PIDM expects to collect RM80mil from members
Perbadanan Insurans Deposit Malaysia (PIDM) is expecting a collection of aproximatly RM80mil in premiums this year from its insurer members. The company administers the national Takaful and Insurance Benefits Protection System (TIPS) since Dec 31 last year.
The insurer members are composed of 36 general and life insurance companies and 11 takaful operators.
The premiums collected will be used to fund TIPS, which protects owners of takaful certificates and insurance policies from the loss of their eligible takaful and insurance benefits.