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Ada Pertanyaan? Hubungi Kami Fathan Qorib, Jazmi Adlan
The practice of bancassurance in Indonesia is now a focus of the Financial Services Authority (OJK). The OJK believes that current practices are unfair.
According to Dumoly F Pardede, Deputy Commissioner for the Supervision of Non-Bank Financial Industriesat the OJK, banks that have executed an agreement with an insurance company to offer a bancassurance product are reluctant to enter similar arrangements with other insurance companies. Such practice, according to Mr. Pardede, is unfair to other players in the insurance industry.
“If there is a business-to-business contract that causes other businesses to nothave similar opportunities, then it is unfair,” said Mr. Pardede in Jakarta last Thursday.
Mr. Pardede explained that such arrangements between a bank and an insurance company are usually known as exclusive deals, private deals, or single deals.He asserts that such practice is counter to the development of a healthy financial industry.
Mr. Pardede emphasized the importance of making arrangements related to bancassurance products more open, in order to create a more attractive market and healthy competition between businesses.
While acknowledging the importance of this issue, Mr. Pardede could confirm whether or not this matter will be covered under an OJK regulation. The OJK’s Board of Commissioners, Mr. Pardede said, will first have a discussion to address this matter.
Responding to the issue, Abdul Rachman, Director of Institutional Banking at Bank Mandiri, saidthat bancassurance productsrepresent thefirst step for banks in learning about selling insurance products.
Due to the nature of the learning process, Mr. Rachman said that the arrangements only involve the bank and an insurance company entering into an agreement to sell bancassurance products. He added that it is still possible that in future other insurance companies may enter into agreements with a bank that already have a similar contract with another insurance company.
Mr. Rachman refused, however, to express a view as to whetheror nothe thought private dealsor single dealsfora bancassurance product is fair or not. He merely said that OJK’s recommendation on the practice of bancassurance products is reasonable, because OJK as the industry regulator and supervisor wants to improve fairness in the financial industry.
“I can’t give any response to Mr. Pardede’s recommendation. However, I understand that the OJK as a regulator wants to prevent cartel practices within the financial industry,” he said.
(hot/kc)
Fathan Qorib, Jazmi Adlan
The practice of bancassurance in Indonesia is now a focus of the Financial Services Authority (OJK). The OJK believes that current practices are unfair.
According to Dumoly F Pardede, Deputy Commissioner for the Supervision of Non-Bank Financial Industriesat the OJK, banks that have executed an agreement with an insurance company to offer a bancassurance product are reluctant to enter similar arrangements with other insurance companies. Such practice, according to Mr. Pardede, is unfair to other players in the insurance industry.
“If there is a business-to-business contract that causes other businesses to nothave similar opportunities, then it is unfair,” said Mr. Pardede in Jakarta last Thursday.
Mr. Pardede explained that such arrangements between a bank and an insurance company are usually known as exclusive deals, private deals, or single deals.He asserts that such practice is counter to the development of a healthy financial industry.
Mr. Pardede emphasized the importance of making arrangements related to bancassurance products more open, in order to create a more attractive market and healthy competition between businesses.
While acknowledging the importance of this issue, Mr. Pardede could confirm whether or not this matter will be covered under an OJK regulation. The OJK’s Board of Commissioners, Mr. Pardede said, will first have a discussion to address this matter.
Responding to the issue, Abdul Rachman, Director of Institutional Banking at Bank Mandiri, saidthat bancassurance productsrepresent thefirst step for banks in learning about selling insurance products.
Due to the nature of the learning process, Mr. Rachman said that the arrangements only involve the bank and an insurance company entering into an agreement to sell bancassurance products. He added that it is still possible that in future other insurance companies may enter into agreements with a bank that already have a similar contract with another insurance company.
Mr. Rachman refused, however, to express a view as to whetheror nothe thought private dealsor single dealsfora bancassurance product is fair or not. He merely said that OJK’s recommendation on the practice of bancassurance products is reasonable, because OJK as the industry regulator and supervisor wants to improve fairness in the financial industry.
“I can’t give any response to Mr. Pardede’s recommendation. However, I understand that the OJK as a regulator wants to prevent cartel practices within the financial industry,” he said.
(hot/kc)