Accountability answers company insurance life based investing against the risk of failure to pay for policyholders

Selvi Harvia Santri; Yaswirman Yaswirman; Kurnia Warman; Wetria Fauzi

doi:10.21744/lingcure.v6nS1.2087

Authors

Selvi Harvia Santri
selviharviasantri@law.uir.ac.id
Doctoral Student of Law Science Doctoral Program, University of Andalas, Indonesia
Yaswirman University of Andalas, Indonesia
Kurnia Warman University of Andalas, Indonesia
Wetria Fauzi University of Andalas, Indonesia

Keywords:

company insurance, insurance life, investments, policy holder, policy

Abstract

The problem of this research is how to regulate investment-based life insurance in Indonesia and the liability of investment-based life insurance companies against the risk of default by policyholders. This study uses a research method that has an empirical juridical type. The study results explain that the regulation of investment-based life insurance in Indonesia is regulated in Law Number 40 of 2014 concerning Business Per Insurance, OJK Regulation Number 23/POJK.05/2015 concerning Insurance Products and Marketing and Decree of the Chairman of BPPM and Financial Institutions Number KEP-104/ BL/2006 concerning Investment-based life insurance products. PP Number 87 of 2019 concerning insurance companies in the form of joint ventures, RI's Financial Decree Number 422/KMK.06/2003 and Director General of Financial Institutions Decree Number 2475/LK concerning investment insurance products and forms of liability of default insurance companies must fulfill the contents of the agreement insurance that gives rise to the rights and obligations of the insured reciprocally. However, Law Number 40 of 2014 concerning Insurance Business does not fully regulate violations in the insurance business and does not regulate how the insurance company is responsible for the company's inability to fulfill insurance claims.

Downloads

Download data is not yet available.

References

Bauer, D., Kiesel, R., Kling, A., & Ruß, J. (2006). Risk-neutral valuation of participating life insurance contracts. Insurance: Mathematics and Economics, 39(2), 171-183. https://doi.org/10.1016/j.insmatheco.2006.02.003

Bukhari, E. (2015). Peranan asuransi dalam dunia Investasi. Jurnal Karya Ilmiah, 15(2), 88-102.

Cermati, 2016. Tertarik Asuransi Unit Link? Ini Manfaat dan Kekurangannya.

Chen, S., Li, Z., & Li, K. (2010). Optimal investment–reinsurance policy for an insurance company with VaR constraint. Insurance: Mathematics and Economics, 47(2), 144-153. https://doi.org/10.1016/j.insmatheco.2010.06.002

Dahl, M. (2004). Stochastic mortality in life insurance: market reserves and mortality-linked insurance contracts. Insurance: mathematics and economics, 35(1), 113-136. https://doi.org/10.1016/j.insmatheco.2004.05.003

Fitriana Wulan, Y., Hariyani, I., & Wahjuni, E. (2014). Perlindungan Hukum Terhadap Tertanggung Asuransi Unit Link Pada Perusahaan Asuransi Jiwa Bersama Bumiputera 1912 Jember.

Grosen, A., & Jørgensen, P. L. (2000). Fair valuation of life insurance liabilities: the impact of interest rate guarantees, surrender options, and bonus policies. Insurance: Mathematics and Economics, 26(1), 37-57. https://doi.org/10.1016/S0167-6687(99)00041-4

Gupta, A. K., & Sapienza, H. J. (1992). Determinants of venture capital firms' preferences regarding the industry diversity and geographic scope of their investments. Journal of business Venturing, 7(5), 347-362. https://doi.org/10.1016/0883-9026(92)90012-G

Hartono, S. R. (2008). Hukum asuransi dan perusahaan asuransi.

Ibegbulem, H. O. (2021). The language of indemnification and the economic growth of Nigeria: perspectives from assurance firms. Linguistics and Culture Review, 5(S3), 41-54. https://doi.org/10.21744/lingcure.v5nS3.1370

IZZA, A. (2018). Pertanggung Jawaban Pemegang Kuasa Pendaftaran Jaminan Fidusia Kepada Penerima Fidusia Akibat Keterlambatan Pendaftaran Jaminan Fidusia.

Kelsen, H. (2006). Teori Hukum Murni Dasar-Dasar Ilmu Hukum Normatif. Terjemahan Raisul Muttaqin, Nusamedia, Bandung.

Klein, R. J., Schipper, E. L. F., & Dessai, S. (2005). Integrating mitigation and adaptation into climate and development policy: three research questions. Environmental science & policy, 8(6), 579-588. https://doi.org/10.1016/j.envsci.2005.06.010

Korolova, V. V., Dolhoruchenko, K. O., Oliinyk, O. B., Glukh, M. V., & Hrytsiak, I. A. (2021). International legal aspects of migration in the EU: policies and standards. Linguistics and Culture Review, 5(S3), 539-553. https://doi.org/10.21744/lingcure.v5nS3.1539

Kustina, K.T., Dewi, G.A.A.O., Prena, G.D., Suryasa, W. (2019). Branchless banking, third-party funds, and profitability evidence reference to banking sector in indonesia. Journal of Advanced Research in Dynamical and Control Systems, 11(2), 290-299.

Lee, I., & Lee, K. (2015). The Internet of Things (IoT): Applications, investments, and challenges for enterprises. Business Horizons, 58(4), 431-440. https://doi.org/10.1016/j.bushor.2015.03.008

Mason, C. M., & Harrison, R. T. (2002). Is it worth it? The rates of return from informal venture capital investments. Journal of Business Venturing, 17(3), 211-236. https://doi.org/10.1016/S0883-9026(00)00060-4

Rokhmatussa'dyah, A., & Suratman. (2010). Hukum investasi & pasar modal. Sinar Grafika.

Saleh, T. (2019). Terungkap! 12 Masalah Pemicu Gagal Bayar Jiwasraya Rp 12,4 T.

Santri, S. H. (2017). Prinsip Utmost Good Faith Dalam Perjanjian Asuransi Kerugian. UIR Law Review, 1, 77-82.

Santri, S. H. (2018). Pelaksanaan Prinsip Subrogasi Pada Asuransi Kendaraan Bermotor Menurut Kitab Undang-Undang Hukum Dagang. UIR Law Review, 2, 354.

Santri, S. H. (2019). Penerapan prinsip indemnitas pada asuransi kendaraan bermotor. UIR Law Review, 3(01), 31-37.

Santri, S.H. (2019) Perlindungan Hukum Pemegang Polis Terhadap penetapan klausula Baku Bagi Pemegang Polis, Jurnal Uir Law Riview, 4(1).

Saravanakumar, S., & Mahadevan, A. (2001). Multi-Dimensions of Unit-Linked Insurance Plan among Various Investment Avenues. International Journal of Enterprise and Innovation Management Studies (IJEIMS), 1(3), 53-60.

Sastrawidjaja, M. S. (2003). Hukum asuransi: perlindungan tertanggung asuransi deposito usaha perasuransian. Language, 12(383p), 22cm.

Sendra, K. (2004). Konsep dan Penerapan Asuransi Jiwa Unit-Link: Proteksi Sekaligus Investasi. Yogyakarta: Bayu Indra Grafika.

Soekanto, S. (2007). Penelitian hukum normatif: Suatu tinjauan singkat.

Sudarma, I. P., & Sari, M. M. R. (2020). Financial distress, growth opportunities, and dividend policy on firm value through company hedging policies: Empirical study on property and real estate companies listed on indonesian stock exchange. International Research Journal of Management, IT and Social Sciences, 8(1), 47-59. https://doi.org/10.21744/irjmis.v8n1.1054

Sunariani, N. N., Maheswari, A. A. I. A., & Pemayun, A. A. G. P. (2019). Grand investment of tourism sector effort to make many villas and hotels for expanding work opportunities on budgeting. International Research Journal of Management, IT and Social Sciences, 6(6), 43-49. https://doi.org/10.21744/irjmis.v6n6.755

Syafriadi, S., & Santri, S. H. (2019). Application of Insurance Principles According to the Book of Trade Law and Law Number 40 of 2014. International Journal of Innovation, Creativity and Change, 10, 206-217.

Tödtling, F., & Trippl, M. (2005). One size fits all?: Towards a differentiated regional innovation policy approach. Research policy, 34(8), 1203-1219. https://doi.org/10.1016/j.respol.2005.01.018

Tri Hendro, S. P., & Rahardja, C. T. (2014). Bank & Institusi Keuangan Non Bank di Indonesia. UPP STIM YKPN.

Yücenur, G. N., & Demirel, N. Ç. (2012). Group decision making process for insurance company selection problem with extended VIKOR method under fuzzy environment. Expert Systems with Applications, 39(3), 3702-3707. https://doi.org/10.1016/j.eswa.2011.09.065