Kuala Lumpur, 12 September 2011: Perbadanan Insurans Deposit Malaysia (PIDM) announces the appointment of Mr. Alex Foong Soo Hah as a member of the Board of Directors of PIDM.
Mr. Foong was previously the Chief Executive Officer (CEO) of Great Eastern Life Assurance (Malaysia) Bhd as well as the president of both the Life Insurance Association Malaysia and the Actuarial Society of Malaysia. Currently, he also sits on the Boards of Bank Simpanan Nasional and the Malaysian Insurance Institute.
“The Board of Directors and Management of PIDM would like to extend a warm welcome to Mr. Foong. He is a highly regarded and well-qualified individual who brings with him invaluable knowledge and experience in the insurance industry,” said Tan Sri Datuk Dr. Abdul Samad bin Haji Alias, Chairman of PIDM.
Mr. Foong holds a Masters of Actuarial Science from Northeastern University, USA and a Bachelor of Science in Mathematics from Universiti Malaya. He is also a Fellow of the Society of Actuaries (USA) and a Registered Financial Planner with the Malaysian Financial Planning Council.
The Akta Perbadanan Insurans Deposit Malaysia provides for the appointment of Directors by the Minister of Finance.
With this new appointment, the members of the Board of Directors of PIDM are:
PIDM is the statutory body responsible for administering the financial consumer protection system in Malaysia which comprises the Deposit Insurance System and the Takaful and Insurance Benefits Protection System (TIPS). Its membership comprises 25 commercial banks and 17 Islamic banks, as well as 36 insurance companies and 11 takaful operators.
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PIDM administers the statutory Deposit Insurance System and the Takaful and Insurance Benefits Protection System in Malaysia.
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PIDM protects your deposits in the bank as well as your takaful and insurance benefits in the unlikely event of a failure of a member bank or a takaful operator / insurance company.