Kuala Lumpur, 24 June 2010: Perbadanan Insurans Deposit Malaysia (PIDM) today issued a consultation paper on the proposed Insurance Compensation Scheme (ICS) for public feedback. The full consultation paper can be viewed at PIDM's website at www.pidm.gov.my.
PIDM has developed the key design features of the ICS, following the Government’s recent announcement to introduce an explicit ICS for insurance and takaful policy holders as part of an enhanced financial consumer protection package. The ICS is a scheme to protect policy holders from the loss of their policy claims or insured benefits in the unlikely event of a failure of an insurance or takaful company.
PIDM has undertaken consultations with the insurance and takaful industry players on the design features of the proposed ICS, and is now seeking feedback from members of the public.
A key component of the consultation paper is the proposed limit and scope of coverage for conventional life and general insurance policies, as well as family and general takaful plans to be protected by PIDM. The public is encouraged to provide their views on the proposals as the ICS is intended to provide protection to policy holders and mitigate financial losses in the unlikely event of an insurance or takaful company failure.
To provide feedback on the key proposals contained in the consultation paper, the general public can first access the consultation paper on PIDM’s website and then call our toll free Customer Service Call Centre at 1 800 88 1266, or submit written comments via e-mail to ICSpolicy@pidm.gov.my or by post/fax addressed to:
Policy and International Division
Perbadanan Insurans Deposit Malaysia
Level 19, 1 Sentral
Jalan Travers
Kuala Lumpur Sentral
50470 Kuala Lumpur
Fax: 03 - 2260 7431
(Attn: Ms Lai Wai Keen)
The deadline for submission of feedback is 23 July 2010.
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For more information about this press release, kindly contact:
S.Loganathan, General Manager, Communications and Public Affairs Division
(Tel: 03-2173 7455; Email: loga@pidm.gov.my)
Sarina Ariffin, Manager, Communications and Public Affairs Division
(Tel: 03-2173 7457; Email: sarina@pidm.gov.my)
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For further information:
· Call 1-800-88-1266, 8.30am to 5.30pm on Monday – Friday (excluding public holidays)
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