Kuala Lumpur, 16 May 2013: Perbadanan Insurans Deposit Malaysia (PIDM), one of the 15 founding members of the International Forum of Insurance Guarantee Schemes (IFIGS), today announced the official launch of IFIGS on 15 May 2013.
IFIGS’ mandate is to facilitate and promote international cooperation between insurance guarantee schemes and other stakeholder organisations that participate in the development of policy owner protection schemes.
“We are proud to be a founding member of IFIGS, which is interested in sharing its collective experiences and transfer of knowledge relating to the establishment and management of effective insurance guarantee schemes to protect policy owners in the event of an insurance company failure,” said Mr JP Sabourin, Chief Executive Officer of PIDM.
An insurance guarantee scheme is a body mandated to provide policy owners with protection against loss of their insurance benefits when an insurer is unable to fulfil its insurance contract commitments. The protection can be in the form of payment of compensation or by securing the continuity of coverage of the insurance contracts.
“The launch of IFIGS will further strengthen relationships between insurance guarantee schemes around the world and will be a very valuable platform for exchanging ideas and discussing common issues,” he added.
Other IFIGS members include insurance guarantee schemes from Australia, Canada, France, Germany, Greece, Korea, Norway, Poland, Romania, Singapore, Spain, Taiwan, the United Kingdom and the United States.
PIDM was established in 2005 to administer the national Deposit Insurance System (DIS) and the Takaful and Insurance Benefits Protection System (TIPS) in Malaysia. It protects bank depositors and owners of takaful certificates and insurance policies against the loss of their bank deposits or takaful/insurance benefits should a member institution fail.
PIDM is also a member of the International Association of Deposit Insurers (IADI).
“At PIDM, we are committed to building strong partnerships and international collaboration and exchange with other deposit insurers and insurance guarantee schemes. Our involvement is part of our ongoing international initiatives to help promote Malaysia as a centre of excellence for financial services,” said Mr Sabourin.
“Through collaborations with IADI and IFIGS, we can share knowledge about how PIDM operates our financial consumer protection systems while at the same time enable us to learn from other protection systems, especially those with intervention and failure resolution experiences,” he added.
Mr Sabourin further pointed out that this was in line with PIDM’s vision to be recognised as a financial consumer protection authority that prescribes to international best practices.
IFIGS welcomes participation from organisations that have an established insurance guarantee scheme or are contemplating one, to join this international association. The 2nd International Forum of Insurance Guarantee Schemes will be held from 21 – 22 October 2013, in Taipei, Taiwan, where a formal Committee will be formed to direct its activities. Further information on IFIGS can be found on its website at www.ifigs.org or by emailing to email@example.com.
For more information about this press release, kindly contact:
Sarina Ariffin, Senior Manager, Communications and Public Affairs Division
(Tel: 03-2173 7457; Email: firstname.lastname@example.org)
Juli Murshidah, Manager, Communications and Public Affairs Division
(Tel: 03-2173 7465; Email: email@example.com)
For further information:
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.