PIDM Insurer Members - Takaful and Insurance Benefits Protection System (TIPS)

Generally, PIDM's membership comprises member banks and insurer members. The Takaful and Insurance Benefits Protection System (TIPS) is a system established by the Government to protect owners of takaful certificates and insurance policies from the loss of their eligible takaful or insurance benefits in the event that an insurer member fails and is unable to honour the takaful or insurance benefits. Takaful operators and insurance companies that are member institutions of PIDM are also referred to as 'insurer members'.

 

TIPS came into effect on 31 December 2010 and is administered by PIDM. Insurer members are required to prominently display the membership sign or decal at the entrance to their offices.

The following is the list of PIDM insurer members:

1. Insurance Companies

• ACE Jerneh Insurance Berhad
• AIA Bhd. (formerly known as American International Assurance Bhd)
• AIG Malaysia Insurance Berhad
• Allianz General Insurance Company (Malaysia) Berhad
• Allianz Life Insurance Malaysia Berhad
• AmGeneral Insurance Berhad
• AmMetLife Insurance Berhad (formerly known as AmLife Insurance Berhad)
• AXA Affin General Insurance Berhad
• AXA Affin Life Insurance Berhad
• Berjaya Sompo Insurance Berhad
• Etiqa Insurance Berhad
• Gibraltar BSN Life Berhad (formerly known as Uni.Asia Life Assurance Berhad)
• Great Eastern Life Assurance (Malaysia) Berhad
• Hong Leong Assurance Berhad
• Lonpac Insurance Bhd.
• Manulife Insurance Berhad
• MCIS Insurance Berhad (formerly known as MCIS Zurich Insurance Berhad)
• MPI Generali Insurans Berhad (formerly known as Multi Purpose Insurans Bhd)
• MSIG Insurance (Malaysia) Bhd.
• Overseas Assurance Corporation (Malaysia) Berhad
• Pacific & Orient Insurance Co. Berhad
• Progressive Insurance Bhd.
• Prudential Assurance Malaysia Berhad
• QBE Insurance (Malaysia) Berhad
• RHB Insurance Berhad
• The Pacific Insurance Berhad
• Sun Life Malaysia Assurance Berhad
• Tokio Marine Insurans (Malaysia) Berhad
• Tokio Marine Life Insurance Malaysia Bhd.
• Liberty Insurance Berhad (formerly known as Uni.Asia General Insurance Berhad)
• Tune Insurance Malaysia Berhad (formerly known as Oriental Capital Assurance Berhad)
• Zurich Insurance Malaysia

2. Takaful Operators

• AIA Public Takaful Bhd. (formerly known as ING Public Takaful Ehsan Berhad)
• AmMet Life Takaful Berhad (formerly known as AmFamily Takaful Berhad)
• Etiqa Takaful Berhad
• Great Eastern Takaful Berhad
• Hong Leong MSIG Takaful Berhad
• HSBC Amanah Takaful (Malaysia) Berhad
• MAA Takaful Berhad
• Prudential BSN Takaful Berhad
• Syarikat Takaful Malaysia Berhad
• Sun Life Malaysia Takaful Berhad
• Takaful Ikhlas Berhad

3. Non-Member Institutions

• Reinsurance companies and retakaful operators
• International takaful operators licensed under the Islamic Financial Services (IFSA) Act 2013
• Financial guarantee insurers such as Danajamin Nasional Berhad
• Offshore insurance companies
• Other players in the insurance industry, such as insurance brokers and adjusters

Source: http://www.pidm.gov.my/

If you are still unclear with PIDM, do check out 'PIDM? What is PIDM?'!