Motor finance providers have
been offered a free service to prepare them for the imminent
Continuous Insurance Enforcement (CIF) regulations as a result of a
new tie-up between the Finance and Leasing Association (FLA) and
the Motor Insurers’ Bureau (MIB).
Lenders will have access to the
MIB’s vehicle insurance database, allowing them to satisfy
themselves that vehicles have the appropriate insurance cover
required by credit agreements.
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FLA head of motor finance Paul
Harrison said: “The new regulations require all vehicles to have
insurance, even if they are not being used on the road.”
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By GlobalData
