Insurance Market Arrangements
To better protect the interests of the insuring public, the following major insurance market arrangements are in place, providing safety nets to policy holders:
MOTOR VEHICLES (THIRD PARTY) INSURANCE ACT
The Motor Vehicle Insurance Limited (MVIL) is a licensed insurer restricted by its Act to under write only Compulsory Third Party (CTP) Motor Insurance.
Under Section 54 (6) of the Motor Vehicles (Third Party Insurance) Act 1996, the Commissioner is the other designated authority apart from the Courts to approve extensions of tome for claims that have not been lodged within six (6) months from the date of the accident with the MVIL.
WORKERS’ COMPENSATION ACT
Under Section 82 (3) of the Workers Compensation Act, the Insurance Commissioner is required to represent the Workers’ Compensation Fund to show cause to a Tribunal why an order for payment should not be made against the Fund for an award or claim not covered by a policy of insurance under the Act.
Furthermore Section 92 (5, 6, 7 & 8) of the Workers’ Compensation Act empowers the Insurance Commissioner to request employment records from an employer upon a request by an insurer for inspection.