The Motor Insurers’ Bureau of Singapore (MIB) was established in 1975 to compensate victims of negligent uninsured and untraced motorists.
It is a company limited by guarantee and registered in Singapore. All insurers in Singapore underwriting motor insurance are required, by virtue of the MIB Agreement, to be a member of the Bureau and each member has entered into an agreement with the Bureau to contribute such funds as may be required by the Bureau to meet its objectives.
Under the Motor Vehicles (Third Party Risks & Compensation) Act, all vehicles must be insured against claims for third party bodily injuries or death arising out of an accident involving the use of the vehicle on a road in Singapore.
Whilst this compulsory insurance law went a long way to ensure victims can recover damages awarded to them by the Courts, there are still instances where the victims were unable to obtain some form of compensation.
Hence, MIB is a social scheme set up for the benefit of the general public some of whom might be unfortunate to fall victims to road traffic accidents and were unable to obtain compensation from any other source.
The principal objective of the Bureau is to ensure that the victims of negligent uninsured and untraced motorists receive fair and prompt compensation.