Changes to motor insurance claims put off to June

This story was printed from TODAYonline

Changes to motor insurance claims put off to June
Tuesday • April 29, 2008

THE General Insurance Association (GIA) has decided to postpone the implementation of changes to the motor insurance claims framework by nearly a month to June.

No other details were given, except that a news briefing will be held on May 27. Channel NewsAsia understands that the industry body held a briefing for insurance companies last Friday

Under the new system, motorists will have to report accidents to their insurers within 24 hours. They will enjoy a new one-stop service, with the insurer handling all paperwork, inspection and repairs, even for third-party claims. Today was told the delay was not due to a lack of consensus or support in the industry. On the contrary, a source said: “It’s been well received by the market.”

But the changes are “complex” and the GIA’s 31 members have much to discuss in relation to presenting the changes with a united face.

“This is taking a bit more time than originally thought,” the source added. “We want to get it right and get maximum buy-in.”

About the Author

Ivan Guan is the author of the popular book "FIRE Your Retirement". He is an independent financial adviser with more than a decade of knowledge and experience in providing financial advisory services to both individuals and businesses. He specializes in investment planning and portfolio management for early retirement. His blog provides practical financial tips, strategies and resources to help people achieve financial freedom. Follow his Telegram Channel to join the FIRE community.
The views and opinions expressed in this article are those of the author. This does not reflect the official position of any agency, organization, employer or company. Refer to full disclaimers here.

Share 0