News eDaily13 Oct 2017

Indonesia:Call for standardised insurance policy document

13 Oct 2017

The Indonesian Consumers Foundation (YLKI) has called on the Financial Services Authority (OJK) to review insurance policies and propose standardised policy documents to protect consumers.

Mr Tulus Abadi, CEO of YLKI, said that the standard agreement should be in line with the consumer protection law.  "If an insurance policy includes a banned provision, management could be punished," he said.

However, insurance analyst and Chairman of High School of Risk Management & Insurance, Hotbonar Sinaga, said that a number of insurance business lines already have standard policy text, including fire and motor vehicle insurance.

In addition, an OJK official said that it would not be possible to have standard policy documents in all cases because different insurance products have different terms and conditions.

 


 

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