Establishment of the Latest Insurance Act Will Protect Police Owners

With the development of the business sector and insurance business in the community, this is certainly a good thing. It is undeniable, the insurance business sector is one of the most profitable sectors both for the insurance company itself and for the country's economic development if we talk about a larger scale. However, with existing developments, you could say the insurance sector is like a double-edged sword.

On the one hand, insurance can support the economy and help people to get a better life through financial security for the future. But on the other hand, insurance companies "fake" also increasingly mushroomed. Such companies dare to take risks to come to the surface because they use this moment of rising insurance development trends.

Indeed, it cannot be denied, this condition is very worrying. These "naughty" insurance companies only want to make profits by committing fraud. Insurance owners are required to pay periodic fees called premiums. However, when the insurance owner wants to withdraw funds due to conditions that have been agreed upon, disbursement of funds tends to be difficult for various reasons. Even if it can be disbursed, the funds obtained are small and not as expected.

If judging further, in fact this happens because of the fault of the insurance owner who is generally not very careful looking at the agreed sheets of approval and regulations. Prospective insurance owners have been tempted by various sweet promises that they will get later. There are even some insurance companies that do not openly show their regulations. Therefore, when the withdrawal process occurs, the process is very complicated and takes a long time.

To protect the public from things like the ones mentioned above, lately, the government has held a meeting to discuss the latest insurance law. The meeting which was held on 15 September 2014 was attended by the Government and the House Commission XI. The agenda of the meeting was to perfect regulations regarding the insurance business.

Indeed, the core of the meeting was to regulate the capital that would occur in insurance companies later so that it was hoped that the development of the economic sector would benefit the country more than channeling profit funds to foreign capital owners. And the limit of foreign capital ownership has been determined and later will be regulated by the government. But not only that, this latest insurance law will also protect the owners of insurance interests, including people who are already owners of insurance.

With regard to arrangements and protections that cover the insurance company itself and also the policy holder or the customer, the latest insurance law will try to ensure that the customer does not get harmed. Administrative and criminal sanctions will await insurance companies that are proven to be fraudulent and naughty. The policy owner is expected to report immediately the suspicious actions of the insurance company which are considered suspicious of the policy owner and will later be prosecuted in the realm of law using applicable law. Therefore, it is hoped that the customer's rights can later be protected. If it had to be frozen, the insurance company that was proven guilty would be firmly frozen.

The regulation and supervision of the implementation of the insurance business carried out by the insurance company will be directly supervised by the Financial Services Authority. This supervision is also expected to be able to suppress the insurance business which carelessly appears. Also encouraged for people who want to have insurance to be careful and not to be tempted by the sweet promises offered. Always check and check about the insurance company, especially if the insurance company does not have a promising reputation. Thus, at least losses can be avoided.