Beware of motor insurance vultures

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Remember the vultures who used to spill oil on the road to cause car crashes? They might be back, so watch out.What has happened over the past few years is a baffling mystery: there are victims but no logical motive.We’re talking about annual billion-ringgit fraud claims in the motor insurance business and a Bank Negara Malaysia-initiated programme to minimise losses to motor insurance companies.It seems like these efforts between BNM and motor insurance companies grouped under the General Insurance Association of Malaysia (PIAM) to establish an ethical standard to the crash repair business have come to zero at the hands of the Malaysia Competition Commission (MyCC).MyCC last year won a court judgment that penalised PIAM and 22 insurance companies for a total of RM174 million for offences against the Competition Act.On that note, MyCC is also in the process of amending the law…