Motor vehicle owners who have purchased cars from people who have outstanding payments to the Motor Vehicle Insurance Limited (MVIL) will be liable to settle the unsettled bills.
MVIL announced this in a notice to the general public for owners or policy holders who are yet to claim for refunds regarding 2016 excess payment and short payment.
The notice states that short (outstanding) payment customers will settle their outstanding payments through MVIL’s counters during registration day.
And new owners of vehicles which have outstanding payments will liable to settle them.
MVIL also said over payment customers will have their 2016 outstanding refund amounts utilised to cover for their 2017premium payments while any remaining balance will be reimbursed. No refunds will be entertained after March 31.
MVIL says as of January 31, 2017, unclaimed and unpaid refunds records in their systems have been flagged.
This will cause affected vehicle owners to pay as they renew their motor vehicle Compulsory Third Party (CTP) insurance and registration polices as per endorsed by the Independent Consumer and Competition Commission (ICCC).
“Customers who receive MVIL letters concerning excess premium payment and/or short premium payment but have not complied are advised that as of 1st February MVIL will not accept anymore application hence, customers are required to utilise the option mentioned,” says Joe Wemin, MVIL CEO.
The notice goes to all motor vehicle owners around PNG.