scholarly journals THE SUITABILITY OF SHARIA LIFE INSURANCE POLICY FOR POJK NO. 69/POJK.05/2016 AND POJK NO. 72/POJK.05/2016

2019 ◽  
Vol 8 (1) ◽  
pp. 63
Author(s):  
AH. Azharuddin Lathif ◽  
Diana Mutia Habibaty
Keyword(s):  
Content Analysis ◽  
Qualitative Methods ◽  
Life Insurance ◽  
Financial Services ◽  
Policy Making ◽  
Insurance Companies ◽  
Insurance Company ◽  
Insurance Policy ◽  
Information Distortion ◽  
Legal Principles

The increasing of sharia insurance companies have sprung up in Indonesia. However, in their policy contracts there are still some parts that are not in accordance with sharia principles. This mismatch can cause information distortion that can harm customers or sharia insurance participants. The Sharia Insurance Policy as a form of written contract between the insurance company and the customer or the insurance participant should duly follow sharia principles in order to avoid the elements that forbid it, therefore in Indonesia the policy making must follow the legislation, namely Financial Services Authority Regulation No.69 / POJK.05 / 2016 (hereinafter abbreviated as POJK No.69 / POJK.05 / 2016) and the Financial Services Authority Regulation No.72 / POJK.05 / 2016 (hereinafter abbreviated as POJK No.72 / POJK.05 / 2016) as the basis of the rule legislation describing the standardization of sharia policy contracts. This study uses qualitative methods, the data used in the form of primary, secondary, and non-legal materials. The technique used is in the form of content analysis with the theme of normative juridical research that analyzes legal principles and systematics, and how much the level of synchronization of ABC Islamic sharia insurance products at PT. XYZ against POJK No.69 / POJK.05 / 2016 and POJK No.72 / POJK.05 / 2016. The results of this study concluded that generally the ABC Islamic Sharia insurance policy PT. XYZ is in accordance with POJK No.69 / POJK.05 / 2016 and POJK No.72 / POJK.05 / 2016, but there are some peculiarities in this policy so that it still needs to be questioned about the welfare side.

scholarly journals Kesesuaian Polis Asuransi ABC Syariah PT. XYZ Terhadap Peraturan Menteri Keuangan Nomor 18 Tahun 2010 Tentang penerapan Prinsip Dasar Penyelenggaraan Usaha Asuransi dan Usaha Reasuransi Dengan Prinsip Syariah

2019 ◽  
Vol 6 (3) ◽  
pp. 293-302
Author(s):  
Diana Mutia Habibaty
Keyword(s):  
Content Analysis ◽  
Qualitative Methods ◽  
Policy Making ◽  
Insurance Company ◽  
Insurance Policy ◽  
Basic Principles ◽  
Legal Principles ◽  
Insurance Contracts ◽  
Research Themes

AbstractThe Sharia Insurance Policy as a form of contract between the insurance company and the participant or insurance participant should duly follow sharia principles in order to avoid being forbidden, therefore in Indonesia the policy making must require Minister of Finance Regulation No. 18 of 2010 concerning the Implementation of the Basic Principles for the Implementation of Insurance Businesses and Efforts to Reassure Sharia Principles as the basis for the rules that describe the standardization of sharia policy contracts. This study uses qualitative methods, the data used consists of primary, secondary, and non-legal data. The technique used consisted of content analysis with normative juridical research themes that analyzed legal principles and systematics, and increased the level of ABC insurance products at PT. XYZ Minister of Finance Regulation No. 18 of 2010. The results of this study concluded that general research of ABC Takaful PT. XYZ is in accordance with Minister of Finance Regulation No. 18 of 2010, but most of these based on this policy still need to be questioned about their values. Such as the absence of an introduction to tabarru funds' incorporation for insurance participants, the company if all bear the responsibility to bear the loss of the company's corporate company company company company and and and and and contents, and incompleteness contained in article 12 of the MRSSP policy of PT.Keyword : insurance, contracts, policies, sharia, conformity AbstrakPolis Asuransi Syariah sebagai bentuk kontrak tertulis antara perusahaan asuransi dengan nasabah atau peserta asuransi sepatutnya mengikuti prinsip-prinsip syariah agar terhindar dari unsur yang mengharamkannya, untuk itu di Indonesia dalam pembuatan polis haruslah mengikuti Peraturan Menteri Keuangan No. 18 Tahun 2010 Tentang Penerapan Prinsip Dasar Penyelenggaraan Usaha Asuransi dan Usaha Reasurnasi Dengan Prinsip Syariah sebagai landasan aturan perundang-undangan yang memaparkan standarisasi kontrak polis syariah. Penelitian ini menggunakan metode kualitatif, data yang digunakan berupa data primer, sekunder, maupun bahan non hukum. Teknik yang digunakan berupa content analysis dengan tema penelitian yuridis normatif yang menganalisis asas-asas dan sistematika hukum, dan seberapa besar taraf sinkronisasi produk asuransi syariah ABC PT. XYZ Peraturan Menteri Keuangan No. 18 Tahun 2010. Hasil penelitian ini menyimpulkan bahwa secara umum polis asuransi syariah ABC PT. XYZ  telah sesuai dengan Peraturan Menteri Keuangan No. 18 Tahun 2010, namun  terdapat sebagian keganjilan pada polis ini sehingga masih perlu dipertanyakan nilai kesyariahannya. seperti tidak dicantumkannya penginformasuan penggabungan dana tabarru’ kepada peserta asuransi, kewajiban perusahaan untuk menanggung seluruh kerugian bila perusahaan melakukan wanprestasi, dan ketidaklengkapan isi dari pasal 12 polis MRSSP PT.Axa Mandiri tentang Penyelesaian Perselisihan bila terjadi konflik antara peserta dan perusahaan asuransi.Kata Kunci: asuransi, kontrak, polis, syariah, kesesuaian

Abstract: Alternative Investment Strategies for the Issuers of Equity-Linked Life Insurance Policies with an Asset Value Guarantee

1977 ◽  
Vol 12 (4) ◽  
pp. 651-652 ◽  
Author(s):  
Michael J. Brennan ◽  
Eduardo S. Schwartz
Keyword(s):  
Option Pricing ◽  
Life Insurance ◽  
Mutual Fund ◽  
Investment Strategy ◽  
Insurance Companies ◽  
Recent Theory ◽  
Investment Strategies ◽  
Insurance Company ◽  
Insurance Policy ◽  
Asset Value

An equity-linked life insurance policy with an asset value guarantee (ELPAVG) is an insurance policy whose benefit payable on death or at maturity consists of the greater of some guaranteed amount and the value of a reference portfolio which is defined by the deemed investment of a predetermined component of the policy premium in a portfolio of common stocks or mutual fund–the reference fund. In an earlier paper we demonstrated that the benefit payable under an ELPAVG could be decomposed into the known guaranteed amount and an immediately exercisable call option to purchase the reference portfolio for an exercise price equal to the guaranteed amount. The principles of the option pricing model were then employed to derive the equilibrium premium for both a single premium ELPAVG contract and a periodic premium contract. It was further noted that the hedging arguments, which are the core of most of the recent theory of option pricing, could be employed to derive an investment strategy for the insurance company which would eliminate the risks associated with the sale of ELPAVGs: this is an important result, for ELPAVGs may pose a significant threat to the solvency of insurance companies since the risks of loss under different contracts are not independent, but are commonly related to the overall performance of the reference fund. Actuaries have responded to this threat by attempting to determine a level of reserves sufficient to reduce the probability of ruin to an acceptable level. On the other hand, adoption of the riskless investment strategy in theory eliminates the need to hold any reserves except against mortality risk.

scholarly journals PENGARUH DANA INVESTASI TERHADAP PENDAPATAN KONTRIBUSI (Studi pada Perusahaan Asuransi Jiwa Syariah Yang Terdaftar di Otoritas Jasa Keuangan Periode 2016-2018)

2020 ◽  
Vol 6 (1) ◽  
pp. 1
Author(s):  
Hanafi Hanafi ◽  
Reviyanti Reviyanti
Keyword(s):  
Life Insurance ◽  
Financial Services ◽  
Degrees Of Freedom ◽  
Secondary Data ◽  
Insurance Companies ◽  
Coefficient Of Determination ◽  
Investment Fund ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Investment Funds

From the financial data contained in the tabel, visible that the investment fund to the revenue contribution on the company�s insurance sharia in Indonesia from 2016-2018 years development experience fluctuating. This study was conducted to test how much influence the investement fund to the revenue contribution of the company�s insurance sharia in Indonesia with the object of research is a life insurance company sharia which are listed on the financial services authority (OJK). Of the sampel used as many as 10 life insurance companies sharian that meet the criteria of the sample period of this research is from year 2016 to 2018 The method used in this method is a quantitative method that uses the classical aasumption test, test hypotheses, and test the coefficient of determination. the data used is secondary data obtained from official company website life insurance sharia in Indonesia. Analysis tools in this study showed a simple regression analysis involving one independent variable as a predictor of the magnitude of the predicted value of the dependen variable. The statistical analysis used was software namely SPSS Version 16.0. The results showed that the independent variables of investment funds there is a significant influence on the revenue contribution, the results of this in view of the valie of the tinag amounted to 11.513 while the value of ttable obtained from the distribution table was sought at the significance of 5% degrees of freedom (df) n-k-l or 30-1-1 = 28 then obtained a ttable of 2.04841 Therefore tinag> ttable = 11.513 > 2.04841 and significant level 0.000, because the significance value is less than 0.05, it can be concluded that H0 is rejected and Ha is accepted. The relationship between funds investment revenue contributions categorized strong and the magnitutude of the influence of investment funds on accounted for 82.6% while the remaining 17.4% is influenced by other variables not examited. The hypothesis proposed in this study is Ho is rejected and Ha accepeted. It means that investment funds are significaltly positive effect on revenue contribution.

scholarly journals Opinion Survey of Life Insurance Policy holders in Eluru of West Godavari District

2021 ◽  
pp. 631-638
Author(s):  
Dr. R. S. N. Sharma
Keyword(s):  
Life Insurance ◽  
Insurance Companies ◽  
Primary Data ◽  
Public Confidence ◽  
Insurance Company ◽  
Insurance Policy ◽  
Opinion Survey ◽  
Life Insurance Company ◽  
The Public ◽  
The Family

Insurance is nothing but giving assurance for recovery of Loss. If Head of the family dies unfortunately, suddenly due to any reason, the dependent family members may land in troubles and may not in a position to earn their livelihood. If the life of that head of the family is insured, certain amount of money will be paid to the legal heirs which they can use it for their needs. In this context which life insurance company is to be considered for taking the life policy is a problem. Agents of different life insurance companies approach them for their profession. All the public may be in dilemma in choosing the life insurance company. They may take different policies of different companies. At this juncture, the researcher has thought it necessary to conduct survey in the selected locations to know more about the awareness of people with regard to life insurance and to know about which life insurance company has more public confidence. For this the study has been conducted basing on primary data collected directly from the respondents. The collected information has been tabulated, graphically represented and analysed with the help of calculations and finally conclusions drawn.

scholarly journals PERAN OTORITAS JASA KEUANGAN DALAM MELINDUNGI PEMEGANG POLIS ASURANSI AKIBAT PAILITNYA PERUSAHAAN ASURANSI (Studi Putusan Mahkamah Agung Nomor 408 K/Pdt.Sus-Pailit/2015)Abstract

2020 ◽  
Vol 19 (2) ◽  
pp. 292-328
Author(s):  
Muhammad Ridho
Keyword(s):  
Financial Services ◽  
Service Sector ◽  
Insurance Industry ◽  
Legal Protection ◽  
Insurance Companies ◽  
Public Confidence ◽  
Bankruptcy Law ◽  
Insurance Company ◽  
Insurance Policy ◽  
Insurance Sector

AbstractThe Financial Services Authority as an institution that oversees activities in the insurance sector functions to create a financial system that grows in a sustainable and stable manner and can foster public confidence in the insurance industry. Within the scope of supervision in the insurance sector, the Financial Services Authority has the authority to submit bankrupt statements to insurance companies in order to protect the interests of insurance policy holders.The purpose of the research in this thesis is to analyze the authority of the Financial Services Authority in the insolvency of insurance companies, to analyze the legal protection of customers who are harmed by the insolvency statement of insurance company to analyze the legal considerations of judges in the Supreme Court’s Decision No. 408 K/ Pdt. Sus-Pailit /2015.The research method used is descriptive analysis that leads to normative juridical research that is research conducted by referring to legal norms that is examining library materials or secondary materials, and secondary data by processing data from primary legal materials, secondary legal materials and tertiary legal materials.The results showed that the Authority of the Financial Services Authority in the insolvency of insurance companies is based on the Bankruptcy Law and Suspension of Debt Payment Obligation (‘UU KKPU’) and Financial Services Authority Act (‘UU OJK’) with its implementation arrangement and the Financial Services Authority’s position as the party submitting an application for bankruptcy statements through the Board of Commissioner of Financial Services Authority. Protection provided to insurance policy holders in the case of bankruptcythat is guaranteed the position of policy holder in the event ofbankruptcy to the insurance company.Judge’s legal consideration in the decision of the Supreme Court Number 408 K/ Pdt. Sus-Pailit /2015 so as to decide on PT. AsuransiJiwaBumiAsih Jaya declared bankrupt is the OJK as a financial service sector supervisory agency authorized to submit bankruptcy requests for insurance companies because PT AsuransiJiwaBumiAsih Jaya is proven to have debt in the form of payment of the policy holder’s claim liability.Key-Words: Role of OJK, Insurance Policy, Bankruptcy.

scholarly journals Measuring the Financial Health Performance of Life Insurance Company in Indonesia: Case Study During the Period of Before and After the Implementation of Peraturan Otoritas Jasa Keuangan, Nomor 71 /Pojk.05/2016

2019 ◽  
Vol 3 (2) ◽  
pp. 64-71
Author(s):  
Wiwiek Mardawiyah Daryanto ◽  
Wawan Rahardianto
Keyword(s):  
Life Insurance ◽  
Financial Services ◽  
Descriptive Analysis ◽  
Insurance Companies ◽  
Insurance Company ◽  
Financial Health ◽  
Life Insurance Company ◽  
Health Performance ◽  
Before And After

Insurance is simply a risk management by transferring the risk of potential loss to an insurance company. By allowing risk to be spread among a large group of people, everyone will take benefits from insurance. Therefore, selecting strong insurance company is important to make sure that your sum assured or claim will be paid according to the policy term and condition. This research aims to measure, analyze, and compare the financial health performance of public listed life insurance companies in Indonesia namely PT Prudential Life Assurance (PLA) and PT AIA Financial (AIA) from 2013 to 2018 (temporary unaudited) by using 5 financial health aspects such as Solvability Level, Technical Reserve, Investment Adequacy, Equity and Guarantee Fund as regulate by The Financial Services Authority (Otoritas Jasa Keuangan – OJK) through POJK No.71/POJK.05/2016. This research is using descriptive analysis and paired t-test to validate the differences of financial aspects during the period of before (2013-2015) and after (2016-2018) the regulation issued. The results of this study show that PLA was performing the best for solvability level, equity and guarantee fund. And PLA must enhance the performance strategy for technical reserve by gaining more premium reserves, reserve claims, reserves on PAYDI and for investment adequacy need to add more non-investment cash saving in banks reserve with the adequacy amount higher than PLA technical reserves.

Suicide Clause in Various Life Policies in India

IJOHMN ◽  
2017 ◽  
Vol 1 (1) ◽  
pp. 1-14
Author(s):  
Mr. Afroz Khan
Keyword(s):  
Life Insurance ◽  
The Self ◽  
Insurance Companies ◽  
Insurance Company ◽  
Insurance Policy ◽  
Law And Policy ◽  
State Of Mind ◽  
Insured Person ◽  
Indian Law ◽  
Policy Holder

Life insurance policy is a contract between the policy holder (assured) and the insurer (insurance company), where the insurer promises to pay a designated beneficiary a sum of money (a “premium”) upon the death of the insured person. In return, the policy holder agrees to pay a stipulated amount (at regular intervals or in lump sums). In nutshell, life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot and civil commotion. Suicide means a wilful and intentional act on the part of the self-destroyer. It includes every act of self-destruction. Policies of life insurance contain conditions by which the liability of the insurer is modified and limited in case of suicide by the assured. Where there is such a clause in a policy, the insurer can avoid the policy. The position in England and in India is different on this issue. In England suicide is a crime and hence no money is payable if a person commits suicide while in a sane state of mind. On the other hand if the assured was insane at the time of committing suicide, the sum due can be recovered by his legal representatives. Under the Indian law, suicide in itself is not an offence, and as such a policy cannot be avoided on the ground of suicide, unless the policy otherwise provides. Suicide will, however, not affect the rights of assignee, if the policy holder had assigned the policy for valuable consideration. The burden of proving suicide is upon the insurers and where the cause of death is not known, the presumption is against suicide and the policy cannot be avoided. This same is followed in India. According to this approach, the claim would be barred on a contractual level because the assured cannot be the author of his own loss, and on a broader level, because the law will not allow him to benefit from his own criminal acts. This paper examines the development of law and policy in relation to claims on life insurance policy where the assured or insured has committed suicide after the commencement of the policy and the effect of suicide clause in life insurance contract. Is that the present practice of insurance companies to insert suicide clause in life policies, indirectly promotes commercial suicide in cases of intentional suicides.

scholarly journals DETERMINAN PERTUMBUHAN ASET PERUSAHAAN ASURANSI JIWA SYARIAH DI INDONESIA PERIODE 2013-2018

2020 ◽  
Vol 7 (5) ◽  
pp. 955
Author(s):  
Sulistio Purwaningrum ◽  
Dian Filianti
Keyword(s):  
Life Insurance ◽  
Financial Services ◽  
Secondary Data ◽  
Sampling Technique ◽  
Insurance Companies ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Investment Returns ◽  
Negative Effect ◽  
Asset Growth

This study aims to examine and determine the determinants of asset growth in Sharia Life Insurance Companies in the 2013-2018 period. This study uses a quantitative approach with the data used are secondary data from the financial statement panel data of each Sharia Life insurance company. The independent variables used in this study are Participant Contributions, Investment Returns, Operating Expenses, and Claims. The dependent variable is the growth of Sharia Life Insurance Company Assets in Indonesia for the period 2013-2018.  The population in this study amounted to 30 Sharia life insurance companies registered with the Financial Services Authority. The sampling technique in this study was purposive sampling with 11 companies selected as samples. . The results of this study indicate that partially the participant contributions and claims variables have a significant negative effect. Investment returns and operating expenses have a significant positive effect on the growth of sharia life insurance company assets. Simultaneously participant contributions variables, investment returns, operating expenses, and claims show a significant influence on the growth of sharia life insurance company assets. Keywords: Participant Contributions, investment returns, operating expenses, claims, asset growth

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 Appointed Actuary.

1987 ◽  
Vol 41 ◽  
pp. 559-629
Author(s):  
Edward A. Johnston
Keyword(s):  
Life Insurance ◽  
Financial Services ◽  
Self Regulation ◽  
Professional Role ◽  
The Self ◽  
Insurance Companies ◽  
Prudential Supervision ◽  
Government Supervision ◽  
The Uk

1.1 A paper about the Appointed Actuary is essentially a paper about prudential supervision of life insurance companies. The system which has operated in the UK since the mid-1970's is only partly one of Government supervision. Through the professional role of the Appointed Actuary, it also contains elements of a system of self-regulation with the Institute and Faculty of Actuaries standing in place of SRO's. Unlike the self-regulatory arrangements of the Financial Services Act. though, this second part of the system has grown up by custom and practice and in certain respects it is not codified. However it enables the Insurance Companies Act to be operated successfully.

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