Head of Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) Regulation No. PER-04/BL/2011 on Premium Reference and Administration General Cost of Vehicle Insurance for 2011 (“Regulation”) has been issued, listing the tariff changes in Appendixes I and II.
The Regulation sets new reference for insurance companies in imposing the minimum premium cost of a insurance policy, the figures are slightly different from the previous Regulation, respectively Head of Capital Market and Financial Institution Supervisory Agency Regulation No. PER-07/BL/2009 on Premium Reference and Administration Cost and General Cost of Vehicle Insurance for 2010 (“2010 Regulation”).
Appendix I contains the categories of insured vehicles and a value percentage of the premium reference, and types of insurance that comprise of Total Loss Only (TLO) and Comprehensive Insurance that differ between the 2010 and 2011 references. The following are the changes that have been made by the Regulation as stipulated in Appendix I:
|
Category
|
Value Insured
|
2010 Total Loss Only Insurance (TLO)
|
2011 Total Loss Only Insurance (TLO)
|
2010 Comprehensive Insurance
|
2011 Comprehensive Insurance
|
|
Non Truck and Non Bus Vehicles
|
|
Category 1
|
0 to IDR 150 million
|
0.37%
|
0.27%
|
2.16%
|
2.16%
|
|
Category 2
|
IDR 150 to 300 million
|
0.31%
|
0.20%
|
1.58%
|
1.58%
|
|
Category 3
|
IDR 300 to 500 million
|
0.29%
|
0.17%
|
1.28%
|
1.15%
|
|
Category 4
|
IDR 500 to 800 million
|
0.28%
|
0.15%
|
1.06%
|
0.83%
|
|
Category 5
|
Above IDR 800 million
|
0.28%
|
0.15%
|
0.88%
|
0.54%
|
|
Bus and Truck Vehicles
|
|
Category 6
|
Trucks
|
0.28%
|
0.23%
|
1.39%
|
1.11%
|
|
Category 7
|
Buses
|
0.10%
|
0.10%
|
0.78%
|
0.58%
|
|
Motorcycles
|
|
|
|
|
|
|
Category 8
|
All
|
0.67%
|
0.55%
|
N/A
|
0.78%
|
The formula used to calculate the insurance policy premium is stipulated in Appendix II.
Pursuant to Article 5, the Regulation repeals and replaces Head of Capital Market and Financial Institution Supervisory Agency Regulation No. PER-07/BL/2009 on Premium Reference and Administration Cost and General Cost of Vehicle Insurance for 2010.
The Regulation was issued on 18 March 2011 and will come into force on 1 April 2011.
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