The Malaysian Motor Insurance Pool (MMIP) was collectively set up in 1992 by the local insurance companies to provide motor insurance to vehicle owners who are unable to obtain insurance protection for their vehicles due to ‘high risk’ or risks which will not be underwritten by any single insurance company.
Malaysian Re was then appointed as the Administration Manager for the pool.
MMIP Services Sdn. Bhd. (MSSB), a subsidiary of MNRB Holdings Berhad, was incorporated on 23 March 2006. Following its incorporation, the duties and functions of the Administration Manager were transferred from Malaysian Re to MSSB on 12 April 2006.
The duties and functions of MSSB, include inter alia, dealing with the administrative, financial and investment elements of the MMIP’s fund as well as claims settlements.
MMIP in general offers both third-party and comprehensive motor insurance packages. Nonetheless, a comprehensive coverage is only available for vehicles with existing Hire Purchase Loans. MMIP can be purchase from Pos Malaysia but is limited only to motor cycles, private cars, town/public taxis, factory buses, stage buses and school buses.
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