LPS Has Not Considered Guaranteeing The Mandatory Motor Vehicle Insurance Program

Photo: Doc. Antara

JAKARTA - The Deposit Insurance Corporation (LPS) has not yet considered guaranteeing a mandatory motor vehicle insurance program in a regulatory draft that is being prepared for the insurance Policy Guarantee Program (PPP) which is planned to be effective from January 2028. "I don't know what the details are and I haven't been officially notified so we don't know," said LPS Board of Commissioners Purbaya Yudhi Sadive at a press conference in Jakarta, quoted from Antara, Thursday 1. August. According to Purbaya, if there is a motor vehicle insurance policy guarantee, the insurance company will benefit more. However, on the other hand, the community will be charged with paying more taxes or more dues for the insurance policy. "If I look more profitable for the insurance company. You see, how many accidents did it happen? If everything is mandatory, the funds should be sufficient, the insurance industry should be healthier. But I don't know whether you are angry or not because You have to pay more taxes or more dues," he said. Furthermore, he said that currently LPS is preparing regulations related to the insurance Policy Guarantee Program (PPP) to be more mature. "We are recruiting insurance experts, so within one month I think the main people who handle insurance are complete so we can work even faster. The target is January 1, 2025, all the regulations will be ready," he said. He targets all regulations Regarding PPP being ready on January 1, 2025, so that before the implementation of the Insurance Policy Guarantee Program is effective in 2028, LPS will check and ensure that insurance companies in the list provided by OJK to LPS meet the requirements from LPS. "One year before its implementation in 2027 we will see to the insurance company, we will sample the test whether the list given to us can really meet the standards set by LPS. So we will provide "The requirements, later the OJK will confirm which companies are included, but after that we will see whether the list on the OJK list really meets the requirements or not," he said. If there are insurance companies that do not meet the LPS requirements, then LPS will retest to check the health of all insurance companies that will take part in PPP in accordance with the provisions of the LPS regulations. "If we test for example from a few tens (insured companies), we will test ten (companies) insurance), good everything, yes, we will run the insurance program in 2028 with a list of companies sent by the OJK to LPS," he said. This was done to prevent insurance companies from falling in the first years of implementing the PPP Program. "So the key is when the insurance company requirements enter what kind of guarantee program, so a year earlier I will double check again whether the numbers given by insurance companies and OJK are true, it is true meet the requirements set by the LPS.

"With that at least a year, two years, three years should still be quite safe, but if the situation is emergency, LPS also has a lot of money to guarantee insurance," he said. Previously, Indonesian President Joko Widodo stated that the government had not yet discussed the mandatory insurance policy for motorized vehicles which was planned to take effect in 2025 by the Financial Services Authority (OJK).

"Belum ada rapat mengenai itu," ucap Presiden Jokowi singkat usai menghadiri acara Grand Launching Golden Visa di Jakarta, Kamis 25 Juli.Untuk diketahui, OJK menyatakan bahwa Program Asuransi Wajib, termasuk asuransi kendaraan, masih menunggu terbitnya peraturan pemerintah (PP) sebagai payung hukum pelaksanaannya, seperti ruang lingkup dan waktu efektif penyelenggaraan program."Program Asuransi Wajib TPL (third party liability) terkait kecelakaan lalu lintas dimaksudkan untuk memberikan perlindungan finansial yang lebih baik kepada masyarakat," kata Kepala Eksekutif Pengawas Perasuransian, Penjaminan, dan Dana Pensiun OJK Ogi Prastomiyono di Semarang, Jawa Tengah, Kamis 18 Juli.