Motor Insurers Bureau (MIB)

Definition

Motor Insurers Bureau (MIB) in the UK, which is is established to compensate the victims of negligent uninsured and untraced motorists (policyholder or not). It is funded by partial of insured driver's premium.

In the USA, and in a similar fashion in Canada, a specific coverage called uninsured/underinsured motorists or UM/UIM, is offered as part of the policy to covers the policyholder.

MIB could also refer to the MIB Group, a membership corporation owned by insurance companies in the US and Canada. It collects data and provides services to its members in Underwriting, Actuarial and Compliance area.

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