Kuala Lumpur, 25 January 2017: Perbadanan Insurans Deposit Malaysia (PIDM) today published its ‘Summary of the Corporate Plan 2017 - 2019’ which outlines the Corporation’s direction and areas of focus for the next three years to ensure its sustainability and success over the long term.
As an integral part of the Malaysian financial safety net system, PIDM is mandated to protect the interests of depositors and takaful and insurance policy owners against the failure of any PIDM member institution.
“PIDM is continuously reviewing and refining our readiness so that we are able to effectively fulfil our vision and mandate in promoting public confidence, safeguarding the interests of financial consumers and contributing towards the stability of the nation’s financial system,” said Rafiz Azuan Abdullah, Executive General Manager of PIDM.
For the planning period of 2017 - 2019, the Corporation will be directing its efforts towards ensuring its continued sustainability whilst adapting to changes in its operating environment. One of PIDM’s main strategic priorities for the next three years is the establishment of a comprehensive and effective resolution regime in Malaysia, which will support the robustness of the financial system and its accompanying economic growth.
“We will be establishing comprehensive frameworks to guide and facilitate the development of the resolution plans and assessment of the resolvability of member institutions. This regime will allow member institutions to be resolved in an orderly manner, without systemic disruption, in a manner that minimises losses to the financial system as a whole,” he added.
The Corporation will continue to focus on the implementation of its Strategic Human Capital Management strategies to retain talented employees that includes fostering a learning culture in the organisation. Employees’ continuous growth and development is crucial to ensure that PIDM is equipped to meet future challenges.
PIDM will also continue to engage with its stakeholders as public confidence is key to the Corporation’s success in the execution of its mandate and to be recognised as a credible financial consumer protection and resolution authority.
The financial plan for 2017 will support the execution of PIDM’s planned initiatives. The Corporation has budgeted revenue of RM585 million from premiums and levies received from its member institutions, and operating expenditures of RM120 million, with a projected net surplus of RM465 million for 2017.
By the end of 2017, the surplus in the Deposit Insurance Funds (DIFs) will amount to RM2.01 billion and the Takaful and Insurance Benefits Protection Funds (TIPFs) will total RM1.54 billion. The DIFs and TIPFs are accumulated reserves to cover losses that may arise from providing protection to depositors and policy owners respectively.
The Summary of the Corporate Plan 2017 - 2019 is available at the PIDM website (www.pidm.gov.my).
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For more information about this press release, kindly contact:
Syed Mohammed Idid, General Manager, Communications and Public Affairs Division
(Tel: 03-2173 7455; 012-3430848; Email: syedidid@pidm.gov.my)
Mimi Rashid, Senior Manager, Communications and Public Affairs Division
(Tel: 03-2173 7570; Email: mimifaizura@pidm.gov.my)
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ABOUT PIDM
PIDM administers the statutory Deposit Insurance System and the Takaful and Insurance Benefits Protection System in Malaysia. Through these systems, depositors as well as owners of takaful certificates and insurance policies now enjoy legislated and explicit protection for their eligible bank deposits and takaful and insurance benefits.
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