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Malaysia Deposit Insurance Amendment Bill Proceeding Begins

The Bill is expected to adjoin a new section which will allow the company to grant for stabilisation insurance

The Malaysia Deposit Insurance Corporation (Amendment) 2009 Bill was tabled for first reading at the Parliament today. The Bill is expected to adjoin a new section which will allow the company to grant for stabilisation insurance – reported Bernama.com.

The Bill is intended to provide the insurance company the authority to allocate insurance coverage exceeding the maximum amount of RM60,000, as stated in Section 49 of the related Act on normal deposit insurance. The amendment would enable the Ministry to provide any funds needed by the company to administer or implement stabilisation insurance, and repay any losses it suffers in providing the stabilistion insurance.

Whatever funds or repayment made, will be the responsibility of Kumpulan Wang Disatukan and a statement on the fund allocation or repayment will be tabled at the Dewan Rakyat.