scholarly journals Conceptual Review: Compatibility of regulatory requirements of FSA to Insurance industry in Indonesia for Integrated GRC

2021 ◽  
Vol 1 (5) ◽  
pp. 105-115
Author(s):  
Stefiany Norimarna
Keyword(s):  
Risk Management ◽  
Literature Review ◽  
Financial Services ◽  
Insurance Industry ◽  
Qualitative Approach ◽  
Learning Curves ◽  
Insurance Companies ◽  
Insurance Company ◽  
Regulatory Requirements ◽  
Iso 31000

This study aims to obtain understanding and assurance whether the regulatory requirements of FSA for integrated GRC to the insurance industry are compatible with the requirements and suggested practices of ISO 37000 on Governance, ISO 31000 on risk management, and ISO 37301 on Compliance. The qualitative approach in which literature review and comparative study are conducted to find the degree of fitness of POJK with these ISO standards (ISO 37000, ISO 31000, and ISO 37301). This study found out that the regulatory requirements set forth by FSA (Financial Services Authority) to Insurance Industry for integrated GRC have all been compatible with all the elements of ISO 37000, ISO 31000, and ISO 37301. It means Insurance companies could use those ISO as standards. Therefore, it would be some efforts needed by the industry to carry out their learning curves in assuring the implementation of integrated GRC is continuously calibrated to their respective context either as an insurance company in general or as a particular organization that has its own respective and unique characteristic. The result of this paper could be used as generic inputs and considerations for insurance companies that have initiated their integrated GRC practices and/or just recently commenced and/or improved their practices more effectively.

scholarly journals THE IMPACT OF THE INDUSTRIAL REVOLUTION 4.0 ON THE INSURANCE INDUSTRY AND WHETHER OF THE ASSETS AND INVESTMENTS PLAY A ROLE TO INVESTMENT YIELD?

2020 ◽  
Vol 8 (2) ◽  
pp. 345-351
Author(s):  
Iskandar Muda ◽  
Hafizah ◽  
Bunga Aditi ◽  
Hermansyur ◽  
Erlina
Keyword(s):  
Financial Services ◽  
Financial Stability ◽  
Industrial Revolution ◽  
Insurance Industry ◽  
Least Square Method ◽  
Partial Least Square ◽  
Least Square ◽  
Insurance Companies ◽  
Insurance Company ◽  
The Impact

Purpose of the study: This research aims to know the influence of the Industrial Revolution 4.0 era on the insurance industry on the side of assets and Investment insurance companies to Investment Yield Sharia Insurance in Indonesia. Methodology: This type of research is explanatory research. This type of research data is secondary data sourced from the Financial Services Authority (OJK) Republic of Indonesia period in 2016-2107. The tool of analysis in this research is the Partial Least Square method using Smart PLS statistics. Main Findings: The results are an influence of Assets and Investment on Investment Yield on insurance companies in the Industrial Revolution 4.0 era. In the era of the industrial revolution, 4.0 potential insurance improve economic growth through several aspects, namely promote financial stability. Facilitate trade and commercial activities. mobilize domestic savings. Offering a variety of risk management on capital. Increase more efficient allocation of capital and reduce the risk of loss and can increase Investment Yield for shareholders and stakeholders. Applications of this study: This research is the observation only on Sharia Insurance Company sample while other issuers are not observed in this study and this research implies that sharia insurance issuers are growing and contributing to their shareholders and shareholder. Novelty/Originality of this study: The first time observing the Sharia Insurance industry industrial Revolution 4.0 era and previous research to observe in Sharia banking.

scholarly journals Risk management as increased corporate governance requirement in Italian banks and insurance companies

2019 ◽  
Vol 15 (3) ◽  
pp. 58-69 ◽  
Author(s):  
Rosaria Cerrone
Keyword(s):  
Risk Management ◽  
Corporate Governance ◽  
Financial Services ◽  
Risk Mitigation ◽  
Internal Audit ◽  
Governance Structure ◽  
Insurance Companies ◽  
Financial Intermediaries ◽  
Risk Governance ◽  
Regulatory Requirements

The paper explores how risk management and internal audit functions can be used effectively to strengthen governance frameworks and ensure compliance with new regulatory requirements in the financial services industry. The aim of the paper is the description of the regulatory framework which gives great relevance to risk management both in banks and in insurance companies. A right and efficient risk management scheme, in fact, is based on efficient corporate governance of the financial intermediary. Better corporate governance ensures the achievement of risk management principles. For this, the paper explores the organizational and governance structure of financial intermediaries. The paper is a timely addition to the current discussion around the relevance of sound governance for banks and insurance. It extends the effort to evaluate risk governance standards at these financial intermediaries against regulatory requirements. The paper comes to the conclusion that risk mitigation as the process of reducing risk exposure and minimizing the likelihood of an incident needs to be continually addressed to ensure the business is fully protected and this aim is reached by linking controls to risks, activities, policies, and procedures and to track their effectiveness.

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 Serbian insurance market: Select issues

2010 ◽  
Vol 55 (187) ◽  
pp. 109-124
Author(s):  
Mirjana Obadovic ◽  
Veselin Avdaliovic ◽  
Milica Obadovic
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Insurance Industry ◽  
Insurance Market ◽  
Business Strategies ◽  
Insurance Companies ◽  
Insurance Company ◽  
Insurance Risk ◽  
Comprehensive View ◽  
Operational Risks

Every day insurance companies face a number of risks arising from the insurance industry itself, as well as risks arising from insurance company operations. In this constant fight against risks insurance companies use different models and methods that help them better understand, have a more comprehensive view of, and develop greater tolerance towards risks, in order to reduce their exposure to these risks. The model presented in this paper has been developed for implementation in insurance risk management directly related to insurance company risk, i.e. it is a model that can reliably determine the manner and intensity with which deviations in the initial insurance risk assessment affect insurance company operations, in the form of changes in operational risks and consequently in insurance companies? business strategies. Additionally we present the implementation of the model in the Serbian market for the period 2005-2010.

Enterprise risk management and Solvency II: the system of governance and the Own Risk and Solvency Assessment

2020 ◽  
Vol 21 (4) ◽  
pp. 317-332 ◽  
Author(s):  
Pablo Durán Santomil ◽  
Luis Otero González
Keyword(s):  
Risk Management ◽  
Insurance Industry ◽  
Solvency Ii ◽  
Enterprise Risk Management ◽  
Insurance Companies ◽  
Legal Form ◽  
Content Type ◽  
Enterprise Risk ◽  
Solvency Assessment

Purpose The purpose of this paper is to analyze how enterprise risk management (ERM), the system of governance and the Own Risk and Solvency Assessment (ORSA) have been boosted with the entry of Solvency II. Design/methodology/approach For this analysis, the authors have undertaken a survey of chief risk officers (CROs) working in Spanish insurance companies. Findings The results show that Solvency II has definitely promoted ERM in the European insurance industry and improved the system of governance of the insurance companies, and that the perceived value of the ORSA for the companies is higher than the cost. It is clear that the quality of ERM implemented by companies is higher in those that face more complex risks and with greater interdependencies – that is, larger companies, foreign insurers and insurers with several lines of business – but is unaffected by the legal form of the entity (mutual/corporation). Originality/value This study conducts primary research with surveys of CROs and develops a measure of the quality of ERM implemented by insurance companies.

scholarly journals The Effect of Stimulus Policies and Risk-Based Capital Levels on Solvency at PT. Indonesian Takaful using Sharia Principles during the Majeur Force Period (Covid-19 Pandemic) in Indonesia

2021 ◽  
Vol 2 (1) ◽  
pp. 24-31
Author(s):  
Nano Suyatna
Keyword(s):  
Financial Services ◽  
Positive Influence ◽  
Insurance Companies ◽  
Insurance Company ◽  
Insurance Sector ◽  
Islamic Principle ◽  
The Government ◽  
Company Sector ◽  
Descriptive Method ◽  
Level Of Risk

The Covid -19 pandemic is a massive disaster, impacting various sectors of the economy including the Islamic principle insurance sector. The government through the Financial Services Authority (OJK) in dealing with these problems has issued a stimulus policy so that the Islamic principle insurance sector is still able to maintain the level of solvency and risk based capital is maintained. The purpose of this study is to determine the influence of the Stimulus Policy and the level of Risk Based Capital on the level of solvency of sharia-based insurance companies during the Covid-19 Pandemic. The method used is descriptive method with a simple statistical approach. The results show: 1. There is a positive influence of the Stimulus Policy on the Solvency Level of the Islamic principle insurance company sector, 2. There is a positive influence on the Level of Risk Based Capital on the Solvency Level of the Islamic Principle Insurance Company sector, 3. There is an influence of the Stimulus Policy and Level of Risk Based Capital on Simultaneous level of solvency in Islamic principle insurance companies. From the research results, it can be concluded that the Stimulus Policy and Risk Based Capital Level that has been set by the regulator is right on target.

scholarly journals A New Policy-Making Model for Development of National Insurance Services Market Based on Resource-Based Approach

2018 ◽  
Vol 11 (6) ◽  
pp. 127
Author(s):  
Mohammad Ayati Mehr ◽  
Mohammad Haghighi ◽  
Mohammad Ali Shah Hosseini ◽  
Assad Allah Kurd Naij
Keyword(s):  
Automobile Industry ◽  
Financial Services ◽  
Policy Making ◽  
Insurance Industry ◽  
Future Orientation ◽  
Insurance Companies ◽  
Theory Approach ◽  
Service Market ◽  
Balanced Development ◽  
Provision Of Services

Insurance industry is one of those industries providing financial services for people that couldn’t achieve a balanced development in provision of different services. In other words, insurance companies didn’t have a favorable performance as compared with other countries, except for provision of services for automobile industry. This actually pinpoints that the conditions for development and penetration into this market is not that much optimal. The main objective of this study is to provide a policy-making model for the development of service market under the light of a resource-based approach and investigation of model relations. The research method applied in this study is qualitative and it follows an applied objective. The population for this study are specified to the development of the model and interview was used to identify the criteria. The sample includes insurance companies’ managers and experts. These people have at least a bachelor’s degree and they have more than ten years of experience of managerial work. The number of experts included in this study include 20 people using saturation limit approach. The data were analyzed using grounded theory approach. The results showed that the main phenomenon was the concept of market-orientation. In addition, the causal conditions of this study include future-orientation and technological infrastructures. In intervention part of the study, dynamism of industry has been specified. In another part related to the context, culture has been identified. The identified strategies in the field of policy-making include innovativeness, entrepreneurialism, and a positive picture of the industry. Finally, the outcome of this model was the development of the market. The main suggestion of this study was to improve social culture. Besides, it will create a trusting mechanism with regard to policy-making and therefore the required atmosphere for the development and strengthening the market will be created.

Financial services education

2014 ◽  
Vol 22 (2) ◽  
pp. 78-95 ◽  
Author(s):  
Richard Brophy
Keyword(s):  
Financial Services ◽  
Tertiary Education ◽  
Insurance Industry ◽  
Regulatory Requirements ◽  
Content Type ◽  
Eu Member States ◽  
Life Insurance Industry ◽  
Unique Approach ◽  
Certification Requirements ◽  
Compare And Contrast

Purpose – The purpose of this paper is to chart the development of financial services education from its origins in the insurance industry to the current offering for people who wish to work in the life and non-life insurance industry. Financial services education within Ireland has evolved over time. Originally perceived to be an outpost of the British Insurance Institute, it is the responsibility of a variety of institutes that operate in the financial sectors, covering a range which includes insurance, banking and credit unions. Where tertiary education was optional, it is now a requirement of the regulator that people working in this sector have achieved at least this standard. Additionally, specialist qualifications for those working in the industry are being developed with academic involvement, as the institutes work to provide professional qualifications. Design/methodology/approach – To compare and contrast the Irish regulatory requirements, an analysis of other European Union (EU) national requirements was conducted, illustrating differences in education and current certification requirements. Findings – Educational requirements in Ireland go a long way in terms of ensuring that workers in financial services are adequately skilled in terms of academic, professional, ethical and continuous professional development (CPD). The Irish system covers a lot of aspects of financial services minimum competency code that is implemented in other EU jurisdictions, and in some cases, it has a unique approach in CPD. Practical implications – Serves as a comparable study of minimum competency requirements of EU for financial services employees and highlights differences in requirements across borders. Originality/value – This is a unique study of minimum competency code that has been implemented by financial regulators across EU member states and its impact in the industry in terms of raising the requirements of people involved in the sector.

Road Safety Engineering: Role for Insurance Companies?

2000 ◽  
Vol 1734 (1) ◽  
pp. 7-11
Author(s):  
Sany R. Zein ◽  
Frank Navin
Keyword(s):  
Road Safety ◽  
Insurance Industry ◽  
The United States ◽  
Public Image ◽  
Insurance Companies ◽  
Safety Engineering ◽  
Insurance Company ◽  
Driver Education ◽  
Engineering Programs ◽  
Ultimate Responsibility

Over the last 10 years there has been a growing trend among automobile insurance companies to become involved in road safety engineering programs. While the involvement of insurance companies in driver education and vehicle design initiatives is common, insurance company initiatives aimed at the engineering element of road safety is a relatively new trend. This research summarizes the major road safety engineering programs undertaken by six insurance companies in Australia, Canada, and the United States, and presents some of the results achieved. The research finds that the immediacy of the benefit derived from road safety engineering improvements, coupled with an expanding knowledge base in this field, are contributing to the growth in interest in road safety among insurance companies. The financial interest of insurance companies in reducing crash frequencies and severities, as well as any related positive public image that road safety advocacy can generate, will likely mean that more insurance companies will be exploring avenues for participation in road safety programs. Opportunities exist for cooperation between the insurance industry and transportation engineers, and they should be pursued for mutual benefit. Although the ultimate responsibility and authority for roads should remain with public agencies, the incentive and emphasis that insurance companies place on road safety provide a unique opportunity to help reduce the daily risks that we face in a mobile world.

scholarly journals Penerapan Manajemen Risiko Pembiayaan di BMT Maslahah, Cabang Pembantu Olean Situbondo

2019 ◽  
Vol 3 (2) ◽  
pp. 92-102
Author(s):  
Subaidi ◽  
Ikmalul Ihsan
Keyword(s):  
Risk Management ◽  
Data Collection ◽  
Profit Sharing ◽  
Qualitative Approach ◽  
Insurance Companies ◽  
Study Strategy

BMT Maslahah Sub-Branch Olean in Situbondo still faces several problems and risks in providing financing to customers, because the customer intentionally does not return the financing he has obtained, even though he was able to repay the loan. This study focuses on how the applications of risk management in the financing, the causes and the solutions in BMT Maslahah Sub-Branch Olean of Situbondo. This study uses a qualitative approach with a case study strategy. Data collection is done by connecting questions with data obtained from conclusions from the interview of several persons in BMT Maslahah Sub-Branch Olean in Situbondo. The results of the study indicate that the risk of loss is the high number of problematic financing, starting from the difficulties and even payment defaults from customers caused by the loss of the ability of customers to pay installments and profit sharing to them. The effort carried out by them in saving the problematic financing is by rescheduling, reconditioning, and restructuring. They also cooperate with insurance companies to cover the losses.

Sign in / Sign up

Export Citation Format

Share Document