THE Bahamas Insurance Brokers Association wants the government to institute either a payroll or gasoline tax to fund the establishment and operation of an agency to provide compensation to victims of accidents caused by uninsured and untraced drivers.

The Motorist Victims Compensation Agency – a proposed legal institution - the BIBA said, would be funded by this broad-based tax, which is projected to raise $1m per month. It also suggested another means of funding this new institution could be through auctioning seized vehicles. This funding mechanism, BIBA said, must be through involuntary contribution by all adults and will not be retroactive.

According to the association, very alarming estimates suggest at any one time 30 per cent to 40 per cent of vehicles on the streets of New Providence are uninsured and in many instances these drivers flee the scene of an accident.

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