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Ada Pertanyaan? Hubungi Kami Fathan Qorib, Andin Aditya Rahman
The Financial Services Authority (OJK) is currently focusing on the microinsurance sector working together with insurance associations to provide a generic product to the public. There are also talks of a new regulation on microinsurance products to provide better legal certainty for consumers.
Muchlasin, Director of the Sharia Non-Bank Financial Industry Division at the OJK announced that the generic product will be ready to be launched in June. The generic product, according to Mr. Muchlasin, will aim to maximize the potential of microinsurance businesses and to improve the general public’s understanding of microinsurance.
“When done individually, it seems the outcome is far from ideal compared to last year. A lot of people do not understand. So in collaboration with the association, we are making a generic product together,” Mr. Muchlasin said last Friday.
This generic product will provide four microinsurance products, personal accident insurance, life insurance, business insurance, and fire insurance.
“This is work in progress,” added Mr. Muchlasin.
In discussing the generic product, Muchlasin added that the OJK is currently continuing the drafting of a regulation on microinsurance products. This regulation, he continued, aims to broadly regulate microinsurance, including simplified sales procedures, maximum premiums, and incentives for companies selling microinsurance products.
Unfortunately, Mr. Muchlasin was reluctant to provide comments on whether it will become mandatory for insurance companies to provide microinsurance products. He asserted, however, that this matter is still being discussed by the OJK and the insurance associations.
Currently there are 25 insurance companies providing microinsurance products in the microinsurance sector. These companies are comprised of 11 life insurance companies and 14 liability insurance companies which collectively provide at total of 67 insurance products.
Examples of microinsurance products provided by these insurance companies include dengue fever insurance, fire insurance, earthquake insurance, and personal accident insurance.
(For a complete elaboration on the Draft Bill on Insurance, see: ILD No. 299)
(hot/kc)
Fathan Qorib, Andin Aditya Rahman
The Financial Services Authority (OJK) is currently focusing on the microinsurance sector working together with insurance associations to provide a generic product to the public. There are also talks of a new regulation on microinsurance products to provide better legal certainty for consumers.
Muchlasin, Director of the Sharia Non-Bank Financial Industry Division at the OJK announced that the generic product will be ready to be launched in June. The generic product, according to Mr. Muchlasin, will aim to maximize the potential of microinsurance businesses and to improve the general public’s understanding of microinsurance.
“When done individually, it seems the outcome is far from ideal compared to last year. A lot of people do not understand. So in collaboration with the association, we are making a generic product together,” Mr. Muchlasin said last Friday.
This generic product will provide four microinsurance products, personal accident insurance, life insurance, business insurance, and fire insurance.
“This is work in progress,” added Mr. Muchlasin.
In discussing the generic product, Muchlasin added that the OJK is currently continuing the drafting of a regulation on microinsurance products. This regulation, he continued, aims to broadly regulate microinsurance, including simplified sales procedures, maximum premiums, and incentives for companies selling microinsurance products.
Unfortunately, Mr. Muchlasin was reluctant to provide comments on whether it will become mandatory for insurance companies to provide microinsurance products. He asserted, however, that this matter is still being discussed by the OJK and the insurance associations.
Currently there are 25 insurance companies providing microinsurance products in the microinsurance sector. These companies are comprised of 11 life insurance companies and 14 liability insurance companies which collectively provide at total of 67 insurance products.
Examples of microinsurance products provided by these insurance companies include dengue fever insurance, fire insurance, earthquake insurance, and personal accident insurance.
(For a complete elaboration on the Draft Bill on Insurance, see: ILD No. 299)
(hot/kc)