Malaysia Deposit Insurance Corporation Act 2011 Flashcards
Who and What purpose PIDM fulfill?
Perbadanan Insurans Deposit Malaysia
It’s a statutory body established under the Malaysia Deposit Insurance Corporation Act 2005.
It’s to administer the national deposit insurance system aimed at protecting depositors in commercial and Islamic banks.
Who administer TIPS, when was it done, and why?
Takaful and Insurance Benefits Protection System
It was effective on 31st December 2010 by Parliament under the new Malaysia Deposit Insurance Act 2011.
To replace the Insurance Guarantee Scheme Fund (IGSF) for life and general insurance business.
What does the “Financial Consumer Protection” do?
It provides a safety net for depositors and insurance policy owners. Up to RM 250k per depositor member bank, and up to RM 500k against losses.
Membership of PIDM is compulsory for all commercial banks, insurance companies, and takaful operators in Malaysia.
