KUALA LUMPUR, 28 May 2015: Perbadanan Insurans Deposit Malaysia (PIDM) has strengthened its safety net for bank depositors, insurance and takaful policy owners from Deposit Insurance System (DIS) as well as Takaful and Insurance Benefits Protection System (TIPS).
The statuary body on Thursday said that DIS and TIPS
provided guarantee for the deposits and the benefits of insurance and takaful
policies underwritten by member institutions.
“DIS, which guarantees up to RM250,000 per depositor per
bank, effectively fully covers 99% of depositors in our 43 member banks. TIPS,
which guarantees up to RM500,000 or more per relevant insurance or takaful benefit,
now fully covers 95% of individual policy owners in our 43 insurer members,”
said PIDM executive general manager Rafiz Azuan Abdullah.
However, he noted that the remaining 1% of depositors and 5%
of policy owners were still covered.
Rafiz said that the company had made good progress last year
as efforts were directed at ensuring operational effectiveness to provide
protection to financial consumers.
The two Deposit Insurance Funds (DIFs) was up 27% to
RM973.1mil in 2014, from RM768.3mil in 2013, while the four Takaful and
Insurance Benefits Protection Funds (TIPFs) rose 7% to RM1.23bil from RM1.14bil
in 2013.
“Significant progress was also made in enhancing PIDM’s
overall capabilities in risk assessment and monitoring of member institutions
including the implementation of the Rating Prediction Model of the Early
Warning System for member banks and enhancing the Risk Assessment System for
insurer members,” it said.
Going forward, PIDM said its efforts would be channeled
towards operational effectiveness and long-term sustainability.
“Some of the key initiatives planned include the completion
of the Target Fund framework for TIPS as well as the development and
enhancement of the Information Regulations for TIPS and DIS respectively,” it
added.
Source: The Star
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