On Jul. 27, MLY PIDM issued guide on insurance benefit protection.
MLY PIDM issued guide on provision of information on takaful and insurance benefits protection, which govern disclosures by the insurer members re membership status.
Background
Aims to ensure that customers receive accurate, consistent and timely information from insurance members re takaful and insurance benefits protection system (TIPS).
Such information will facilitate an informed decision-making by the customers before they buy insurance products, and it is important in enhancing consumer confidence.
To achieve this, PIDM requires insurance members, in line with guidelines, to represent themselves as a member of PIDM, provide customers with TIPS protection information.
As well as disclose to customers if takaful/insurance products are protected by PIDM.
Effectiveness
Insurance members are required to comply with the guidelines effective from Jun. 1, 2024 (effective date); however, early adoption of the guidelines is highly encouraged.
