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Motor Insurers Bureau

Volume 404: debated on Tuesday 6 May 2003

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To ask the Secretary of State for Transport what mechanisms exist (a) for the regulation and (b) for the supervision of the Motor Insurers Bureau. [110897]

The Motor Insurers' Bureau (MIB) is a Company Limited by guarantee which was set up and is managed by the Insurance Industry.There are long standing legally binding agreements between the Department for Transport and the MIB which provide compensation for the victims of accidents in which the other party is either an uninsured driver or an untraced driver (hit and run).The MIB administers those schemes according to those agreements. Officials in my Department have regular meetings with the management of the MIB to consider any issues arising from the agreements.The Board of Directors of the MIB supervise the affairs of the company in accordance with all applicable law.