IIQE Paper 2 Practice Questions - IIQE Paper II - General Insurance Examination Exam

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Under the Insolvency Fund Agreement (Second Fund) of the Motor Insurers' Bureau (MIB) of Hong Kong, what is the status of a claim if an insurer becomes insolvent during the policy term?

All claims are immediately cancelled and no payouts are made The MIB will meet the insolvent insurer's liabilities for third-party bodily injury and death claims arising from motor accidents The Hong Kong Government will pay 100% of all comprehensive own-damage claims Claims are deferred until the insurer's liquidation is fully completed, which may take years

Correct Answer:

The MIB will meet the insolvent insurer's liabilities for third-party bodily injury and death claims arising from motor accidents

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