After extended discussions between the interested parties, with the intervention of Monetary Authority of Macao (the "AMCM"), the Macao Insurers' Association and some taxi associations signed a platform agreement regarding the third party liability insurance of taxis on 7 July 2011 at the premises of the AMCM. Under this platform, it was agreed that the taxi owners can purchase insurance through any authorized intermediaries or direct from any authorized insurers, and depending on the insurance history of the taxi owners/drivers, insurers may offer policy limits higher than the statutory minimum limits (MOP3.000.000,00). Also, the daily compensation for loss of rental payable by the insurer, in the event of loss of use of the taxi, starting from June 1, 2011 shall be increased to MOP425 from MOP250. The signing of the agreement was witnessed by Dr. António Félix Pontes, Executive Director of the AMCM, and lawmaker, Ms Melinda Chan. Representing the Macao Insurers' Association, were Mr. Yu Kuok Leung on behalf of China Taiping Insurance (Macau) Co. Ltd, and Mr. Steven Chik on behalf of Macau Insurance Co. Ltd. The taxi associations included Associação Geral dos Comerciantes de Trânsito e de Transporte de Macau, Associação dos Comerciantes e Operários dos Automóveis de Macau, Associação Geral dos Proprietários de Táxis de Macau, Associação das Taxistas de Macau, Federação dos Negócios de Táxis de Macau, Associação dos Profissionais e Operadores de Táxis de Macau and Vang Iek Rádio Táxi Co. Ltd.