR: The decision to introduce a new basic motor insurance coverage will be finalised by the middle of the year, Second Finance Minister Datuk Ahmad Husni Hanadzlah said.

March 31, 2010

Insurance News While TPBID's plan features are still being finalised, there is a widespread fear that the claims amount would be capped and civil suit would be the only recourse to get additional compensation. http://bit.ly/buBBHN

KLANG: Motorists injured in road accidents may find themselves in limbo due to lack ofcompensation when the new basic third party motor insurance coverage scheme for bodily injury and death is introduced on July 1.

March 30, 2010

Insurance News The TPBID saga continues ... Bar Council has gone to politicians to apply pressure on BNM. http://bit.ly/cIfMVK

KUALA LUMPUR: The Bar Council Malaysia submitted a memorandum to the Barisan Nasional Backbenchers Club yesterday in Parliament to oppose Bank Negaras newly proposed third party motor insurance coverage scheme for bodily injury and death.

March 23, 2010

Insurance News Consultation on TPBID will commence next month and the scheme is targeted to kick in by end of Q3. BNM's corporate comm has issued statement in response to the views expressed by the Bar Council in particular on the cap placed on the compensation (see our earlier post on March 14). http://bit.ly/di2LHk

RESPONDING to recent public interest and media coverage on the above, we would like to provide the following updates. In developing the new Third Party Bodily Injury and Death (TPBID) Scheme, Bank Negara ...

March 22, 2010

Insurance News The Bar Council thinks that basic and affordable motor insurance scheme as proposed by BNM would be detrimental to motor accident victims, as well as their families and dependants. BNM is urged to consult various stakeholders. On March 5, BNM announced that it needed more time to finalise the scheme as it wanted to consult various parties. http://bit.ly/cfKHMg

KUALA LUMPUR: Bank Negara and the Government should be more transparent about a proposed scheme on basic motor insurance coverage for third-party bodily injury and death, said the Bar Council.

March 14, 2010

Insurance News The basic and affordable motor insurance scheme as announced in Budget 2010 would need more time before becoming a reality. Consultation with various stakeholders by BNM is required. No indication of timeline was given by BNM. http://bit.ly/aj38dj

The Government, during the Budget 2010 Announcement, had announced the need to provide a basic motor insurance coverage for third party bodily injury and death (TPBID), at a reasonable premium that is commensurate with the level of protection provided...

March 5, 2010

Insurance News Government has no plans to scrap 3rd party motor insurance. http://bit.ly/4VNeiG

KUALA LUMPUR: The Government has no plans to scrap third-party insurance and insurance coverage for old cars valued at RM10,000 and below, Finance Minister Datuk Seri Najib Tun Razak said.

November 24, 2009

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