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Government considering No Fault Motor Insurance

Wednesday, August 19,
Source: CNA

SINGAPORE : The government is considering whether to introduce a no—fault motor insurance regime in Singapore. MP for Aljunied GRC, Yeo Guat Kwang, had asked if the Monetary Authority of Singapore (MAS) is satisfied with the current motor insurance compensation scheme under the current law. In a written reply, MAS Chairman and Senior Minister, Goh Chok Tong, said the country does not have a statutory motor insurance compensation regime for accidents. But the law does require a motorist to buy compulsory third—party insurance. So if a person has suffered from the negligence of another in a motor accident, that person can seek recourse from the negligent party for compensation. MAS said it is aware of the increase in insurance claims and rise in motor insurance premiums, so it will work with relevant government agencies and stakeholders to study this issue carefully.

If the government really implements this, lets hope it will reduce the premiums across the board, we need to save more money $$ !! :-)

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