Page 134 - Special Topic Session (STS) - Volume 3

STS523 Shazura Z. A. et al.
maximised coverage and usage, increased timeliness and data frequency as
well as lessening reporting burden in data compilation.
There are many successful analyses by other countries in using
administrative data as sources for statistics on socioeconomic, healthcare,
education, business and many other areas. For example, Singapore estimates
its labour statistics based on contributor’s records in the Central Provident
Fund (CPF), while several countries such as Canada, Chile, and United Kingdom
have been using their income tax records in compiling their monthly indices
of economic activity, quarterly national accounts, annual GDP and business
registers.
In view of its advantages, the Bank has been actively pursuing to acquire
administrative data from various government agencies/institutions as an
alternative source to complement the structured data being compiled by the
Bank. To date, the Bank has obtained individual profiles from the National
Registry Department (JPN) and granular data on property from the National
Property Information Centre (NAPIC). All these micro-level, large-volume and
high-frequency data, together with other sources of data, are value add to
support policy formulation, analysis and surveillance by the Bank.

2. Use of Administrative Data at the Bank:
2.1 Individual Profiles from JPN
2.1.1 Data Checking Arrangement via Takaful and Insurance Deceased
System (TIDeS)
New and still in progress, the data checking arrangement with JPN is one
of the projects handled by the Bank which involves integration between
information submitted by life insurers and family takaful operators (REs) on
12-digit National Registration Identity Card (NRIC) number of
policy/certificate holders and individual profiles with deceased status from
JPN's Registration of Death. The objective of this initiative is to improve
efficiency of the claim process for death-related benefits and to strengthen
pro-activeness of REs to reach out to the rightful beneficiaries for claim
payment.
According to Section 130 of the Financial Services Act (FSA) read together
with Schedule 10 of the FSA, an RE shall immediately notify the beneficiary of
his entitlement to claim the policy moneys or takaful benefits where such
beneficiary fails to claim the moneys/benefits within sixty days of the RE
becoming aware of the death of the policy/certificate holder. However, in
reality, the moneys/benefits may remain unclaimed in the combined situation
of the beneficiary being unaware of the moneys/benefits and the RE being
unaware of the death of the policy/certificate holder. Based on the important
needs to address this, REs through the industry association i.e. Malaysia
Takaful Association (MTA) and Life Insurance Association Malaysia (LIAM) have

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