Ulas Berita

7 Latest News from the Indonesian Insurance Industry: And the New Tapera Regulations that Impact Life Insurance Premium Income

Liga Asuransi – Hello risk takers, we are back to discussing developments and events in the world of insurance in Indonesia in the last week, because as we all know, the object of insurance is not only vehicles, life, health or property, but there is still a very wide range of objects that can be insured. , especially in the business sector. Almost all business processes from A to Z can be protected by insurance. In this edition, as usual, we have again collected 7 selected news related to insurance that are good for you to know. Also included are things that are currently hot lately regarding Tapera.

As always, if you are interested in this article, please share it with your colleagues so they can understand it as well as you.

OJK Launches POJK 8 of 2024 to Strengthen the Insurance Industry in Indonesia

The Financial Services Authority (OJK) continues to take strategic steps to strengthen the insurance industry in Indonesia through the issuance of Financial Services Authority Regulation Number 8 of 2024 concerning Insurance Products and Marketing Channels for Insurance Products (POJK 8 of 2024). This regulation is expected to support sustainable growth and innovation in the insurance sector.

Head of the OJK Literacy, Financial Inclusion and Communication Department, Aman Santosa, stated that POJK 8 of 2024 is a follow-up to the mandate of Law Number 4 of 2023 concerning Development and Strengthening of the Financial Sector (PPSK). “This regulation replaces POJK Number 23/POJK.05/2015 by strengthening the legal basis and better governance of insurance products,” said Santosa.

With POJK 8 of 2024, OJK hopes to simplify the insurance product approval process, promote the use of digital insurance policies, and ensure that premium/contribution calculations are carried out carefully. This step is expected to increase the competitiveness of the Indonesian insurance industry in the global arena.

Several important provisions in POJK 8 of 2024 include:

  1. Strengthening PAYDI Regulations: Regulates in more detail regarding Insurance Products Linked to Investment (PAYDI) which were previously only regulated in the OJK Circular Letter (SEOJK).
  2. Mechanism Simplification: Simplify insurance product approval and reporting procedures.
  3. Insurance Digitalization: Encourage the implementation of insurance products digitally.
  4. Sharia Principles: Adding provisions for fulfilling sharia principles in every insurance product.
  5. Governance and Premiums: Strengthen governance and premium/contribution calculations.

The process of drafting POJK 8 of 2024 involved various stakeholders and took into account input from the insurance industry in a balanced manner. OJK has provided a transition period of six months since this regulation was promulgated so that insurance industry players can prepare themselves.

“With the enactment of POJK 8 of 2024 starting October 29 2024, we hope that insurance business players can make the necessary adjustments so that this regulation is effective and beneficial for industry development,” added Santosa.

OJK is optimistic that POJK 8 of 2024 will have a positive and significant impact on the Indonesian insurance industry, creating a strong and healthy industrial ecosystem as a whole.

Source : https://www.infopublik.id/kategori/nusantara/859278/ojk-terbitkan-aturan-terkait-produk-dan-saluran-pemasaran-produk-asuransi 


BPJS Health Introduces Health Service Top Up Scheme with Additional Health Insurance

Deputy Minister of Health, Dante Saksono Harbuwono, announced innovative steps to improve the quality of health services for BPJS Health participants. Through the Standard Inpatient Class (KRIS), participants can now use the top up scheme with Additional Health Insurance (AKT) to get better service.

In his explanation, Dante mentioned four main regulations that underlie this scheme, namely Law Number 40 of 2004 Article 23, Law Number 17 of 2023, Presidential Decree Number 59 of 2024, and Minister of Health Regulation 3 of 2023. “With the AKT, participants can reduce expenses when want to increase the level service their health,” said Dante at the Senayan Parliament Complex, Central Jakarta.

Benefits of Top Up with AKT

This top up scheme allows BPJS Health participants who want to upgrade their health service class, such as from non-executive to executive, to get maximum financing of up to IDR 400 thousand from AKT. “Previously, outpatient costs had to be borne by yourself, with AKT, the costs for upgrading to inpatient class can be covered,” explained Dante.

For inpatient treatment starting from class II, the difference in INA CBG rates, as well as the difference in hospital rates and INA CBG rates will be applied through the AKT mechanism. However, this scheme does not apply to participants who receive state-funded Contribution Assistance (PBI). “PBI is for those who cannot afford it and is funded by the state, so it does not apply to them,” said Dante.

Exceptions and Implementation

Apart from PBI participants, this policy also excludes BP participants with service benefits in class III treatment rooms, PBPU participants with service benefits in class III treatment rooms, PPU participants who have experienced layoffs and their family members, as well as participants registered by the regional government.

“This scheme allows BPJS Health to receive additional payments from AKT for basic and top up benefits distributed from JKN to BPJS Health by AKT,” added Dante.

Underwriting and Implementation Mechanisms

The top up scheme mechanism will be based on AKT underwriting and the top up benefits are health services agreed between AKT and the health facility. “The difference in fees paid by AKT is based on an agreement with health facilities, in accordance with the bill and insurance products purchased by participants,” he explained.

By implementing this scheme, it is hoped that BPJS Health participants will be able to obtain service better health without having to worry about high additional costs. “This is a step forward in efforts to provide better and more equitable health services for all Indonesian people,” concluded Dante.

Source : https://www.inilah.com/kemenkes-asuransi-swasta-bisa-dipakai-untuk-top-up-kris-bpjs-kesehatan 


IDR 20 Trillion Losses Due to Natural Disasters, Is Disaster Insurance Able to Provide Protection?

PT Reinsurance Maipark Indonesia, through its President Director, Kocu Andre Hutagalung, highlighted the urgency of penetrating natural disaster insurance in Indonesia. Considering the country’s condition which is vulnerable to natural disasters, this step is considered important to protect lives, assets, businesses and businesses from the impacts they cause.

According to Hutagalung, insurance industry players fully support the disaster mitigation program launched by the government. It is hoped that this effort can reduce losses incurred due to shocking natural disasters, with losses that could reach up to IDR 20 trillion per year.

Insurance protection against natural disasters currently covers various types of disasters, from tsunamis, volcanic eruptions, floods, earthquakes, to landslides. In an interview with Anneke Wijaya in the Power Lunch program on CNBC Indonesia on Tuesday, June 4 2024, Hutagalung explained further about how natural disaster insurance protection can provide broader and more comprehensive protection for the community and other stakeholders.

Source : https://www.cnbcindonesia.com/market/20240604145907-19-543739/bencana-alam-bikin-rugi-rp-20-triliun-asuransi-bencana-bisa-lindungi 


AJB Bumiputera 1912 Continues Payment of Delayed Policy Claims up to IDR 211.4 Billion

Bumiputera 1912 Joint Life Insurance Company (AJB) continues to move to complete its obligations to policyholders by paying pending policy claims. Corporate Secretary, Hery Darmawansyah, announced that as of May 27 2024, the company had spent IDR 211.4 billion to pay claims to 70,636 policy holders.

Hery also said that the company had submitted a revised Financial Restructuring Plan (RPK) to the Financial Services Authority (OJK) on May 31 2024. However, currently they are still waiting for approval for the revision.

In the latest press conference, the Chief Executive of the OJK Insurance, Guarantee and Pension Fund Supervision (PPDP), Ogi Prastomiyono, revealed that the company had planned to carry out downsizing by releasing assets that were not directly related to the operations of AJB Bumiputera 1912. Funds from asset sales The funds will be allocated for company operations, including payment of pending claims.

Ogi also stated that the OJK had requested that 50% of the asset conversion allocation be used to pay claims that were due. Apart from that, AJB Bumiputera 1912 will also focus on selling new premiums to achieve certain targets. Payment of overdue claim premiums will be made to all policy holders with the same payment amount.

This change in strategy was made so that all policyholders can receive payments according to the company’s liquidity. Ogi also emphasized that companies must meet the Risk Based Capital (RBC) level, adequacy ratio, investment adequacy and liquidity no later than 2028, in accordance with the revised RPK that has been proposed.

Source : https://finansial.bisnis.com/read/20240604/215/1770787/ajb-bumiputera-lanjut-bayar-klaim-polis-tertunda-rp2114-miliar 


BMW Group Indonesia Launches BMW Assurance Program for Vehicle Maintenance

BMW Group Indonesia continues to emphasize its commitment to providing the best service to its customers by launching the newest program, BMW Assurance. This program is specifically designed for customers who want to repair and paint their vehicles.

In an effort to provide even better service, BMW Group Indonesia is collaborating with BMW Ultima dealers in this Business to Business (B2B) program, which is specifically aimed at motor vehicle insurance partners, especially BMW and MINI customers.

Jodie O’tania, as Director of Communications BMW Group Indonesia, emphasized that customer comfort and satisfaction remains the company’s main focus. “Through the ‘Relax, We Care’ campaign, we always ensure that BMW customers can enjoy driving without distractions,” he said.

In the BMW Assurance program, BMW vehicle users who have an insurance policy can safely carry out body repairs and vehicle painting. Mahalingam Maganderalingan, as Director of Customer Support for BMW Group Indonesia, explained that these repairs will use original BMW spare parts which are equipped with a comprehensive guarantee, advanced technological equipment and are environmentally friendly.

Vehicle repairs and painting can be carried out at the BMW Ultima dealer, which has received the highest level of approval from BMW AG in Munich, Germany, as a BMW Approved Bodyshop. President Director of PT Karya Prima Ultima, Peter Anugrah, emphasized that BMW Ultima uses specially trained technicians, the latest diagnostic equipment and genuine BMW and MINI spare parts.

“State-of-the-art technology and strict quality control ensure that every repair meets BMW’s strict standards, guaranteeing safety, performance and aesthetics,” he said.

BMW Ultima is able to provide repair and painting services for up to 20 vehicles at once, operating six days a week, from Monday to Saturday, with operating hours from 8 am to 5 pm, except on Saturdays which are only until 12 noon.

Source : https://www.viva.co.id/otomotif/mobil/1720547-layanan-perbaikan-bodi-dan-cat-mobil-bmw-bisa-pakai-asuransi?page=1


Rejecting KRIS Implementation, NasDem Suspects Policy Favors Private Insurance

Member of Commission IX DPR from the NasDem Party Fraction, Irma Suryani Chaniago, highlighted the plan to eliminate classes 1, 2 and 3 in BPJS Health which will be replaced with Standard Inpatient Classes (KRIS). In a hearing with the Ministry of Health, BPJS Health, and the National Social Security Council (DJSN), Irma questioned the review and communication process carried out regarding the plan.

Irma expressed her concern over the impact of eliminating this class, which might burden BPJS Health participants with additional costs. He also suspects that it is likely that many participants will switch to private insurance if this plan is implemented.

Apart from that, Irma highlighted the public’s lack of understanding of the plan, as well as the hospital’s readiness to face this change. He emphasized that many people find it difficult to enter hospitals for inpatient treatment, even with a limited number of rooms.

Irma emphasized the need for in-depth study before implementing KRIS, and questioned the fairness of implementing this policy. He highlighted the importance of BPJS Health not experiencing losses and its services remaining excellent.

In his view, the application of KRIS is currently not mature enough and requires deeper consideration. He also emphasized that this policy should not cause hardship to the people, and questioned the fairness for class III participants who might be affected.

Irma firmly demanded transparency and clarity in policy making, and emphasized the importance of the people’s interests in every policy step taken.

Source : https://www.inilah.com/tolak-penerapan-kris-nasdem-curigai-akomodir-asuransi-swasta 


OJK Issues POJK Number 8 of 2024 concerning Insurance Products and Product Termination

The Financial Services Authority (OJK) announced the issuance of Financial Services Authority Regulation (POJK) Number 8 of 2024 which regulates insurance products and their marketing channels. This POJK provides a transition period of 6 months from its promulgation, so that it will become effective from 29 October 2024.

One of the main points in POJK Number 8 of 2024 is regarding the termination of insurance products, which can be done either on the initiative of the insurance company or on orders from the OJK. Head of the OJK Literacy, Financial Inclusion and Communications Department, Aman Santosa, explained that in the case of discontinuing an insurance product on orders from the OJK, the company is obliged to stop offering, marketing and/or closing coverage or new membership for the insurance product.

Not only that, companies are also required to provide information to policyholders, insureds and participants regarding the termination of the insurance product. They must submit an action plan to the OJK within 1 month, and implement the plan.

Aman gave examples of several action plans that can be carried out by insurance companies, such as settling obligations to policyholders and improving insurance products.

It should be noted that discontinuation of insurance products can be temporary or permanent, depending on the OJK’s assessment. In addition, in the case of product discontinuation, the insurance company is not permitted to reduce the rights of the policyholder, insured, or participant.

Source : https://keuangan.kontan.co.id/news/ini-yang-harus-dilakukan-perusahaan-asuransi-jika-produknya-dihentikan-ojk#google_vignette 

This news is brought to you by L&G Insurance Brokers, insurance broker experienced in Indonesia.


24 JAM L&G HOTLINE: 0811-8507-773 (CALL – WHATSAPP – SMS)

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