The object of the Fund is as follows:
- a) Compensate persons who suffer injury or death through a Motor accident and who are unable to obtain compensation from any Insurance Company.
- b) Compensate victims of Hit and Run Motor accidents.
- c) Promote public education on Motor Insurance in particular and insurance business in general.
- d) Create a Rescue Fund for Companies that fail.
The Insurance Act 2006, Act 724 gave legal backing to the operations of the Motor Compensation Fund