Private-hire drivers, home offices could retain protection if insurer collapses

Singapore

PRIVATE-HIRE car owners who drive for Uber or Grab will be entitled to protection if their insurers collapse, under a proposal that the Monetary Authority of Singapore (MAS) is considering.

That proposal, as well as a cap on what can be paid out to policyholders when their insurers fail, are among a number of possible amendments included in a public consultation by MAS on the Policy Owners' Protection Scheme.

The scheme, which is administered by Singapore Deposit Insurance Corp, offers compensation to individual policyholders if their insurers go bust. The scheme is funded by the insurance providers, which each pay a risk-based fee cal…