Wednesday April 7, 2010

CAP hails Najib’s statement on insurance

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.

On Sunday, Datuk Seri Najib Tun Razak had in a televised interview said consultation was necessary before committing to the new policy.

CAP legal adviser Jessica Binwani said Najib had captured in essence what CAP and other interested parties had been saying – that Bank Negara should have consulted them before drafting the proposed scheme.

“Since the new scheme is going to have far-reaching consequences to the public, there must be proper disclosure by Bank Negara and meaningful engagement and consultations with all stakeholders,” she said.

Under the new scheme, motor vehicle accident victims may only be compensated for injuries and not for other vagaries such as loss of current and future income.

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