Bank Negara to address third party insurance issues

WEALTH PROTECTION

PETALING JAYA: Bank Negara is scheduled to address key issues involving third party bodily injury and death motor insurance on April 20.

The central bank is currently working with the relevant authorities and stakeholders to formulate a basic scheme for third party bodily injury and death, it said in a media advisory.

This is to provide an appropriate level of protection to the public, it added.

A local daily highlighted that some of the proposals that were discussed in a briefing yesterday at the central bank included a liability limit of RM2mil, limited legal recourse and an increase in motor insurance premiums.

These are among the proposals for the implementation of a controversial insurance scheme that aims to cap third party claims, the report said.

The report, citing sources, also said that the claims would be settled within a month.