Indonesian government to accelerate policy guarantee agency

This aims to protect policyholders in the event an insurance company goes belly up.

Indonesia’s Financial Services Authority (OJK) is mandating Deposit Insurance Corporation (LPS) to form a Policy Guarantee Agency (LPP) to provide protection for policyholders in the event an insurance company has its licence revoked or is in default.

ALSO READ: Singapore life insurance new business premiums down by 5.9% in Q3

Previously, LPS was only in charge of guaranteeing bank deposits and resolutions. The government’s initial proposal was to establish the LPP that would offer protection of policies. However, the earliest it could be established was within the next three to five years.

The target date of the establishment of the LPP is in the 2021–2024 period.

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