Kuala Lumpur, 8 May 2012: Perbadanan Insurans Deposit Malaysia (PIDM) today reported that it successfully implemented its key initiatives for 2011 in its expanded role as an integrated financial consumer protection authority.
“We are pleased to report that arising from our expanded mandate, PIDM completed its key initiatives in 2011 related to its implementation of the Takaful and Insurance Benefits Protection System (TIPS),” said Jean Pierre Sabourin, Chief Executive Officer of PIDM, at the release of the Corporation’s Annual Report 2011.
“Apart from our continued focus on supporting the operational effectiveness and state of readiness of the Corporation, we also enhanced our infrastructure, systems, policies and practices to effectively administer TIPS, including the development of a risk assessment framework for TIPS and public awareness initiatives aimed at educating owners of insurance policies and takaful certificates,” he added.
The new PIDM Act 2011, which came into operation on 31 December 2010, entrusted the Corporation with administering both the DIS and TIPS thus providing financial protection for both depositors as well as takaful and insurance policy owners.
During 2011, PIDM received the annual Deposit Insurer of the Year Award given by the International Association of Deposit Insurers (IADI). "This is great achievement which signifies international recognition of the quality of our work and our ongoing contribution to the field of deposit insurance,” Sabourin said.
PIDM was also the recipient of the National Annual Corporate Report Awards (NACRA) Best Annual Report of Non-Listed Organisations for the third consecutive year for its 2010 Annual Report. "This is a continuing testimony of the Corporation’s commitment to enhancing transparency and good governance,” he noted.
For the financial year ended 31 December 2011, PIDM recorded total revenues of RM226.8 million, the Insurance Guarantee Scheme Funds (IGSF) were transferred to PIDM amounting to RM922.4 million, and operating expenditures totalled RM69.7 million. As a result, the Corporation’s net surplus for the year totalled RM1.1 billion.
As at the end of 2011, PIDM’s total Deposit Insurance Funds amounted to RM518.5 million, comprising the Conventional Deposit Insurance Fund of RM450 million and the Islamic Deposit Insurance Fund of RM68.5 million. The balances as at 31 December 2011 of the four new funds established for the administration of TIPS amounted to RM 948 million for the General insurance Protection Fund, RM 36.7 million for the Life Insurance Protection Fund, RM2.1 million for the General Takaful Protection Fund and RM4.4million for the Family Solidarity Takaful Protection Fund. Collectively, the Takaful and Insurance Benefits Protection Funds stood at RM991.2 million as at the end of 2011.
The Annual Report 2011 is available at the PIDM website (www.pidm.gov.my) in four languages – Bahasa Malaysia, English, Chinese and Tamil.
For more information about this press release, kindly contact:
Hasina Mohamed, Acting General Manager, Communications and Public Affairs Division
(Tel: 03-2173 7462; 012-3475014; Email: firstname.lastname@example.org)
Sarina Ariffin, Senior Communications Manager, Communications and Public Affairs Division
(Tel: 03-2173 7457; Email: email@example.com)
Perbadanan Insurans Deposit Malaysia (PIDM) administers the statutory Deposit Insurance System and the Takaful and Insurance Benefits Protection System (TIPS) 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.