Finance Ministry tables PIDM Amendment Bill for first reading
Yamani has tabled the Malaysia Deposit Insurance Corporation (Amendment) Bill 2021 for the first reading in the Dewan Rakyat today. - BERNAMA
KUALA LUMPUR: The Finance Ministry has tabled the Malaysia Deposit Insurance Corporation (Amendment) Bill 2021 for the first reading in the Dewan Rakyat today.
The bill was tabled by Deputy Finance Minister II Yamani Hafez Musa.
Among other things, the bill aims to introduce Section 47A in the Malaysia Deposit Insurance Corporation Act 2011 (Act 720) (PIDM Act), which provides for the calculation of the first premium in respect of new deposit-taking members.
According to Section 47A(1), the first premium in respect of new deposit-taking members shall be calculated on the basis as may be prescribed by the Minister.
"The first premium of Islamic and conventional deposits shall be calculated separately, and the applicable premium rates for each new deposit-taking member shall be based on such criteria as may be prescribed in the regulations," it said.
The bill also aims to amend Section 49 of the PIDM Act to empower the Minister to prescribe the base for calculation of annual premium to be paid by a deposit-taking member.
-- BERNAMA
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