scholarly journals Accountability answers company insurance life based investing against the risk of failure to pay for policyholders

2022 ◽  
Vol 6 ◽  
Author(s):  
Selvi Harvia Santri ◽  
Yaswirman Yaswirman ◽  
Kurnia Warman ◽  
Wetria Fauzi
Keyword(s):  
Financial Institutions ◽  
Life Insurance ◽  
Joint Ventures ◽  
Research Method ◽  
Insurance Companies ◽  
Director General ◽  
Insurance Company ◽  
Insurance Claims ◽  
Study Results ◽  
Insurance Business

The problem of this research is how to regulate investment-based life insurance in Indonesia and the liability of investment-based life insurance companies against the risk of default by policyholders. This study uses a research method that has an empirical juridical type. The study results explain that the regulation of investment-based life insurance in Indonesia is regulated in Law Number 40 of 2014 concerning Business Per Insurance, OJK Regulation Number 23/POJK.05/2015 concerning Insurance Products and Marketing and Decree of the Chairman of BPPM and Financial Institutions Number KEP-104/ BL/2006 concerning Investment-based life insurance products. PP Number 87 of 2019 concerning insurance companies in the form of joint ventures, RI's Financial Decree Number 422/KMK.06/2003 and Director General of Financial Institutions Decree Number 2475/LK concerning investment insurance products and forms of liability of default insurance companies must fulfill the contents of the agreement insurance that gives rise to the rights and obligations of the insured reciprocally. However, Law Number 40 of 2014 concerning Insurance Business does not fully regulate violations in the insurance business and does not regulate how the insurance company is responsible for the company's inability to fulfill insurance claims.

scholarly journals HUBUNGAN ANTARA LEMBAGA KEUANGAN SYARIAH DI INDONESIA PERIODE 2014-2018

2020 ◽  
Vol 7 (2) ◽  
pp. 345
Author(s):  
Maulidah Atha Mukhlifah ◽  
Sylva Alif Rusmita
Keyword(s):  
Financial Institutions ◽  
Life Insurance ◽  
Capital Market ◽  
Insurance Companies ◽  
Islamic Banking ◽  
Insurance Company ◽  
Process Data ◽  
Islamic Financial Institutions ◽  
Islamic Insurance ◽  
The Relationship

This study is to determine the relationship between Islamic financial institutions, both bank and non-bank financial institutions in Indonesia in the 2014-2018 period. This study uses the VAR method to process data. The results of this study are contributions from Islamic-based financial institutions in Indonesia. The Islamic capital market has a positive relationship with Islamic life insurance. This happens because, in developing countries like Indonesia, life insurance is more influential than Islamic general insurance. The relationship that occurs in the Islamic capital market and life insurance occurs because of the role of the insurance company that will buy shares in the Islamic capital market. Then, related to a negative relationship between Islamic banking and Islamic insurance. It is because every credit given by the bank will be charged for insurance. The greater the value of the credit, the higher the contribution paid. This will be considered by those who will take credit at the bank. Meanwhile, insurance companies themselves are not bound by two other financial institutions. This happens because insurance companies get capital from third parties or their customers.Keywords: Islamic Financial Institutions, Islamic Capital Markets, Islamic Banking, Islamic Insurance, VAR

ANALISIS PENERAPAN TEORI OBJEKTIVITAS DALAM ASURANASI KAPAL ANTARA PT. BRINGIN SEJAHTERA ARTAMAKMUR DAN PT. DJAKARTA LLOYD (STUDI PUTUSAN NO.423/PDT.G/2011/ PN.JKT.PST.)

2018 ◽  
Vol 1 (2) ◽  
pp. 178
Author(s):  
Gibran Budi Nugroho ◽  
Stanislaus Atalim
Keyword(s):  
Research Method ◽  
Insurance Company ◽  
Insurance Policy ◽  
Insurance Claims ◽  
Insurance Law ◽  
Insurance Business ◽  
Definition Of ◽  
Insurance Agreement

In the insurance agreement, of course, there is an insurance object where the insurance object must be notified in detail by the insured to the insurer if it will not be threatened by the cancellation of the agreement. This is supported by one of the theories developed in insurance business, namely the theory of objectivity supported by article 251 KUHD This research is a study of the application of the theory of objectivity to Decree Number 423 / Pdt.G / 2011 / PN.Jkt.Pst because of the claim from PT. Djakarta Lloyd from the insurance object in the form of MV Jatiwangi PB 400 vessel that has been insured to PT Asuransi Bringin Sejahtra Artamakmur (PT BSAM), but the insurance company rejects the claim on the grounds that the ship was damaged at the time of signing the insurance policy. So that the problem arises how to apply the theory of objectivity to the rejection of insurance claims made by (PT BSAM)? is the application of the theory of objectivity in Indonesian insurance law correct? The research method used is a normative juridical research method. Data from the study shows that based on Article 251 KUHD and the theory of objectivity is a description of the honesty of insurance participants with the threat of cancellation of insurance if the insured party is proven not to have good intentions. Based on the definition of objectivity theory and Article 251 KUHD the author wants to discuss how it applies to ship insurance

scholarly journals PERTANGGUNGJAWABAN DAN UPAYA HUKUM PEMBAYARAN UTANG KLAIM ASURANSI TERHADAP PEMEGANG POLIS AKIBAT KEPAILITAN PERUSAHAAN ASURANSI

2020 ◽  
Vol 8 (11) ◽  
pp. 1806
Author(s):  
M. Alifadhil Syahran ◽  
Marwanto Marwanto
Keyword(s):  
Research Method ◽  
Secondary Data ◽  
Insurance Companies ◽  
Insurance Company ◽  
Insurance Claims ◽  
Insurance Claim ◽  
Conceptual Approach

Pertanggungjawaban yang dilakukan oleh perusahaan asuransi yang dinyatakan pailit terhadap pemegang polis adalah dengan membayarkan utang klaim asuransi yang pengurusan terhadap pembayaran tersebut dilaksanakan oleh kurator sebagai pengurus dari harta kekayaan debitor dan upaya hukum yang dapat dilakukan oleh pemegang polis adalah memohonkan permohonan pailit yang diwakilkan oleh otoritas jasa keuangan ke pengadilan niaga. Metode penelitian yang dilakukan dari penulisan ini adalah hukum normatif dengan mengacu kepada berbagai bahan pustaka atau data sekunder serta melakukan pendekatan perundang-undangan dan pendekatan konseptual. Hasil studi terhadap penulisan ini menunjukkan bahwasanya perusahaan asuransi yang telah dinyatakan pailit oleh pengadilan niaga memiliki bentuk pertanggungjawaban untuk membayarkan utang klaim asuransi terhadap pemegang polis dan pemegang polis dapat menempuh upaya hukum untuk memohonkan pailitnya perusahaan asuransi. The responsibility for the insurance company that is declared bankrupt to the policyholder is to pay the insurance claim debt, which the management of the payment is carried out by the curator as the manager of the debtor’s assets and legal effort that can be taken by the policyholder is to apply for bankruptcy represented by the service authority finance to the commercial court. The research method used from this writing is normative law by referring to various library materials or secondary data as well as taking a staturoy approach and conceptual approach. The result of the study on this writing show that insurance companies that have been declared bankrupt by commercial court have a form of responsibility to pay insurance claims debts against policyholders and policyholder also can take a legal effort to petition the insurance company for bankruptcy.

Effective Customer Support System of Life Insurance Companies

2014 ◽  
Vol 4 (2) ◽  
Author(s):  
Rajesh Srivastava ◽  
Dr. Preeti Sharma
Keyword(s):  
Life Insurance ◽  
Economies Of Scale ◽  
New Technologies ◽  
Insurance Industry ◽  
Integrated Approach ◽  
Customer Experience ◽  
Disruptive Innovation ◽  
Insurance Companies ◽  
Insurance Business ◽  
Strategic Imperative

Increased competition, new technologies and the shift in power from the provider to the customer have produced unrelenting pressure on life insurance business. The market forces point to one overwhelming strategic imperative: customer-focused strategy. Customers are willing to build long-term relationships based on trust and mutual respect with firms that provide a differentiated and personalized service offering. Over the past few years, life insurance industry responded to intensified competition and high customer attrition by entering each other’s markets to capture greater “wallet share” and ostensibly lower their economies of scale. The service delivery process is influenced by quality of personnel, information technology, internal processes, human resource practices, and even an institution’s own change orientation. Now a day’s customers are demanding seamless, multi-channel sales and service experiences. Simultaneously, other players are looking for opportunities to invade this space or to redefine it through disruptive innovation. The result is forcing life insurance companies to examine a more balanced, integrated approach to the customer experience and growth. This research, we analyze the need, preference and satisfaction of customers in life insurance business and provide perspective on how to improve the customer experience.

Indian Life Insurance Market and Corporate Performances: A Study of Selected Firms

2016 ◽  
Vol 4 (1) ◽  
Author(s):  
Joy Chakraborty ◽  
Partha Pratim Sengupta
Keyword(s):  
Market Share ◽  
Life Insurance ◽  
Market Concentration ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Insurance Sector ◽  
Life Insurers ◽  
Company Limited

In the pre-reform era, Life Insurance Corporation of India (LICI) dominated the Indian life insurance market with a market share close to 100 percent. But the situation drastically changed since the enactment of the IRDA Act in 1999. At the end of the FY 2012-13, the market share of LICI stood at around 73 percent with the number of players having risen to 24 in the countrys life insurance sector. One of the reasons for such a decline in the market share of LICI during the post-reform period could be attributed to the increasing competition prevailing in the countrys life insurance sector. At the same time, the liberalization of the life insurance sector for private participation has eventually raised issues about ensuring sound financial performance and solvency of the life insurance companies besides protection of the interest of policyholders. The present study is an attempt to evaluate and compare the financial performances, solvency, and the market concentration of the four leading life insurers in India namely the Life Insurance Corporation of India (LICI), ICICI Prudential Life Insurance Company Limited (ICICI PruLife), HDFC Standard Life Insurance Company Limited (HDFC Standard), and SBI Life Insurance Company Limited (SBI Life), over a span of five successive FYs 2008-09 to 2012-13. In this regard, the CARAMELS model has been used to evaluate the performances of the selected life insurers, based on the Financial Soundness Indicators (FSIs) as published by IMF. In addition to this, the Solvency and the Market Concentration Analyses were also presented for the selected life insurers for the given period. The present study revealed the preexisting dominance of LICI even after 15 years since the privatization of the countrys life insurance sector.

The Pioneer in American Life Insurance Marketing

1938 ◽  
Vol 12 (5) ◽  
pp. 65-75
Author(s):  
J. Owen Stalson
Keyword(s):  
United States ◽  
Eighteenth Century ◽  
North America ◽  
Life Insurance ◽  
General Public ◽  
Colonial America ◽  
The United States ◽  
Insurance Companies ◽  
Insurance Company ◽  
Fire Insurance

Colonial America gave little thought to life insurance selling. The colonists secured protection against marine risks from private underwriters, first in London, eventually at home. It has been asserted that Philadelphia had no fire insurance until 1752; Boston none before 1795. The first corporations formed in this country for insuring lives were those of the Presbyterian Ministers Fund (1759) and a similar company organized for the benefit of Episcopal ministers (1769). Neither of these corporations offered insurance to the general public. In the last decade of the eighteenth century many insurance companies were formed in the United States. At least five were chartered to underwrite life risks, but only one, The Insurance Company of North America, appears to have accepted any. There is no basis for saying that any of these early companies tried to sell life insurance.

scholarly journals INTERNATIONAL EXPERIENCE IN REGULATING LIFE INSURANCE COMPANIES

2020 ◽  
Vol 6 (4(73)) ◽  
pp. 59-63
Author(s):  
Yu.K. Harakoz
Keyword(s):  
Life Insurance ◽  
Solvency Ii ◽  
Insurance Companies ◽  
Accurate Assessment ◽  
Regulation And Supervision ◽  
Bank Regulation And Supervision ◽  
The Russian Federation ◽  
Insurance Business ◽  
Special Rules ◽  
Business Entities

The growth of the life insurance segment encourages the state supervisory authority for the activities of insurance business entities to create conditions for its sustainable development, including through the introduction of a risk-based approach to the regulation and supervision of insurance companies –the Solvency II Directive. The Solvency II Directive is similar in concept to the risk-based approach to Bank regulation and supervision (Basel II). The expected results of its introduction are an adequateand comprehensive assessment of the risks of the insurance company's activities, compliance of the amount of capital with the level and profile of risks taken, as well as transparency and special rules for disclosure of information about its activities. Increasing growth rates in the insurance market and prospects for increasing the level of supervision by the Central Bank of the Russian Federation require life insurance companies to implement practical methods for assessing their capital, which are based on the most accurate assessment of their risks

scholarly journals AN EXPLORATORY RESEARCH STUDY OF MARKETING STRATEGIES OF IDBI FEDERAL INSURANCE CO. LTD

2021 ◽  
pp. 478-483
Author(s):  
Himanshi Goyal ◽  
Dr. Navneet Joshi ◽  
Sanjive Saxena
Keyword(s):  
Life Insurance ◽  
Coming Out ◽  
Research Study ◽  
Research Work ◽  
Marketing Strategies ◽  
Insurance Companies ◽  
Primary Data ◽  
Exploratory Research ◽  
Insurance Company ◽  
Insurance Cover

This paper is covers the exploratory research study on the marketing strategies of IDBI Federal Insurance, Company. In the Indian context, Insurance companies are playing a major role in the development of Indian economy. With the entry of many private players in the insurance industry, the competition has risen manifold and hence insurance companies are coming out with innovative marketing strategies to woo the customer. This was the reason for narrowing down the scope of the research work. The present paper is an exploratory research study on the marketing strategy of IDBI Federal Insurance Company. The paper seeks to address the following objectives (a) To determine the marketing strategies of IDBI Federal Life Insurance Co. Ltd (b) To determine the means and mechanism deployed by IDBI Federal Life Insurance Co. Ltd. Applying the marketing mix and to determine the effectiveness of the strategy and (c) to understand the reasons which provide competitive advantage to IDBI Federal Life Insurance Co. Ltd. The paper is developed on the basis of elementary primary and secondary data available in the Internet and other documents and journals. The design of the paper follows a structured approach. The literature review resulted in the generation of the research objectives. The primary data was collected by means of Google Forms and MS Excel was used for data analysis. Descriptive Statistics is used to arrive at the findings and interpretation. The findings indicate that the majority of the people seek insurance cover for the purpose of having risk cover and availing several benefits associated with the life insurance policies. Further, the findings indicate that there is a need to capitalize social media platform for generating awareness to drive the market growth. KEY WORDS: IDBI, Insurance, Marketing, Policies, Strategies

scholarly journals Collective Value-At-Risk (Colvar) In Life Insurance Collection

2018 ◽  
Vol 7 (3.7) ◽  
pp. 25
Author(s):  
Abdul Talib Bon ◽  
Muhammad Iqbal Al-Banna Ismail ◽  
Sukono . ◽  
Adhitya Ronnie Effendie
Keyword(s):  
At Risk ◽  
Standard Deviation ◽  
Life Insurance ◽  
Value At Risk ◽  
Risk Model ◽  
Risk Measures ◽  
Model Development ◽  
Insurance Company ◽  
Insurance Claims ◽  
Level Of Significance

Analysis of risk in life insurance claims is very important to do by the insurance company actuary. Risk in life insurance claims are generally measured using the standard deviation or variance. The problem is, that the standard deviation or variance which is used as a measure of the risk of a claim can not accommodate any claims of risk events. Therefore, in this study developed a model called risk measures Collective Modified Value-at-Risk. Model development is done for several models of the distribution of the number of claims and the distribution of the value of the claim. Collective results of model development Modified Value-at-Risk is expected to accommodate any claims of risk events, when given a certain level of significance  

scholarly journals Kedudukan Hukum Pemegang Polis Pada Perusahaan Asuransi yang Dinyatakan Pailit

2021 ◽  
Vol 2 (3) ◽  
pp. 520-525
Author(s):  
Ni Kadek Vikka Ayu Swandewi ◽  
Ni Luh Made Mahendrawati ◽  
I Putu Gede Seputra
Keyword(s):  
Research Method ◽  
Legal Protection ◽  
Secondary Data ◽  
Insurance Companies ◽  
Bankruptcy Law ◽  
Insurance Company ◽  
Human Need ◽  
Legal Position ◽  
Policy Holder ◽  
The Right

In this era of globalization, insurance has been considered as a basic need which is a human need for security. Insurance is a form of risk management that is formed with the aim of avoiding the possibility of an uncertain risk of loss. This study aims to examine the legal position of policyholders as creditors in insurance companies and to reveal the legal protection of policyholders in insurance companies that are declared bankrupt. This study uses a normative research method because there is still a conflict of norms, with the approach to legislation. The data is sourced from the opinions of legal scholars and data law. The data sources are primary and secondary data obtained through recording and documentation, then the data is processed using interpretation and descriptive. Based on the Bankruptcy Law and PKPU Article 1 number 2, creditors are parties who have receivables due to agreements or laws that can be collected in advance of services. In the context of the legal protection of the policyholder, the Insurance Act has regulated the existence of a policy guarantor institution in which the purpose of the establishment of a policy guarantee program is to guarantee the return of part or all of the rights of the policyholder. In the bankruptcy and liquidation of an Insurance Company, it is expected that the curator will pay attention to the right of the Policy Holder to obtain compensation from the bankruptcy assets of the Insurance Company.

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