Monday, August 27, 2007

Attic welcomes budget plans

TRINIDAD GUARDIAN - AUGUST 27 2007

The Association of T&T Insurance Companies (Attic) welcomes Government’s initiatives outlined in the 2008 budget to increase retirement savings, promote safer driving and compensate the innocent victims of uninsured motorists.

The proposed increase in the ceiling of the aggregate deduction that may be claimed for pension plans and annuities from $12,000 to $25,000 will promote long-term planning for retirement for middle income earners.

Many retirees are finding their savings levels inadequate to cope with current levels of inflation and the increased limits will encourage current earners to plan a better financial strategy for their own non-working years.

Attic has been advocating the establishment of a mechanism to compensate the innocent victims of uninsured motorists for well over 20 years alongside the now established Financial Services Ombudsman Scheme and commends the Government for taking the decision to pursue and fund this course of action.

At the same time, Attic wishes to strongly encourage the Government to mitigate against the real possibility that the establishment of such a compensation scheme could further entrench the present lawlessness and encourage more uninsured vehicles on the road.

Attic therefore repeats the urgent call for the increased policing and enforcement of existing laws as well as stiff increases in the penalties for law-breaking such as driving without insurance, driving unregistered “PH” taxis and private rentals, prior to the establishment of such a fund.
To do otherwise will jeopardise not only the proposed funding mechanism but the entire basis of compensation that now exists if there is a perception that there are no real penalties to driving without insurance.

Attic advocates that we should follow what currently obtains in the UK where the police can impound vehicles that are driven without insurance and, if unclaimed by their owners, the vehicles can be disposed of or destroyed after a relatively short period of time.

The proposed changes in legislation to restrict the use of communication devices whilst driving as well as restrictions on television-type monitors that can be viewed from the front seat of vehicles is a welcome first step in what we trust is a series of initiatives to promote safer driving practices.

An estimated 4,000 people suffer bodily injury from vehicle accidents annually. Assuming that ten per cent of vehicles are driven without insurance, then approximately 400 people remain uncompensated every year.

Two large motor insurance companies are now in liquidation and the potential increase in the numbers of innocent victims who would remain uncompensated should they be involved in an accident with these former policyholders is a pressing concern.

The proposed fund can meet a significant proportion of the claims of innocent victims and can be set up so that the fund can itself pursue a court judgment against the negligent party, sending a clear signal to other drivers of uninsured vehicles that there are financial consequences for acts of lawlessness.

Attic looks forward to working with the Government and the Central Bank to set up an efficient mechanism to administer the proposed vehicles accident fund and looks forward to further initiatives by the Government to arrest the spiralling increase in lawlessness on our nation’s roads.

Rani Lakhan-Narace
President
Attic

No fockin wonder Insurance in Trinidad is in ah deep shithole. Corruption, mismanagement and failures.

This is now the latest fockin party group of the PNM.

President RANI LAKHAN-NARACE, wife of the PNM's PRO and fockin arrogant Ambassador Plentimoney Gerry Narace, is now openly saying that her fockin Organization is a firm supporter of the PNM!

See how focked up this place is!

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