Advanced Search

The Financial Services Authority Number 23/pojk. 04/2015 2015

Original Language Title: Otoritas Jasa Keuangan Nomor 23/POJK.04/2015 Tahun 2015

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$40 per month.
osed, the Company's liability, and

policyholders ' obligations, liability, or

participants; and/or

2. Complicate the policyholder, is liable, or

participants take care of the rights.

Article 4

(1) PAYDI must meet the criteria:

a. have the proportion of protection against risk

death and benefits associated with

investment;

b. have a specific dependents; and

c. have a specific investment strategy.

(2) Further provisions concerning PAYDI as

are referred to in paragraph (1) are governed by the OJK Circular Letter.

www.peraturan.go.id

2015, No. 287 -6-

Section 5

(1) The Shared Insurance Products are designed to be marketed

and borne or managed by the risk through

a cooperation mechanism between:

a. General Insurance Company and Company

Other General Insurance;

b. Mental Insurance Company and Insurance Company

Other souls; or

c. General Insurance Company and the Company

Life Insurance.

(2) The risk division between the General Insurance Company

and the Life Insurance Company in Insurance Products

Together must conform to the scope of the effort

General Insurance Company and Insurance Company

Soul.

(3) The Shared Insurance Product as referred to

paragraph (1) does not include any shared dependents

performed by 2 (two) or more Companies which

a type in order to spread the risk for one object

case-in-case per case.

Section 6

(1) The Joint Insurance Products as referred to in

Section 5 of the paragraph (1) must be poured in an agreement

written.

(2) The written agreement is referred to in paragraph (1)

at least should contain the following:

a. The membership arrangement, including the Company

becomes chairman (leader) who will coordinate

the marketing activities of the Shared Insurance Products

referred to;

b. speaker duties;

c. Risk sharing for each Company

incorporated in the Insurance Product marketing

Together in accordance with the business scope

each Company;

www.peraturan.go.id

2015, No. 287 -7-

d. Set up the payment method.

policyholders;

e. procedure underwriting, acceptance procedure, and

Premi forwarding or Contribution, as well as the procedure

settlement and payment of the claim; and

f. dispute resolution procedure between

Enterprise incorporated in marketing

Shared Insurance Products.

Article 7

Standard Insurance Products must meet the criteria of which

has the Insurance Polis which equal to the default policy

the insurance made by the insurance industry association.

Article 8

(1) The Mikro Insurance Products must have a characteristic:

a. simple;

b. easy;

c. economic; and

d. Soon. (2) Further provisions regarding the Mikro Insurance Products

as referred to in paragraph (1) are set up with

The OJK Circular Letter.

Article 9

(1) The Insurance Product that the Company may market

General Insurance is the Insurance Product as

referred to in Article 1 of 1-letter a, letter c, and

letter d.

(2) The Insurance Product that the Company may market

The Life Insurance is the Insurance Product as

referred to in Article 1 of 1 letter b, the letter c, the letter

d, and the number 2. (3) The Mikro Insurance Products that may be marketed by

The Life Insurance Company is an Insurance Product

as referred to in paragraph (2), except annuities

life insurance and PAYDI.

www.peraturan.go.id

2015, No. 287 -8-

(4) Insurance Products that the Company may market

General Insurance as referred to in paragraph (1)

and/or the Soul Insurance Company as

is referred to in paragraph (2), may expanded with

following the expansion of the insurance business scope.

Section 10

(1) The Company must name for each Product

The Insurance marketed.

(2) The Insurance Product Name is marketed as

referred to the paragraph (1) must meet the provisions

as follows:

a. using an insurance word or other word that

semeanings;

b. does not incur any interpretation that the product

is not an Insurance Product; and

c. in accordance with the Insurance Product name at the time

reported to OJK. (3) The name of the Mikro Insurance Product must use

the phrase "micro insurance" or other phrase meaning.

The Second Part

The Insurance Polis

Article 11

The Insurance Polis as referred to in Article 3 of the letter b

must contain the least provisions regarding:

a.

b. the promised benefits description;

c. cara Premi or Contribution payment method;

d. timeout (grace period) payment Premi or

Contribution;

e. kurs used for Insurance Polis with eyes

foreign money if payment Premi or Contribution

and the benefits are associated with the rupiah currency;

f. Recognized time as payment

Premi or Contribution;

www.peraturan.go.id

2015, No. 287 -9-

g. The Company's policies are specified if

payment of Premi or Contribution is made past

an agreed upon timeout;

h. period at the time the Company could not review

re-validity of the insurance contract (incontestable period)

on the long-term Insurance Product;

i. a cash value table, for the Insurance Products marketed

by the Soul Insurance Company containing value

cash;

j. Insurance Polis dividend calculation or a type,

for Insurance Products marketed by the Company

A Soul Insurance that promises the Insurance Polis dividend

or a similar one;

k. The termination clause, whether from

the Company or from the policyholder, is in charge,

or the participant, including the terms and causes;

l. the terms and conditions of the submission of the claim, including the proof

relevant support and necessary in

filing of the claim;

m. the layout of the solution and the payment of the claim;

n. klausula settlement dispute among others

contains a settlement mechanism in the courts

and outside the court and the selection of pd

in the Act No. 21 of 2011 on

Financial Services Authority.

www.peraturan.go.id

2015, No. 287 -5-

BAB II

INSURANCE PRODUCTS

Section Parts

Type and Criteria Insurance Products

Article 2

Any Insurance Product must provide protection from

most little 1 (one) type of risk that can be insured.

Article 3

The Insurance Products must have:

a. Premium or Contribution that matches the benefits that

promised, which is set at a rate that

is sufficient, not redundant, and not applied

is discriminated against; and

b. An Insurance Policy that does not contain a word, phrase, or

sentence that can:

1. generate different interpretations of

the risks that are cllaces

the position of the dispute settlement; and

o. language referenced in the event of a dispute

or different opinion, for the Insurance Polis printed

in 2 (two) languages or more.

Article 12

The Insurance Polis for Insurance Products with principles sharia,

other than having to contain provisions as intended

in Article 11, should also include the following:

a. The type of acad is used;

b. The rights, obligations, and authority of each party

based on the agreed accession;

c. Large Contributions are allocated to the fund

tabarru ', ujrah, and investment funds;

www.peraturan.go.id

2015, No. 287 -10-

d. large, time, and way of payment for investment results

in terms of the Insurance Products using the acad

mudharabah or mudharabah deliberation;

e. Underwriting surplus use allocation for funds

tabarru ', the participant's funds, and/or the Company's funds; and

f. qardh by the Company in terms of funds

tabarru ' is not sufficient to pay the insurance benefits.

Section 13

The provisions as referred to in Section 11 apply

also for the Insurance Polis for Micro Insurance Products,

except for e, letter i, letter j, and letter n.

Article 14

The provisions as referred to in Section 11 and Section

12 apply also to the Insurance Polis for Insurance Products

Mikro with the principle of sharia, except for Article 11 of the letter e, letter

i, letter j, The letter n, and Section 12 of the letter b.

Article 15

(1) In addition to the provisions as referred to in Section 11

and Section 12, Insurance Polis for Insurance Products

Together must contain the risk section that will

borne by each Companies that

are incorporated in the marketing of Shared Insurance Products.

(2) Insurance Polis for Shared Insurance Products

is published by the Company which is appointed chairman

in the marketing of the Shared Insurance Products.

(3) The Insurance Polis for Shared Insurance Products must

be signed by:

a. The entire company that is incorporated in

marketing the Shared Insurance Products; or

b. Company that is chairman in marketing

Shared Insurance Products.

(4) In terms of Insurance Polis for Insurance Products

Together signed only by the Company that

becomes chairman in the marketing of Insurance Products

www.peraturan.go.id

2015, No. 287 -11-

Together, the written agreement as referred to

in Section 6 of the paragraph (1) and the Insurance Polis for the Product

The Joint Insurance as referred to in paragraph (1)

must contain the provisions that Companies that

are incorporated in the marketing of Shared Insurance Products

are bound according to their respective risk portions.

Article 16

(1) The terms of the date used for Polis

Insurance with foreign currency as

referred to in Article 11 of the letter e, must be a kurs

the equivalent of the bank issued by the Bank Indonesia at the time

payment.

(2) The equivalent Kurs as referred to in paragraph (1)

must generate a number of foreign currency that

should be accepted by the recipient of such payment

if payment is made with foreign currency

In question.

Article 17

The company is prohibited from listing a provision in

in the Insurance Polis that can be construed:

a. that policyholders, liabilities, or participants are not

may perform the legal effort so that the holder

the policy, is liable, or the participant must accept

a rejection payment claim; and/or

b. as a limitation of legal efforts for the parties in

there is a dispute regarding the provisions of the Polis

Insurance.

Article 18

(1) The provisions in the Insurance Polis that govern regarding

the settlement of the dispute must contain a settlement

the dispute is outside the court and through the court.

(2) The provisions of Insurance policy set about

settlement of disputes over insurance agreements that

conducted outside the court, must provide the option

www.peraturan.go.id

2015, No. 287 -12-

alternative dispute resolution is through agency

alternative dispute resolution as set

in terms of laws

regarding alternative agencies dispute resolution in

financial services sector.

(3) The provisions in the Insurance Polis governing regarding

settlement of disputes over insurance agreements that

conducted through court, should not be restrictive

court elections only on state court at

place of position Enterprise.

Article 19

(1) The Insurance Polis must be written clearly so that

is read easily and understood by the holder

policy, liability, or participant.

(2) In the case of the Insurance Polis there is a formulation that can

be interpreted as:

a. the exception or limitation of risk causes that

is closed based on the Insurance Polis that

is concerned; and/or

b. reduction, restriction, or release

Corporate liability,

the formulation part is meant to be written or printed

with bold or tilted letters so that it can be with

easy to know of any exceptions or restriction

cause of risk or presence of a reduction, restriction,

or release of Corporate liability.

Section 20

(1) Any Insurance Polis published and marketed in

the Indonesian legal region must be created in the language

Indonesia.

(2) In terms of required, the Insurance Polis may be published

in foreign or regional language side by side

with the Indonesian language.

www.peraturan.go.id

2015, No. 287 -13-

Article 21

(1) The Insurance Polis is published in a hardcopy or

digital/electronic form.

(2) In terms of the Insurance Polis is published in the form

digital/electronic as referred to in paragraph (1),

The Company must obtain the holder's approval

the polis, liabilities, or participants.

Article 22

In the marketing of the collection Insurance Products, the Company

is mandatory:

a. publishes the parent Insurance Polis that lists

the specified name or insurance participant and the time

the dependents of each liability or

insurance participants; and

b. publish proof of error for each

liability/insurance participants.

Article 23

(1) Any insurance standard policy made by the association

the insurance industry as referred to in Article 7,

must be reported by the chairman of the insurance industry association

to OJK to obtain a consent letter.

(2) The insurance standard Polis as referred to in paragraph

(1) must comply with the provisions regarding Insurance Polis

as set out in this OJK Regulation.

Article 24

In any insurance closing, the Insurance Polis must

in accordance with the Insurance Polis specimen reported by

The company or the insurance standard policy reported by

the cha Bancassurance; and/or

d. business entity other than a bank.

(2) The marketing of Mikro Insurance Products may be performed

through the marketing channels on paragraph (1) and/or

power marketers.

www.peraturan.go.id

2015, No. 287 -23-

(3) Further provisions regarding the marketing channel

as referred to in paragraph (1) and paragraph (2) are set

in the OJK Circular Letter.

Section 46

The company that will market the Insurance Products through

the marketing channel as referred to in Section 45

paragraph (1) letter b to the letter d shall have

a written agreement with the marketing party.

Article 47

(1) The marketing channel as referred to in Article

45 verses (1) may use the remote communication medium

far.

(2) Insurance Products Marketing via communications media

remote as referred to in paragraph (1) mandatory

load information about the Company's identity,

The Insurance Products offered, as well as the terms and

Insurance Polis provisions.

(3) Marketing channel by using the media

remote communication as referred to in paragraph

(1), for PAYDI is required to be followed by a meeting

directly face to face.

Section 48

The company that markets the Insurance Products through the agency

insurance as referred to in Section 45 of the paragraph (1)

letter b, mandatory to ensure that the insurance agent

meets the provisions of the laws

regarding the insurance agent.

Article 49

(1) the Company market the Insurance Products through

Bancassurance as referred to in Article 45

paragraph (1) the letter c must first obtain a letter

Bancassurance of OJK's approval.

www.peraturan.go.id

2015, No. 287 -24-

(2) The company is prohibited from marketing through

Bancassurance before it gets a consent letter from

OJK.

Section 50

The company that markets the Insurance Products through

the business entity in addition to the bank as referred to in Article

45 paragraph (1) the d letter with certain criteria must be first

first obtained the letter OJK's approval.

Section 51

Marketing of the Mikro Insurance Products through the marketer

as referred to in Article 45 of the paragraph (2) must

be done by the person with knowledge of

the insurance and the Mikro Insurance Products.

Section 52

In terms of marketing the Insurance Products is done through

the marketing channel as referred to in Section 45

paragraph (1) letter b, letter c, letter d, and paragraph (2), Enterprise

mandatory:

a. ensuring that the marketing party

is intended to convey accurate, clear,

honest information about the Insurance Products

to the candidate for policyholders, liability, or participants

before Policyholders, liabilities, or participants

decide to do insurance closures

with the Company; and

b. be responsible for all parties ' actions that

conduct marketing referred to

The Insurance Products marketed.

BAB V

INSURANCE CONSUMER PROTECTION

Article 53

(1) The company and/or the mandatory insurance brokerage firm

deliver accurate, clear, honest information, and

www.peraturan.go.id

2015, No. 287 -25-

not misleading about Insurance Products to

policyholders, liabilities, or participants prior to

policyholders, liabilities, or participants

decide to do the closing insurance

with the Company.

(2) The company that markets the PAYDI is required to have,

apply, and develop policies and

the Insurance Product suitability assessment procedure with

the needs and profile of the candidate policy holder, liability,

or a participant who is a marketing target (customer

risk profile assessment).

(3) The Company is required to complete any related complaint

The Insurance Products submitted by the party holder

police, liability, or participants.

Section 54

(1) The company is required to deliver the Insurance Polis to

policyholders, liabilities, or participants in the form

hardcopy or digital/electronic.

(2) In terms of the Insurance Polis is delivered in the form

digital/electronic as referred to in paragraph (1),

the portion of the Insurance Polis that is a fixed policy overview

is required to be delivered in a hardcopyform.

BAB VI

INSURANCE PRODUCT MANAGEMENT

Part Kesatu

Insurance Product Planning

Section 55

(1) The company is required to have a development plan and

Insurance Product marketing which is set by the board

or the equivalent.

(2) The Insurance Product development and marketing plan

as referred to in paragraph (1) is the

of the Company business plan.

www.peraturan.go.id

2015, No. 287 -26-

(3) Terms of form, arrangement, and layout

The drafting of the development and marketing plan

The Insurance Product as referred to in paragraph (1)

is set further by the Circular Letter OJK about

corporate plans and corporate business plans

insurers, sharia insurance companies, companies

reinsurance, and sharia reinsurance companies.

The Second Part

The Insurance Product Performance Monitoring

Article 56

(1) The company is required to perform monitoring of the performance

any Insurance Product.

(2) Monitoring over the performance of any Insurance Product

as referred to in paragraph (1) is performed with

evaluating among others:

a. embedded value of the Insurance Product referred to;

b. profit testing and asset share by using

assumptions at the time of monitoring; and

c. analysis of value new business (impact new

business of an Insurance Product against

solvency or capital).

(3) Evaluation of monitoring of the performance of each Product

Insurance as referred to in paragraph (2) carried out

periodically by the Company Actuaries in accordance with

standard of practice and code of conduct issued by

(4) Based on the monitoring of the performance of any performance

The Insurance Product as referred to in paragraph (2),

The Company Actuaris provides a recommendation for:

a. continue the marketing of the Insurance Products;

b. Change the assumptions used in the Product

Insurance; or

c. stop the marketing of Insurance Products.

(5) The company is obliged to document the results

monitoring turance that has been marketed is referred to OJK.

Article 44

Further provisions regarding the layout, form, and

format of the Insurance Products reporting as referred to

in Section 32, Section 38, and Section 39 are set in the Letter

The OJK Roundup.

BAB IV

INSURANCE PRODUCT MARKETING CHANNEL

Article 45

(1) The Company may only market the Insurance Products

through its marketing channels as follows:

a. directly (direct marketing);

b. insurance agent;

c. he performance of any Insurance Product

as It is in verse (1).

www.peraturan.go.id

2015, No. 287 -27-

Third Section

Insurance Product Marketing outage

Article 57

(1) OJK may order the Company to

stop the marketing of Insurance Products, in terms of:

a. Insurance products that are marketed in contrast to

Insurance products that have obtained the letter

approval or record letters as

referred to in Section 28 of the paragraph (1); and/or

b. Products that are marketed will no longer meet

provisions of the laws.

(2) The company is required to stop all activities

the marketing of Insurance Products subjected to termination

by OJK as referred to in paragraph (1).

Section 58

(1) The company is required to report a marketing outage

The Insurance Products referred to in Section 57

to the OJK the slowest 10 (ten) business days since

the termination of Product marketing Insurance referred to.

(2) The Company that has stopped Product marketing

Insurance as referred to in Article 57 may

market the Insurance Products back after

The Insurance Products have obtaining a letter

approval or a record letter from OJK

as contemplaed in Article 28 of the paragraph (1).

(3) The termination of the Insurance Product marketing outage

as referred to in paragraph (1), must be delivered

by the Company ' s directors or equivalent to be equipped

with:

a. explanation for the reason for the marketing outage

Insurance Products; and

b. The Insurance Polis data is still active.

www.peraturan.go.id

2015, No. 287 -28-

Article 59

The marketing outage of the Insurance Products as

referred to in Article 57 should not reduce the rights

policyholders, liabilities, or participants.

BAB VII

SANCTIONS

Section 60

(1) The violation of the provisions of Article 17, Section 22,

Article 28 of the paragraph (1), Section 36, Article 46, Section 47 of the paragraph (2),

paragraph (3), Section 48, Section 49 of the paragraph (2), Section 52, Section 53,

Section 54, Section 55 of the paragraph (1), Section 56 paragraph (1), paragraph (5),

Article 57 of the paragraph (2), and/or Article 58 of the paragraph (1), Regulation

OJK This administrative sanction.

(2) administrative sanctions as referred to in paragraph

(1) are:

a. written warning;

b. fine;

c. liabilities for the board or equivalent to

undergo an assessment of the ability and re-patiness;

d. restriction of business activities; and/or

e. Revocation of business permit.

(3) Sanctions as referred to in paragraph (2) letter b,

letter c, letter d, and/or letter e, may be subject

with or without preceded the imposition of the sanction

a written warning as contemplation on verse (2)

letter a.

(4) Sanctions fines as referred to in paragraph (2) the letter

b may be levied independently or

together with the imposition of the sanction as

referred to in paragraph (1) the letter a, c, d,

and/or the letter e.

(5) Sanction fines as referred to in paragraph

(2) letter b specified OJK based on the provisions

about administrative sanctions of the applicable fines

for the Company.

www.peraturan.go.id

2015, No. 287 -29-

(6) OJK may announce the imposition of sanctions

administrative as referred to in paragraph (2)

to the community.

BAB VIII

TRANSITION provisions

Section 61

(1) Letter A record for an Insurance Product that has been

published by OJK prior to this OJK Regulation will begin

in effect, it is stated to remain in effect.

(2) The uncompleted Insurance Product reporting process

at the time of this OJK Regulation start to apply subject to

This OJK Regulation.

(3) In terms of OJK has delivered notice

regarding the completeness of the document and/or requirements

that must be met by the Company prior to the Regulation

OJK this applies, the term as intended

in Section 43 of the paragraph (2) is calculated since the Regulation This OJK

comes into effect.

(4) The association must report a standard policy specimen

an insurer that has been published before this OJK Regulation

begins to apply to OJK the slowest 20 (twenty)

workday since the Regulation This OJK goes into effect.

(5) The provisions of PAYDI as set in

The decision of the chairman of the Capital Market Supervising Board and

The Financial Instituts Number KEP-104/BL/2006 on

The product of Unit Link was declared to remain in effect throughout

not opposed to this OJK Regulation until

with the Mail OJK's circulatory regarding PAYDI as

referred to in Section 4 of the paragraph (2) is specified.

BAB IX

CLOSING provisions

Section 62

At the time of OJK Rules this begins to apply, the provisions

regarding the Insurance Products and Insurance Products marketing

subject to this OJK Regulation.

www.peraturan.go.id

2015, No. 287 -30-

Section 63

This OJK Regulation applies to the date of the invitation.

So that everyone knows it, ordered

the invitters of this OJK Regulation with its placement

in

specified in Jakarta

on November 24, 2015

CHAIRMAN OF THE BOARD OF COMMISSIONERS

FINANCIAL SERVICES AUTHORITY,

ttd.

MULIAMAN D. HADAD

promullated in Jakarta

on 26 November 2015

MINISTER OF LAW AND HUMAN RIGHTS

REPUBLIC OF INDONESIA,

ttd.

YASONNA H. LAOLY

www.peraturan.go.id