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