Perbadanan Insurans Deposit Malaysia (PIDM)

Perbadanan Insurans Deposit Malaysia (PIDM) is a Government agency established in 2005 under Akta Perbadanan Insurans Deposit Malaysia (Akta PIDM).

Our role under Akta PIDM is to administer the Deposit Insurance System (DIS) and the Takaful and Insurance Benefits Protection System (TIPS) to protect bank depositors and owners of takaful certificates and insurance policies in the event of a member institution failure.

PIDM is also mandated to provide incentives for sound risk management in the financial system, as well as promote and contribute to the stability of the financial system.

Deposit Insurance System (DIS)

Protects depositors against the loss of their insured deposits placed with member banks, in the unlikely event of a member bank failure.

Takaful and Insurance Benefits Protection System (TIPS)

Protects owners of takaful certificates and insurance policies from the loss of their eligible takaful or insurance benefits, in the unlikely event of an insurer member failure.

OUR MANDATE

PIDM’s mandate is set out in Akta Perbadanan Insurans Deposit Malaysia. Its objects are to:

• administer a deposit insurance system and takaful and insurance benefits protection system;
• provide insurance against the loss of deposits in member banks and provide protection against the loss of takaful or insurance benefits in respect of insurer members;¹
• provide incentives for sound risk management in the financial system; and
• promote or contribute to the stability of the financial system.²

In achieving its objects under paragraphs (¹) and (²), the Corporation shall act in such manner as to minimise cost to the financial system.

OUR VISION

To promote confidence by being a best practice financial consumer protection and resolution authority

OUR MISSION

To execute our mandate effectively, with a commitment to make a difference to our community and our employees

OUR CORPORATE VALUES

• Financial Stewardship
• Excellence and Professionalism
• Respect and Fairness
• Integrity and Trustworthiness
• Communications and Teamwork

OUR CORPORATE OBJECTIVES

• Educated and informed stakeholders
• Effective partnerships
• Well-governed and well-managed organisation
• Robust risk assessment, monitoring and resolution capability
• Sound business and financial practices
• Competent and knowledgeable workforce
• Conducive corporate environment