Inception
During the Dialogue Session between Bank Negara Malaysia with members of Persatuan Insurans Am Malaysia (PIAM) in 2004, PIAM mooted the idea of forming the Vehicle Theft Reduction Council of Malaysia Berhad (VTREC).
The National Seminar on Vehicle Theft held in December 2005 organised by Royal Malaysia Police (PDRM)/PIAM , resolved:
- Formation of VTREC
- Sharing of information between stakeholders
- Adoption of the revised Motor Insurance Tariff
- Automation of detection at exit points
VTREC was incorporated as a Company limited by guarantee on 30th April 2007.
Role
- Study weaknesses in the automobile industries
- Facilitate cooperation and implement recommendations between stakeholders
- Develop/advocate proposals for change across government and non-government sectors
- Prepare and implement actions plans and recommendations of the Council
- Coordinate public education campaigns, theft prevention research
- Monitor theft reduction and provide reports to relevant authorities
- As a Forum to recommend suggestion to the relevant ministries resolution achieved by the council to overcome weakness in the automobile industries
