Ada Pertanyaan? Hubungi Kami 
Ada Pertanyaan? Hubungi Kami Fathan Qorib, Robert Sidauruk
Financial service arbitration institutions are now providing broader services in addition to their well established role of settling disputes in a timely and effective manner. These institutions are now offering services to prevent possible disputes in the financial services industry and consequently improving the public image of the industry.
Such services are being offered by the Capital Market Arbitration Board (BAPMI). Called “Binding Opinion” services, BAPMI will provide interpretations of specific clauses in a proposed agreement between a financial service provider and consumer.
“BAPMI offers Binding Opinions,” said Tri Legono, Vice General Secretary of BAPMI, during a seminar in Jakarta on Thursday.
In detail, Legono explained that financial service providers and consumers must initially submit an application to BAPMI enclosing the proposed agreement on which BAPMI is to provide a Binding Opinion. Afterwards, BAPMI will organize a hearing session to get both parties’ perspectives on the disputed clause(s).
“The issue of the Binding Opinion may take up to 30 days from receipt of an application and is limited to financial services to a maximum transaction value of IDR 30 million,” informed Legono.
This service, Legono said, is being provided based on Article 52 of Law No. 30 of 1999 on Arbitration and Alternative Dispute Resolution, which provides for the right of parties in a dispute to request a binding opinion from an arbitration institution in regard to a clause in an agreement.
While the decision through the Binding Option service is binding and can be used as legal evidence in court proceedings, Legowo informed that since BAPMI’s formation more than a decade ago in 2002, no financial service institutions have yet requested this service.
Another institution, the Indonesia Insurance Mediation Agency (BMAI), is taking a different approach to BAPMI. BMAI focuses its dispute resolution services on improving the image of the insurance business in Indonesia.
However, according to the Head of BMAI, Frans Lamury, there have only been a small number of consumers that have indicated they were satisfied by BMAI’s decisions. Consequently, the public image of insurance businesses has generally remained negative.
“In many cases the policy holders are not satisfied with the decision made by the BMAI,” added Frans.
Another issue that BMAI must deal with is that not many parties are aware of the type of disputes that it can hear. On this point Frans informed that BMAI is a dispute resolution agency that can only hear issues that relate to the rejection of claims or compensation by an insurer. Moreover, the claim amount or compensation cannot exceed IDR 500 million for life insurance and IDR 750 million for general insurance.
“We have refused to hear several disputes submitted by the public that do not fall under BMAI’s jurisdiction such as disputes on price or policy, premium rates, foreign exchange rates and even disputes that are currently under investigation by law enforcers,” added Frans.
(hot/kc)
Fathan Qorib, Robert Sidauruk
Financial service arbitration institutions are now providing broader services in addition to their well established role of settling disputes in a timely and effective manner. These institutions are now offering services to prevent possible disputes in the financial services industry and consequently improving the public image of the industry.
Such services are being offered by the Capital Market Arbitration Board (BAPMI). Called “Binding Opinion” services, BAPMI will provide interpretations of specific clauses in a proposed agreement between a financial service provider and consumer.
“BAPMI offers Binding Opinions,” said Tri Legono, Vice General Secretary of BAPMI, during a seminar in Jakarta on Thursday.
In detail, Legono explained that financial service providers and consumers must initially submit an application to BAPMI enclosing the proposed agreement on which BAPMI is to provide a Binding Opinion. Afterwards, BAPMI will organize a hearing session to get both parties’ perspectives on the disputed clause(s).
“The issue of the Binding Opinion may take up to 30 days from receipt of an application and is limited to financial services to a maximum transaction value of IDR 30 million,” informed Legono.
This service, Legono said, is being provided based on Article 52 of Law No. 30 of 1999 on Arbitration and Alternative Dispute Resolution, which provides for the right of parties in a dispute to request a binding opinion from an arbitration institution in regard to a clause in an agreement.
While the decision through the Binding Option service is binding and can be used as legal evidence in court proceedings, Legowo informed that since BAPMI’s formation more than a decade ago in 2002, no financial service institutions have yet requested this service.
Another institution, the Indonesia Insurance Mediation Agency (BMAI), is taking a different approach to BAPMI. BMAI focuses its dispute resolution services on improving the image of the insurance business in Indonesia.
However, according to the Head of BMAI, Frans Lamury, there have only been a small number of consumers that have indicated they were satisfied by BMAI’s decisions. Consequently, the public image of insurance businesses has generally remained negative.
“In many cases the policy holders are not satisfied with the decision made by the BMAI,” added Frans.
Another issue that BMAI must deal with is that not many parties are aware of the type of disputes that it can hear. On this point Frans informed that BMAI is a dispute resolution agency that can only hear issues that relate to the rejection of claims or compensation by an insurer. Moreover, the claim amount or compensation cannot exceed IDR 500 million for life insurance and IDR 750 million for general insurance.
“We have refused to hear several disputes submitted by the public that do not fall under BMAI’s jurisdiction such as disputes on price or policy, premium rates, foreign exchange rates and even disputes that are currently under investigation by law enforcers,” added Frans.
(hot/kc)