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THE central bank is formulating a new Third Party Bodily Injury & Death scheme. Will it benefit everyone? THERE HAS BEEN MUCH DEBATE RECENTLY ON a proposed new Third Party Bodily Injury & Death (TPBID) scheme being formulated by Bank Negara Malaysia (BNM).
Since late last year, the central bank had preferred to keep mum on the news by various parties, but in March it was finally compelled to issue two statements in response to the growing speculation.
But its press statement on March 5 did little to placate the critics.
The Bar Council retorted with a 10-page memorandum the next day outlining the demerits of the scheme and alleged lack of …