Key Benefits:
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.
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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;
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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.
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(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;
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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.
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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 cl laces
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;
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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
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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
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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.
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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.
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(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.
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(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
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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.
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(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).
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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.
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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.
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(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.
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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
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