THE URGENCY OF ACCELERATING THE REALIZATION OF THE POLICY GUARANTEE PROGRAM AS AN EFFORT TO PROTECT THE INSURED DUE TO DEFAULT ON INSURANCE COMPANY CLAIMS
DOI:
https://doi.org/10.37859/jeq.v11i2.11556
Abstract
A series of cases of massive claim default, such as the one that befell PT Asuransi Jiwasraya with losses of more than sixteen trillion rupiah and PT Asuransi Jiwa Kresna which harmed thousands of policyholders, clearly reveal the absence of an effective and fast legal protection mechanism for the insured. This study aims to analyze the urgency of accelerating the implementation of the Policy Guarantee Program as a vital instrument of legal protection for policyholders, as well as evaluating the adequacy of the current regulatory framework. The research method used is normative juridical by integrating a legal approach, a conceptual approach, and a comparative legal. The results show that delays in program implementation have the potential to significantly increase the accumulation of policyholder losses and increase systemic risks in the financial services sector. Different from previous research which mostly focused on the urgency of establishing institutional aspects, this study provides a more advanced academic contribution in the form of formulation of concrete recommendations on the substance of Government Regulations that must be issued, including, among others, the determination of policy guarantee value limits, specific criteria for the level of financial health of the insurance companies participating in the program, and an integrated coordination mechanism between financial sector supervisory authorities. Thus, this study offers an applicative normative roadmap to ensure preventive and responsive legal protection before the official implementation deadline.
Downloads
References
Bibliography
Book
Cummins, J. David, dan Bertrand Venard. Handbook of International Insurance Between Global Dynamics and Local Contingencies. Cham: Springer Nature, 2021.
Hadjon, Philipus M. Perlindungan Hukum bagi Rakyat Indonesia Sebuah Studi tentang Prinsip Prinsipnya, Penanganannya oleh Pengadilan dalam Lingkungan Peradilan Umum dan Pembentukan Peradilan Administrasi Negara. Surabaya: Bina Ilmu, 1987.
Marzuki, Peter Mahmud. Penelitian Hukum Edisi Revisi. Jakarta: Kencana Prenada Media Group, 2017.
Journal Articles
Anggraeni, Diah, dan Wahyu Budi Pratomo. “Dampak Undang Undang Nomor 4 Tahun 2023 tentang Pengembangan dan Penguatan Sektor Keuangan terhadap Kelangsungan Industri Asuransi di Indonesia.” Jurnal Hukum Bisnis Bonum Commune 6, no. 2 (2023)
Butar Butar, Ebenezer, Bismar Nasution, Sunarmi, dan Mahmul Siregar. “Kepastian Hukum Pelaksanaan Program Penjaminan Polis bagi Pemegang Polis Asuransi Pasca Berlakunya Undang Undang Pengembangan dan Penguatan Sektor Keuangan.” Locus Journal of Academic Literature Review 3, no. 4 (2024)
Caja Espana, Roxana, dan Mario Pellegrini. “Policyholder Protection Schemes in Situations of Insurer Insolvency. A Comparative Study Between States and Jurisdictions.” The Geneva Papers on Risk and Insurance Issues and Practice 45, no. 3 (2020)
Hasanah, Uswatun, dan Rini Wibowo. “Efektivitas Hukum Perlindungan Pemegang Polis Asuransi dalam Sistem Perasuransian Indonesia.” Jurnal Hukum dan Pembangunan 54, no. 1 (2024)
Panjaitan, Bonardo, Ningrum Natasya Sirait, Mahmul Siregar, dan Detania Sukarja. “Mewujudkan Kepastian Hukum Program Penjaminan Polis untuk Melindungi Pemegang Polis Asuransi.” SETARA Jurnal Ilmu Hukum 3, no. 1 (2022)
Park, Sojung Carol, dan Xiaoying Xie. “An Analysis of Systemic Risk in the Insurance Industry Evidence from the Asia Pacific Region.” Asia Pacific Journal of Risk and Insurance 8, no. 2 (2014)
Putri, Ardita Rahma, dan Bayu Pratama. “Reformulasi Kebijakan Penjaminan Polis Pasca Undang Undang Pengembangan dan Penguatan Sektor Keuangan.” Jurnal Ius Constituendum 10, no. 1 (2025)
Sekarayu, Putri, dan Sharifa Hanifah Rambe. “Bentuk Kelembagaan Program Penjaminan Polis di Indonesia Studi Perbandingan antara Indonesia dengan Malaysia dan Korea Selatan.” Dharmasisya Jurnal Program Magister Hukum Fakultas Hukum Universitas Indonesia 1, no. 3 (2022)
Suhardin, Yos Johan Utama, dan Hartana. “Kewenangan Baru Lembaga Penjamin Simpanan untuk Menjamin Polis Asuransi Pasca Berlakunya Undang Undang Pengembangan dan Penguatan Sektor Keuangan.” Jurnal Hukum Bisnis Indonesia 12, no. 2 (2024)
Law and Regulation
Commercial Law Book.
Law Number 2 of 1992 concerning Insurance Business.
Law Number 24 of 2004 concerning Deposit Insurance Institutions.
Law Number 40 of 2014 concerning Insurance.
Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector.
Financial Services Authority Regulation Number 71/POJK.05/2016 concerning the Financial Health of Insurance and Reinsurance Companies.
Financial Services Authority Regulation No. 73/POJK.05/2016 concerning Good Corporate Governance for Insurance Companies.
Malaysia Deposit Insurance Corporation Act 2011.
Depositor Protection Act 2003 Republic of Korea.
Decision of the Supreme Court of the Republic of Indonesia Number 1247 K/Pid.Sus/2021 in the Case of PT Asuransi Jiwasraya.
Putusan Mahkamah Agung Republik Indonesia Nomor 1444 K/Pid.Sus/2022 dalam Perkara PT ASABRI
