The Motor Insurers' Bureau (MIB) was founded in the UK in 1946 as a private company limited by guarantee and is the mechanism in the UK through which compensation is provided for victims of accidents caused by uninsured and untraced drivers, which is funded by an estimated £30 a year from every insured driver's premiums. Its role was and is to enter into agreements with the Government as to how compensation claims from people who have been involved in accidents which were caused by uninsured or untraced drivers may be compensated. Section 95 of the Road Traffic Act 1988 requires every insurer dealing with compulsory motor insurance to belong to the MIB and to contribute to its funding. More information...
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