Consumer regulator, ICCC, and Motor Vehicles Insurance Limited, signed instruments of a Regulatory Contract today in Port Moresby.
The contract specifies performance requirements for MVIL to follow, with respect to efficiency, in service delivery to its clients.
The contract is specifically known as the Compulsory Third Party Motor Vehicle Insurance Regulatory Contract and mainly underpins more efficiency in MVIL’s customer service. Customers can now receive their insurance claims in due course, as opposed to MVIL’s 2 year claims delivery.
MVIL CEO, Joe Wemin, welcomed the contract, saying customer service will be efficiently provided upon the requirements stipulated in the contract.
The Regulatory Contract identifies the following areas:
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Minimum service standard requirementsPrice pathPricing principlesPenalties for failure to meet service standardsICCC Executive Manager of Regulated Industries Division, Jack Timi, briefly explained the customer benefits from this signed contract.MVIL will also be branching out its services to other locations for better accessibility and efficient customer service.Under its role of price and service regulation, the ICCC has the responsibility to regulate the prices of services provided by Public Service Providers such as PNG Power Ltd, PNG Ports Corporation Ltd, Post PNG and MVIL.
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