Supervision by the Financial Services Authority on Investment-Based Life Insurance (Unit Link) Insurance Law, Private Law

Main Article Content

Rizky Noor Fajrina
Waspiah Waspiah

Abstract

Problems with unit-linked life insurance products such as product transparency where the agent does not provide a detailed explanation regarding the characteristics, benefits, risks, and costs of unit-linked life insurance. This study aims to describe the protection of unit link life insurance in Indonesia and the supervision of the Financial Services Authority, the constraints faced and the steps that must be taken so that the insurance business can run well. This study uses a qualitative, sociological juridical approach. Primary data sources were taken by interview, observation, and documentation. While secondary data obtained from legislation, books, journals, scientific articles related to research. The results showed that: (1) The protection of the unit link life insured in Indonesia is not yet in accordance with the existing regulations. Life insurance agents who violate Marketers Standards of Practice and Code of Conduct may be subject to sanctions. Preventive and repressive efforts are carried out by the Financial Services Authority in order to protect the insured. (2) Supervision of the Financial Services Authority in the insurance business is microprudential supervision which, by its nature, is divided into prudential supervision and market conduct supervision. The conclusions in this study: (1) The protection of life insurance for unit link in Indonesia is not yet fully in accordance with the applicable regulations, this is due to several life insurance agents that do not meet the applicable rules.

Article Details

How to Cite
Fajrina, R. N., & Waspiah, W. (2021). Supervision by the Financial Services Authority on Investment-Based Life Insurance (Unit Link). Unnes Law Journal: Jurnal Hukum Universitas Negeri Semarang, 7(1), 1-22. https://doi.org/10.15294/ulj.v7i1.38802
Section
Research Article
Author Biographies

Rizky Noor Fajrina, Faculty of Law, Universitas Diponegoro

Rizky Noor Fajrina SH is a Postgraduate Student at Faculty of Law Universitas Diponegoro Semarang. She is graduated from Faculty of Law, Universitas Negeri Semarang.

Waspiah Waspiah, Faculty of Law, Universitas Negeri Semarang

Waspiah, S.H., M.H., is a Lecturer at Faculty of Law Universitas Negeri Semarang Indonesia. Some of her works have been published on several law journals, such as “How Economic Rights for SMEs Protected? Analysis of National and International Property Rights Law†(Indonesian Journal of Advocacy and Legal Services, 2020), “Kopi, Kamu, dan Kita: Potret Peningkatan Pemahaman Konsep Legal Protection bagi Petani Kopi Terdaftar Indikasi Geografis di Desa Tlahap Kledung Temangggung Berbasis Multi-Sektoral†(Jurnal Pengabdian Hukum Indonesia, 2020), “Perlindungan Hukum Terhadap Konsumen Dalam Hal Pengembang (Developer) Apartemen Dinyatakan Pailit†(Jurnal Hukum Bisnis Bonnum Comune, 2019), and “Model Percepatan Komersialisasi Paten Sederhana pada Dunia Industri†(Pandecta Research Law Journal, 2017). Beside as Lecturer at Universitas Negeri Semarang, the author is also pursuing the Doctoral Program at Faculty of Law Universitas Diponegoro Semarang Indonesia.

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Legal Documents, Laws and Regulations

Kitab Undang-Undang Hukum Dagang.

Keputusan Ketua Badan Pengawas Pasar Modal dan Lembaga Keuangan Nomor KEP-104/BL/2006 Tentang Produk Unit Link.

Undang-Undang Nomor 21 Tahun 2011 Tentang Otoritas Jasa Keuangan.

Undang-Undang Nomor 40 Tahun 2014 Tentang Perasuransian.

POJK Nomor 1/POJK.07/2013 Tentang Perlindungan Konsumen Sektor Jasa Keuangan.

POJK Nomor 69/POJK.05/2016 Tentang Penyelenggaraan Usaha Perusahaan Asuransi, Perusahaan Asuransi Syariah, Perusahaan Reasuransi, dan Perusahaan Reasuransi Syariah.

POJK Nomor 23/POJK.05/2015 Tentang Produk Asuransi dan Pemasaran Produk Asuransi.

POJK Nomor 55/POJK.05/2017 Tentang Laporan Berkala Perusahaan Perasuransian.

POJK Nomor 69/POJK.05/2016 Tentang Penyelenggaraan Usaha Perusahaan Asuransi, Perusahaan Asuransi Syariah, Perusahaan Reasuransi, dan Perusahaan Reasuransi Syariah.

Standar Praktik dan Kode Etik Tenaga Pemasar Asuransi Jiwa.