This Is How AAJI Prepares Insurance Actors To Welcome The P2SK Law

Illustration of the Rupiah (Photo: Doc. Antara)

JAKARTA - The Indonesian Life Insurance Association (AAJI) held the Legal & Compliance Forum as a bridge so that all life insurance industry players could have a dialogue to prepare for changes to the rules in Law Number 4 of 2023 (UU P2SK).

Head of the AAJI Legal Department, Hasinah Jusuf, revealed that the Legal & Compliance Forum was held to strengthen relations with every life insurance industry actor who in previous years was limited due to the pandemic.

"First, this is felt to be important to equalize opinions and views between industry players so that we can support each other in implementing the applicable rules," said Hasinah to the media quoted on Tuesday, February 28.

In addition, another purpose of organizing this event is to get information from trusted sources to implement the P2SK law.

Hasinah explained that the insurance industry is one of the sectors that has received a lot of attention to the passing of the law.

The main provisions regarding insurance regulated in the law include the establishment of the Policy Guarantee Program and Sharia Spin Off.

There are so many elements that we have to know, there are many new things that we also need to know and now is our opportunity to share knowledge, ask experts from regulators who do make these regulations (P2SK Law). Later they will give us directions on how to implement them and what implications will happen for us. So we understand what we have to do in the future, "added Hasinah

In this activity, AAJI presented three resource persons from three institutions, namely Djonieri as the Head of the OJK IKNB Regulation and Development Department, Haryadi as the Associate Expert Policy Analyst, Fiscal Policy Agency, Ministry of Finance, and Ary Zulfikar as the Executive Director of the Law of the Deposit Insurance Corporation.

Head of the OJK IKNB Regulation and Development Department, Djenieri, said that the P2SK Law is intended to strengthen the industry as a whole. In the insurance context, it is certain that the impact of the P2SK Law will make the insurance industry stronger, healthier and contribute to the Indonesian economy as a whole.

"Our expectations, of course, with the issuance of the P2SK Law, the industry is also aware, the industry is also preparing itself, both in terms of governance and then in terms of risk management, then in terms of stronger capital," said Djonieri.

Intermediate Expert Policy Analyst, Fiscal Policy Agency, Haryadi conveyed a policy guarantee program that has become a mandate of law, both in the P2SK Law and in Law no. 40 of 2014 concerning Insurance.

"From the Government, of course, we hope that with the issuance of arrangements regarding policy guarantees, we will give confidence to the public to want insurance in the midst of the condition that the insurance industry is currently still heading for more significant improvements. Therefore, as one of the infrastructures to strengthen the insurance industry ecosystem, the policy guarantee program is expected to provide additional confidence for the community for insurance," explained Haryadi.

The Executive Director of Law at the Deposit Insurance Corporation, Ary Zulfikar, in his presentation said that based on the LawP2SK, the mandate for the implementation of the policy guarantor program was given to LPS which will take effect for 5 years from the enactment of the LawP2SK. The policy guarantee program is part of the development and strengthening of the financial sector. In addition, several mandates given to OJK and LPS are related to strengthening the financial sector in the insurance sector which ultimately aims to maintain financial system stability, "explained Ary

In its development, AAJI and all life insurance industry players will continue to coordinate with regulators in the context of implementing the P2SK Law.