New Unit Link Rules Coming Soon

The Financial Services Authority (OJK) ensures that the latest circular letter (SE) regarding insurance products linked to investment (PAYDI) or unit link will be issued soon.

The SEOJK regulates unit links more strictly, starting from consumer profiles to the minimum portion of investment placement. The insurance industry supports the implementation of the SE OJK, because it can encourage companies in this sector to be more innovative. However, insurance business actors ask for unit link arrangements to balance the interests of consumers and the growth of the insurance industry. Employers also ask that the unit link setting is not excessive. You see, insurance penetration in Indonesia is still low compared to other Asian countries. This was raised in the Zooming with Primus event with the theme The Future of Insurance in the Digital Age. Acting as speakers were Deputy Director of OJK Insurance Supervision Kristianto Andi Handoko, Chairman of the Indonesian Insurance Council (DAI) Tatang Nur Hidayat, and President Director of Sinarmas MSIG Life Wianto Chen. Kristianto Andi Handoko ensured that the latest SEOJK regarding unit links will be published soon. However, he was not willing to say exactly when this rule was rolled out. Wianto Chen assessed, as an industry player, his party must comply with the OJK. Moreover, there is a push to be more innovative through the new rules. He noted that there are three models of unit-linked product customers who are over 20 years old. First, customers who want to know the placement of funds. Second, customers who save, but do not want to know the placement of funds. Third, ordinary customers and only trust the agent's exposure. "We support what OJK is doing when it regulates the third customer model. I just hope it won't be over-regulated, because our insurance base, both demographically and penetration is very low in the Asian region," he explained.

|•SOURCE•| Articles :KONTAN | Image :TRIBUN |

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