IICF Amendment: 2024 brings changes to hit and run compensation

The government has acknowledged the enactment of the Insurance (Industry Compensation Fund) (Amendment) Regulations 2024, which include several amendments to the Insurance (Industry Compensation Fund) Regulations 2015. These amendments involve:

Increasing the maximum proportion of the Insurance Industry Compensation Fund (IICF) yearly income that can be used for yearly expenses from 10 percent to 20 percent.

Extending the statutory period for victims of hit and run road traffic accidents to make a compensation claim from the IICF from two to five years after the accident

Providing assistance in kind to individuals who have suffered personal injury in hit and run road traffic accidents, or to their heirs in the event of the victim’s death.

Doubling the maximum amount of compensation payable to victims of hit and run road traffic accidents.

Source: Mauritius Cabinet Papers