New Regulations on Unit Linked Insurance

Insurance premiums, particularly from unit-linked products, have seen a decline following new regulations for insurance products linked to investments (PAYDI). The industry is poised to mobilize efforts to urge regulators to reconsider the rules.

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6 Jun 2024 - 17.40
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New Regulations on Unit Linked Insurance

Unit linked insurance

Bisnis, JAKARTA— New regulation has once again been introduced to bolster and streamline the insurance industry, particularly for unit-linked or investment-linked products, namely Financial Services Authority Regulation (POJK) Number 8 of 2024 concerning Insurance Products and Marketing Channels of Insurance Products (POJK 8 of 2024).

The regulation stems from the requirements outlined in Law Number 4 of 2023 on Financial Sector Development and Reinforcement (PPSK), which mandates adjustments to POJK Number 23/POJK.05/2015 concerning Insurance Products and Marketing of Insurance Products (POJK 23 of 2015). The aim is to fortify the legal base governing the administration of insurance products, including unit-linked products.

Head of the OJK Literacy, Financial Inclusion, and Communications Department Aman Santosa expressed the OJK's aspirations through the new regulation. He highlighted the importance of streamlining the insurance product approval process, leveraging electronic or digital insurance policies, and ensuring meticulous management of premium/contribution calculations.

"So that the wider community can benefit from insurance products and to ensure the insurance industry in the financial services sector achieves global competitiveness and fair competition," said Aman in his official statement quoted on Wednesday (5/6/2024).

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© Copyright 2024, Hak Cipta Dilindungi Undang - Undang.