{
    "success": true,
    "data": {
        "id": 2061549,
        "msgid": "insurers-in-policy-guarantee-programme-will-have-to-pay-contributions-1793281974",
        "date": "2026-10-29 20:15:20",
        "title": "Insurers in Policy Guarantee Programme Will Have to Pay Contributions",
        "author": "",
        "source": "ANTARA_ID",
        "tags": "",
        "topic": "Finance",
        "summary": "The Financial Services Authority (OJK) says insurers participating in the planned Policy Guarantee Programme will be required to pay an initial contribution and ongoing fees, although rates and eligibility criteria are still under discussion. The proposed scheme could guarantee up to Rp500 million per policyholder group and is targeted to launch by January 2028, with activation potentially brought forward to 2027.",
        "content": "<p>Jakarta (ANTARA) \u2013 The Financial Services Authority (OJK) said that\ninsurers participating in the Policy Guarantee Programme (PPP) will be\nrequired to pay an initial contribution and regular contributions.<\/p>\n<p>The contribution amounts have not yet been determined, as regulators\nare still discussing them.<\/p>\n<p>\u201cThere will be an initial contribution and regular contributions for\ninsurance companies participating in the Policy Guarantee Programme,\u201d\nOgi Prastomiyono, OJK\u2019s Chief Executive for Insurance, Guarantee and\nPension Fund Supervision, said at a press conference in Jakarta on\nThursday.<\/p>\n<p>Ogi explained that implementation rules for the PPP are being drafted\njointly with the Ministry of Finance and the Indonesia Deposit Insurance\nCorporation (LPS). The regulations are expected to take the form of a\nGovernment Regulation (PP), an OJK Regulation (POJK) and an LPS\nRegulation (PLPS).<\/p>\n<p>In addition to the contribution amounts, regulators are still\ndiscussing the criteria insurers must meet to join the programme. Ogi\nsaid he hoped all insurance companies would participate so that the\npublic would feel more secure.<\/p>\n<p>However, the implementation mechanism is still under review,\nincluding whether insurers will be enrolled all at once or in\nstages.<\/p>\n<p>\u201cWe hope that all insurance companies will participate in the policy\nguarantee programme. The question is whether they will join from the\noutset or whether participation will be phased in,\u201d he said.<\/p>\n<p>Ogi disclosed one proposed requirement: insurers would need to be in\nsound condition, with a Risk-Based Capital (RBC) ratio above 120 per\ncent.<\/p>\n<p>The proposed maximum guarantee is Rp500 million per policy for each\ngroup of policyholders. Ogi stressed that this figure remains a proposal\nand is not final.<\/p>\n<p>\u201cThis is only a proposal, not final: Rp500 million per policy for\neach group of policyholders, because one person can hold more than one\npolicy,\u201d he said.<\/p>\n<p>Under the Financial Sector Development and Strengthening Law (P2SK),\nthe PPP is due to take effect no later than January 2028. Ogi said,\nhowever, that the programme could be launched sooner, potentially in\n2027.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/insurers-in-policy-guarantee-programme-will-have-to-pay-contributions-1793281974",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}