S Iswaran on reporting road accidents to insurers
In the last three years, the Monetary Authority of Singapore and the Land Transport Authority have received 12 complaints and one complaint respectively from insured parties about the counterparty failing to file an accident report with their insurer after being involved in a road accident. Transport Minister S Iswaran gave the figures in Parliament on Tuesday (Jul 4) in reply to an MP’s question. All accidents have to be reported to insurers as a condition of motor insurance policies but it is not mandatory under the law. Mr Iswaran said the authorities will review and strengthen the requirements if necessary. He noted that insurers cannot refuse liability on the grounds that a policyholder has not reported an accident, if the third party’s claim is for bodily injury or death. He also said motorists generally do report such incidents, partly because if they do not and the insurer finds out, they risk losing their insurance contract.
In the last three years, the Monetary Authority of Singapore and the Land Transport Authority have received 12 complaints and one complaint respectively from insured parties about the counterparty failing to file an accident report with their insurer after being involved in a road accident. Transport Minister S Iswaran gave the figures in Parliament on Tuesday (Jul 4) in reply to an MP’s question. All accidents have to be reported to insurers as a condition of motor insurance policies but it is not mandatory under the law. Mr Iswaran said the authorities will review and strengthen the requirements if necessary. He noted that insurers cannot refuse liability on the grounds that a policyholder has not reported an accident, if the third party’s claim is for bodily injury or death. He also said motorists generally do report such incidents, partly because if they do not and the insurer finds out, they risk losing their insurance contract.
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