Urgency of Mutual Insurance Policy Guarantee Program in Indonesia
The inclusion of the policy guarantee program in the Omnibus Law, specifically Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector, represents a significant advancement for the Indonesian public, particularly for policyholders, including those holding mutual ins...
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| Format: | Article |
| Language: | English |
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EDP Sciences
2025-01-01
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| Series: | E3S Web of Conferences |
| Online Access: | https://www.e3s-conferences.org/articles/e3sconf/pdf/2025/22/e3sconf_interconnects2025_04005.pdf |
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| _version_ | 1849730677818261504 |
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| author | Mediawati Noor Fatimah Multazam Mochammad Tanzil Amanda Filia |
| author_facet | Mediawati Noor Fatimah Multazam Mochammad Tanzil Amanda Filia |
| author_sort | Mediawati Noor Fatimah |
| collection | DOAJ |
| description | The inclusion of the policy guarantee program in the Omnibus Law, specifically Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector, represents a significant advancement for the Indonesian public, particularly for policyholders, including those holding mutual insurance policies. The Deposit Corporation is designated as the institution responsible for implementing this program. Considering the ongoing challenges faced by mutual insurance companies in Indonesia, such as Bumiputera 1912, the immediate realization of this program is crucial. This research aims to analyze the urgency of implementing a mutual insurance policy guarantee program in Indonesia. The study employs a normative juridical research method supported by a comprehensive literature review. In conclusion, this study highlights the urgency of implementing a mutual insurance policy guarantee program in Indonesia, which serves to: (1) rebuild public trust in the insurance industry; (2) restore stability in the financial sector; (3) create opportunities for the growth of the insurance industry; (4) provide support to struggling insurance companies to prevent their collapse; (5) uphold the constitutional mandate as outlined in the 1945 Constitution; and (6) safeguard the interests of policyholders while adhering to the mandate of the International Association of Insurance Supervisors (IAIS). |
| format | Article |
| id | doaj-art-c8bbb20970004a70b0b9ed980e9bd638 |
| institution | DOAJ |
| issn | 2267-1242 |
| language | English |
| publishDate | 2025-01-01 |
| publisher | EDP Sciences |
| record_format | Article |
| series | E3S Web of Conferences |
| spelling | doaj-art-c8bbb20970004a70b0b9ed980e9bd6382025-08-20T03:08:47ZengEDP SciencesE3S Web of Conferences2267-12422025-01-016220400510.1051/e3sconf/202562204005e3sconf_interconnects2025_04005Urgency of Mutual Insurance Policy Guarantee Program in IndonesiaMediawati Noor Fatimah0Multazam Mochammad Tanzil1Amanda Filia2Law Study Program, Universitas Muhammadiyah SidoarjoLaw Study Program, Universitas Muhammadiyah SidoarjoLaw Study Program, Universitas Muhammadiyah SidoarjoThe inclusion of the policy guarantee program in the Omnibus Law, specifically Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector, represents a significant advancement for the Indonesian public, particularly for policyholders, including those holding mutual insurance policies. The Deposit Corporation is designated as the institution responsible for implementing this program. Considering the ongoing challenges faced by mutual insurance companies in Indonesia, such as Bumiputera 1912, the immediate realization of this program is crucial. This research aims to analyze the urgency of implementing a mutual insurance policy guarantee program in Indonesia. The study employs a normative juridical research method supported by a comprehensive literature review. In conclusion, this study highlights the urgency of implementing a mutual insurance policy guarantee program in Indonesia, which serves to: (1) rebuild public trust in the insurance industry; (2) restore stability in the financial sector; (3) create opportunities for the growth of the insurance industry; (4) provide support to struggling insurance companies to prevent their collapse; (5) uphold the constitutional mandate as outlined in the 1945 Constitution; and (6) safeguard the interests of policyholders while adhering to the mandate of the International Association of Insurance Supervisors (IAIS).https://www.e3s-conferences.org/articles/e3sconf/pdf/2025/22/e3sconf_interconnects2025_04005.pdf |
| spellingShingle | Mediawati Noor Fatimah Multazam Mochammad Tanzil Amanda Filia Urgency of Mutual Insurance Policy Guarantee Program in Indonesia E3S Web of Conferences |
| title | Urgency of Mutual Insurance Policy Guarantee Program in Indonesia |
| title_full | Urgency of Mutual Insurance Policy Guarantee Program in Indonesia |
| title_fullStr | Urgency of Mutual Insurance Policy Guarantee Program in Indonesia |
| title_full_unstemmed | Urgency of Mutual Insurance Policy Guarantee Program in Indonesia |
| title_short | Urgency of Mutual Insurance Policy Guarantee Program in Indonesia |
| title_sort | urgency of mutual insurance policy guarantee program in indonesia |
| url | https://www.e3s-conferences.org/articles/e3sconf/pdf/2025/22/e3sconf_interconnects2025_04005.pdf |
| work_keys_str_mv | AT mediawatinoorfatimah urgencyofmutualinsurancepolicyguaranteeprograminindonesia AT multazammochammadtanzil urgencyofmutualinsurancepolicyguaranteeprograminindonesia AT amandafilia urgencyofmutualinsurancepolicyguaranteeprograminindonesia |