Jakarta, CNBC Indonesia - The Indonesian Financial Services Authority\n(OJK) is continuously strengthening consumer protection in the insurance\nsector. To this end, the OJK is accelerating the implementation of the\nPolicy Guarantee Program (PPP), which will be carried out in\ncollaboration with the Deposit Insurance Corporation (LPS) in 2027.<\/p>\n
The Head of the Supervision of Insurance, Guarantee, and Pension\nFunds Division at the OJK, Ogi Prastomiyono, stated that the OJK is\npaying close attention to the protection of policyholders. In this\nregard, the OJK is also conducting supervision of insurance product\ndesigns and continuing with strict supervision of approved insurance\nproducts.<\/p>\n
\u201cFurthermore, we are currently discussing the policy guarantee\nprogram (PPP) as mandated by the Financial System Stability and Crisis\nManagement (P2SK) Law, which stipulates that a policy guarantee program\nwill be implemented no later than 2028,\u201d he said at the Insurance Forum\n\u201cOptimizing Insurance Protection and the New Direction of Unit Link\nDevelopment in Indonesia\u201d on Thursday (February 26, 2026).<\/p>\n
In addition, Ogi said that discussions have been held regarding the\npossibility of accelerating the implementation of the policy guarantee\nprogram in 2027. The OJK is also continuing to improve the corporate\ngovernance of insurance companies, including by strengthening the\ncompetence of insurance company management, including the professionals\nwho run the insurance companies.<\/p>\n
\u201cWe have issued a POJK (OJK Regulation) stating that each insurance\ncompany is required to allocate at least 3.5% of its HR costs for the\ndevelopment of the competence of insurance professionals. We are also\nenforcing the requirement that each insurance company must have an\nactuary or appointed authority,\u201d he explained.<\/p>\n
Furthermore, efforts to strengthen the governance of insurance agents\nand brokers will also be carried out by the OJK. In the future, all\ninsurance agents and brokers must be registered with the OJK. In\naddition, the OJK also has the authority to cancel the registration of\nthese agents and brokers.<\/p>\n
As an initial initiative and foundation, the OJK launched a national\npolicy database in 2025. This aims to ensure data-based insurance policy\nguarantees with accurate data.<\/p>\n
(dpu\/dpu)<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/ojk-accelerates-policy-guarantee-scheme-with-lps-scheduled-for-implementation-in-2027-1772109092", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }