Assumption of Control of Tahan Insurance Malaysia Berhad

Pursuant to subsection 59(4)(a) of the Insurance Act 1996, the Minister of Finance has made an order for Bank Negara Malaysia to assume control of Tahan Insurance Malaysia Berhad (Tahan). Tahan is a licensed general insurer with a market share of 1%. The primary objective of the order is to safeguard the interests of Tahan's policy owners. The order is made due to Tahan's non-compliance with capital requirements and non-fulfillment of the capital restoration plans. The order takes effect from today.

Tahan's business operations will proceed as usual during the period of assumption of control. To this effect, Bank Negara Malaysia has appointed Mr. Phoon Soon Keong, an Executive Director of PricewaterhouseCoopers Capital Sdn Bhd, as its appointee to assume control of Tahan. Mr. Phoon will oversee the whole of the property, business and affairs of Tahan to ensure smooth operations of the company's business activities in the best interest of policy owners, while assessing the least cost solution for an effective resolution to take place.

For further information, members of the public can contact:

Customer Careline
Tahan Insurance Malaysia Berhad
Telephone: 03 - 2694 8000
Operating Hours: 8.45 a.m. to 5.30 p.m., Monday to Friday

BNMTELELINK (Bank Negara Malaysia's Call Centre)
Telephone: 1-300-88-5465
Operating Hours: 9.00 a.m. to 5.00 p.m., Monday to Friday