WHO PAYS FOR THE MIB?

The MIB is funded by all motor insurers (including Lloyd's Underwriters). (43) Singapore members and (49) Malaysian members. Such motor insurers are allowed by the Government to operate only if they are members of the Bureau and pay a share of its costs. The ultimate cost falls on law abiding motorists via their insurance premiums. The total expenditure (claims plus management costs) is then split between the members who pay their share by way of subscription which is pro-rated to the motor premium received by them in the preceding year.