Forthcoming regulations under the Insurance Act for the establishment of an Insurance Industry Compensation Fund, as well as a Hit and Run Sub-Fund, to provide for the payment of any claims remaining unpaid by reason of insolvency of an insurer and compensation to persons suffering from personal injury sustained in and resulting from a hit and run road traffic accident. An annual levy would be imposed on all vehicles, except Government-owned vehicles, registered with the National Transport Authority. The regulations would come into operation on 1 January 2016.
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