Kuala Lumpur, 26 April 2016: Perbadanan Insurans Deposit Malaysia (PIDM) published its Annual Report for 2015, reporting total revenues of RM521.3 million with a net surplus of RM426.6 million, increasing the Corporation’s total funds and reserves to RM2.6 billion.
“Over the last 10 years, we have fulfilled our vision towards being a best practice Deposit Insurance System (DIS) and Takaful and Insurance Benefits Protection System (TIPS), and met our mandate to promote sound risk management and contribute to the nation’s financial system stability,” said Rafiz Azuan Abdullah, Executive General Manager of PIDM.
The Corporation announced the successful completion of key initiatives set out in its Corporate Plan 2015 – 2017 within the Board-approved financial plan. A key milestone was the completion of the Differential Levy Systems Framework for takaful operators (DLST) that will replace the current flat rate system.
“The introduction of the DLST will promote sound risk management and assist in building a more sustainable and resilient takaful industry. It will also level the playing field between takaful operators and conventional insurer members,” stated Rafiz.
Another development in 2015 was the passing of the PIDM (Amendment) Act 2015, which includes provisions to enhance PIDM’s intervention and resolution powers. The enhancements, namely share transfer powers, provide PIDM with another essential resolution option.
Going forward, PIDM will continue to carry out initiatives that will support its long-term strategic direction which includes implementing its Strategic Human Capital Plan, continuing to enhance stakeholder engagement and promoting best practices in corporate governance, and developing and implementing an Effective Resolution Regime Plan.
“A key initiative for the 2016 - 2018 planning period is the development of an effective resolution regime in line with global recommendations. This includes resolution planning for our institutions, to protect the nation’s interests and ensure a sustainable state of financial stability that can support the continued growth of the economy. We plan to have a comprehensive consultation with the industry at different stages of development and implementation of this resolution framework,” Rafiz added.
“The Corporation has a solid strategy and we believe that the future outlook is stable — but, as always, we remain vigilant to risks. We will continue to build for the long term, so that we are always prepared and able to successfully navigate the changes in our environment,” he concluded.
The Annual Report 2015 is available on the PIDM website ( www.pidm.gov.my)
For more information about this press release, kindly contact:
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.