Kuala Lumpur, 10 February 2015: Perbadanan Insurans Deposit Malaysia (PIDM) recently released its Corporate Plan 2015 - 2017, outlining key initiatives aimed at promoting and contributing to the stability of the financial system.
The financial plan for 2015 will support the achievement of PIDM’s planned initiatives. The Corporation has budgeted revenues of RM 439 million and operating expenses of RM 109 million, resulting in a projected net surplus of RM 330 million for 2015.
By the end of 2015, the surplus in the Deposit Insurance Funds (DIFs) will amount to RM 1.2 billion and the Takaful and Insurance Benefits Protection Funds (TIPFs) will total RM 1.3 billion. The DIFs and TIPFs are accumulated reserves to cover losses that may arise from providing protection to depositors and policy owners respectively.
“For the planning period, our emphasis is on long-term sustainability. We will continue to enhance operational effectiveness by focusing on talent management, development and retention, strengthening relationships with key stakeholders and on advancing financial consumers education,” said Jean Pierre Sabourin, Chief Executive Officer of PIDM.
In line with its mandate, among the key initiatives outlined in the Corporate Plan is the completion of a system to support the risk assessment and monitoring of insurer members, and the development of a “rating prediction model” for the Takaful and Insurance Benefits Protection System (TIPS) to predict any changes to the member institutions’ existing ratings.
With regard to premiums and levies assessments, the Corporation will implement in 2015, a revised Differential Premium System for banks. PIDM will also continue to develop a Differential Levy System (DLS) framework for takaful operators, targeted for implementation in 2016.
The Corporation will continue key initiatives to strengthen its infrastructure and processes to enable it to carry out effective interventions and failure resolutions.
Public awareness and education about PIDM and its financial consumer protection systems will continue to be a priority for PIDM. “Enhancing the depth and breadth of public awareness is a continuous process over the long term and has to be sustained. We will continue to pursue this through communications initiatives such as our advertising campaigns, briefings, road shows, training sessions, seminars as well as our “Train-the-Trainer” sessions. In addition, we plan to enhance our education programme for the youth segment,” said Mr Sabourin.
“2015 will be a significant milestone in PIDM’s history, as we celebrate our 10th year anniversary. Since 2005, PIDM has implemented a strong organisational foundation including sound corporate governance practices, effective internal controls and risk management, and comprehensive operational policies, practices and systems that serve us well.”
“We have also invested in developing a strong and highly motivated workforce. As the Corporation traverses into a new decade, we will continue to build on our strengths, with a focus on ensuring that we continue to be responsive in a dynamic and continually changing financial landscape,” he added.
The Corporate Plan 2015 – 2017 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; 012-347 5014 Email: email@example.com)
Juli Murshidah, Manager, Communications and Public Affairs Division
(Tel: 03-2173 7465; Email: firstname.lastname@example.org)
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.