Chairman of the Board of Commissioners of the Financial Services Authority (OJK) Mahendra Siregar promised to solve recent insurance problems.
Mahendra said the problems that arose contributed to the achievement of the Non Bank Financial Industry (IKNB).
It was noted that the premium for general insurance and reinsurance grew by 13.9 percent to reach IDR 119 trillion. However, the premium for life insurance last year contracted by 7.8 percent.
"This condition shows the absolute resolution of the problems of a number of life insurance companies in the near future," Mahendra said in his remarks at the 2023 Financial Services Industry Annual Meeting at the Shangri-La Hotel, Jakarta, February 6.
Mahendra added that currently OJK is making a series of efforts to improve integrity, accountability, and credibility related to investment management as the focus of OJK's policies.
"For the insurance industry, this effort is expected to restore public trust, through the completion of insurance and insurance products that are problematic, the application of PSAK 74, strengthening actuary functions, and marketing arrangements for insurance products," explained Mahendra.
Regarding the implementation of the Policy Guarantee Program in 2028, Mahendra said the OJK is coordinating with industry associations to prepare for the Insurance Company to meet the requirements for the membership of the Policy Guarantee Program by continuing to make efforts to restore the insurance industry.
"OJK will increase efforts to protect financial and public consumers through strengthening market conduct supervision by perfecting the supervisory framework according to international standards and best practices," he concluded.
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