1 000 000 Life Insurance - Life Insurance

RM100,000 cap too low Malaysia Star

17.04.10

I WOULD like to congratulate Bank Negara for proposing to cap third party claims as this is long overdue.

Obviously, Bank Negara will face objections from the Bar Council because if this proposal goes through, lawyers who are involved in this very lucrative business, which is also known as “ambulance chasing”, will soon have to go into other areas of practice.

Under the current system, the court determines the amount of compensation to be given to the accident victim. This process may result in cases taking years to conclude.

What the aggrieved party would need is immediate financial aid so that his life is not financially disrupted. The victim may need to feed his family, pay his bills and so on. What is the use of compensating him after many years?

During this time of need, he may have to borrow money from friends, relatives or even loan sharks who charge exorbitant interest. Instead of assisting him, the current system ends up pushing the victim into more difficulties.

Source:

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