CONTENTS
HOME
OUR PARTNERS - Building Linkages, Leveraging Partnerships
WORKING WITH CENTRAL BANKS AND FELLOW REGULATORS
WORKING WITH INDUSTRY
 
WORKING WITH INDUSTRY 47
 
Box Story 8 - Seventh International Advisory Panel Meeting 47
 
Opening of Singapore Exchange Beijing Representative Office 48
 
ABS BCM Standing Committee 49
 
Building a World Class Talent Pool for Singapore's Financial Sector 50
 
Attracting Financial Talent 50
 
Box Story 9 - Finance Scholarship Programme and Doctorate Scholarship Programme 51
 
Educating Consumers to Beware of Bogus Investment Opportunities and Scams 52
 
Box Story 10 - Skit- Money Got Enough! 53
 
FIDReC-NIMA Scheme 53
 
Box Story 11 - Marina Bay Business and Financial Centre 54
 
Financial Conferences And Events 55
 

FIDReC-NIMA Scheme

The FIDReC-NIMA Scheme was officially launched by The Honourable Judge of Appeal, Justice Chao Hick Tin, Vice-President of the Court of Appeal, on 14 May 2008.

The Financial Industry Disputes Resolution Centre (FIDReC) officially launched the Non-Injury Motor Accident (NIMA) scheme on 14 May 2008. The FIDReC-NIMA scheme is a collaborative effort amongst FIDReC, the Subordinate Courts of Singapore, the General Insurance Association and MAS. Under the FIDReC-NIMA scheme, NIMA claims for a quantum of $1000 or less are required to be first brought before FIDReC before court proceedings can be commenced.

The impetus for the FIDReC-NIMA scheme was to put in place a costeffective and timely process for resolving NIMA disputes. As the cost of litigation for these low value claims are often higher than the quantum of claims themselves, the FIDReC-NIMA scheme offers consumers an equally effective but more affordable avenue of redress. The Subordinate Courts and the insurance industry will therefore be able to make more efficient use of resources which would otherwise be spent on such claims.

In conjunction with the launch of the FIDReC-NIMA scheme, the insurance industry introduced an amendment to the claims process. Insured persons will be required to make claims through their own insurers instead of making third-party claims. This aims to facilitate the development of best practices for the general insurance industry.