Market For Insurance Products Research Articles

Kedudukan Pemegang Polis dan Pekerja Dalam Hal Terjadinya Kepailitan Pada Perusahaan Asuransi

The aims of this study are 1) to find out and analyze the legal position of policy holders and workers according to laws and regulations in Indonesia, 2) to find out and analyze the regulations regarding protection for policy holders and workers who have provided legal protection or vice versa. This research uses normative juridical research methods with statutory and conceptual approaches. Based on the research results obtained, it can be seen that the position of policy and workers holders in insurance companies that are declared bankrupt through decisions determined by the commercial court is as preferred creditors. In this case, there is a conflict regarding the fulfillment of the rights of policy holders and workers, so to resolve the problem of conflict, legal principles are needed. In this case, the principle of lex posterior derogat legi priori is used, namely that new laws and regulations override old laws and regulations. The Insurance Law is a longer statutory regulation than the Job Creation Replacement Law, so the position of workers in insurance companies that are declared bankrupt has a higher position than the position of policy holders. In terms of the order of fulfillment of rights between the policy holder and the worker, the worker must be paid first. The forms of legal protection for policy holders are regulated in the Civil Code, POJK Insurance and Marketing of Insurance Products, OJK Law, Consumer Protection Law, Bankruptcy and PKPU Law, and Insurance Law. Legal protection for workers is regulated in the Civil Code, Bankruptcy and PKPU Law, PP on Wages, Job Creation Replacement Law, and Constitutional Court Decision Number 67/PUU-XI/2013.

Legal Responsibility of the Insurance Company for Unpaid Participant Claims

Insurance is a financial institution that has a vital role in the economy. Insurance protects the public from various risks, such as accidents, illness, and death. The insurance company must pay claims to insurance participants who experience losses in an insurance agreement. However, in practice, claims are often rejected by insurance companies. The purpose of this research is to analyze the legal responsibility of insurance companies for unpaid participant claims. This research uses normative legal research methods. Research data was obtained through a literature study. Research data was analyzed qualitatively using descriptive analysis methods. The research results show that insurance companies that reject insurance participants' claims can be subject to civil and criminal legal responsibility. If the participant's claim is not paid, the participant can file for bankruptcy through court. The regulations that provide the legal umbrella for protecting insurance participants consist of Law Number 8 of 1999 concerning Consumer Protection, Law Number 40 of 2014 concerning Insurance, Decree of the Minister of Finance No. 422/KMK.06/2003 concerning the Implementation of Insurance Business and Reinsurance Companies, and Financial Services Authority Regulation Number 23/POJK.05/2015 concerning Insurance Products and Marketing of Insurance Products. Legal protection for insurance policyholders as consumers are regulated in the Insurance Law and the Consumer Protection Law.

Shareholding relations between banks and insurance companies in Algeria: an overview

Purpose. This study aims to analyze the overlap of shareholding between banks and insurance companies in Algeria, whose commercial activities are not necessarily the same, but functional complementarities exist. The method used in this paper is an inventory of cases where a financial institution is a shareholder of another, following several reforms applied to this market since the 1990s.
 Results. Regarding the shareholding matrices between financial institutions in Algeria, it was found that the intervention of the public sector is the most dominant, unlike the private and foreign sector. The study also showed that the behavior of banks and insurance companies in terms of capital participation is mainly linked to the legal measures introduced in Algeria after the opening of the banking and insurance market to private and foreign operators, essentially aimed at the development of the country. As well as the economic interest of complementarity, since bank financing is usually provided by an insurance guarantee, in addition to the introduction of bancassurance, which allows marketing of insurance products through the cash desks of banks.
 Scientific novelty. The literature review has shown that the subject of shareholder relations between financial institutions refers to a new perspective of the market vision, the core of which is the bank. The analysis is carried out from the perspective of building an updated picture of the capital structure of these financial institutions in Algeria.
 Practical value. The development of shareholding matrices between banks and insurance companies in Algeria, helps to understand the nature of the functional complementarity between these financial institutions, and also explains their strategic behavior with respect to the market.

Direct Selling dalam Usaha Perasuransian Perspektif Hukum Islam

Insurance companies such as PT. Life Insurance Central Asia Raya, PT. Prudential Life Insurance, PT. Generali Indonesia Life Insurance, PT. Tugu Mandiri Life Insurance, PT. MNC Life Insurance, PT. Asuransi Jiwasraya (Persero), and PT. Sequis Life Life Insurance has marketed one of its insurance products with a direct sales system or better known as direct selling. Direct selling does not include the marketing channels stipulated in the Financial Services Authority Regulation (POJK) No. 23 of 2015 concerning Insurance Products and Marketing of Insurance Products. Based on the POJK, direct selling practiced by insurance companies is illegal. Direct selling is developed by insurance agents by recruiting insurance agents in a row. Otoritas Jasa Keuangan (OJK) confirms direct selling as the development of insurance marketing methods. Supervision is unmindful of the principle of legal certainty, professionalism, and openness. In sadd az}-z}ariah, negligent supervision of the OJK is an act that endangers health insurance. OJK must review the direct selling marketing developed by insurance agents further

ANALISIS KINERJA UNDERWRITER DALAM MENENTUKAN CALON PESERTA PADA PRODUK ASURANSI MOBILKOE (Studi Pada PT Asuransi Umum Bumiputera 1967 Cabang Serang)

Every company really needs workers as actors who can carry out company activities in order to achieve the expected goals for it is expected that a worker who has quality human resources. Unfortunately this has not been matched by quality workforce. Often the opening of a branch or new Islamic insurance division is only supported by a limited number of workers because the need for Underwriter-certified Underwriters is still lacking. Development and marketing of insurance products must be supported by the availability of human resources that enable the good implementation of Underwriter performance Underwriter performance. in sharia insurance has an important role because he determines whether insurance coverage is acceptable or not
 Based on the results of the analysis conducted by researchers on research, there is a role for Underwriters' performance in determining prospective participants in mobilkoe insurance products, namely: improving service quality, applying quality of human resources in performance, risk identification, risk assessment, risk estimation and acceptability, and risk sharing, as well as the obstacles encountered by the Underwriters in determining the prospective participants in mobilkoe insurance products are the availability of incomplete participant data, data on previous participant experience and prospective participants do not provide the desired benefit budget, while the solution is to contact Agent in order to obtain additional information needed by an Underwriter.

DIRECT SELLING DALAM USAHA PERASURANSIAN DI INDONESIA PERSPEKTIF HUKUM ISLAM

Insurance companies such as PT. Life Insurance Central Asia Raya, PT. Prudential Life Insurance, PT. Generali Indonesia Life Insurance, PT. Tugu Mandiri Life Insurance, PT. MNC Life Insurance, PT. Asuransi Jiwasraya (Persero), and PT. Sequis Life Life Insurance have marketed one of their insurance products with adirect sales system, or better known as direct selling, which was developed by insurance agents by recruiting insurance agents in a row. This paper explains how the Financial Services Authority (OJK) controls the marketing of insurance businesses and the view of Islamic law on the practice of direct selling in insurance marketing. Based on the type, this research is library research. The results showed that the Supervision of the Financial Services Authority was careless from the principles of legal certainty, professionalism, and openness. This is because Direct Selling was not included in the marketing channels stipulated in the Financial Services Authority Regulation (POJK) Number 23 of 2015 concerning Insurance Products and Marketing of Insurance Products. Based on the POJK, direct selling practiced by insurance companies is illegal. The Financial Services Authority emphasizes direct selling as the development of insurance marketing methods by the insurance agent. In the perspectiveof Islamic law, based on Sadd al-Dzari`ah, although basically direct selling is permitted, but the actions of the insurance agent have great potential to endanger the health of the insurance, and the negligence of the supervisionof the Financial Services Authority, the law of this direct selling is haram (forbidden). Therefore, the Financial Services Authority must review the direct selling marketing developed by the insurance agent.

Business insurances as an element of sustainable development of small and medium enterprises in Poland

The SME sector in Poland constitutes over 90% of all business entities. It is a broad market for insurance products. The choice of the insurer by these entrepreneurs is conditioned by several factors, including a beneficial image of the insurer, security in terms of its solvency, an attractive amount of the insurance premium or a wide insurance offer. The data comes from the study "SME finance 2015 - Insurance services market". Two research hypotheses were made for the purposes of the analysis. The first one assumes that the analysed factors are important when choosing the insurer by the SMEs. The second one indicates the selection of an adequate level of protection up to the level of risk occurrence. The results of the research show that PZU SA is the main insurer in Poland. At the same time, it is the most willingly selected SME among enterprises. In addition, two groups of clients were identified. The first one is characterised by the use of adequate protection measures in relation to the degree of risk occurrence. The other group applied relatively high or low degree of protection against small or high risk.

Impact Analysis of FDI on Insurance Sector in India

Parliament has passed Insurance Laws (Amendment) Bill, 2015. It was first passed in Lok Sabha on 4 March 2015 and later in Rajya Sabha on 12 March 2015, which will become an Act when the President signs it. The amendment bill aims to bring improvements and revisions in the existing laws relating to insurance business in India. The bill also seeks to remove archaic provisions in previous laws and incorporate modern day practices of insurance business that are emerging in a changing dynamic environment, which also includes private participation. It is expected that the foreign investment would bring about `20,000-`25,000 crore in short funds. The amendment bill hikes Foreign Direct Investment (FDI) cap in the insurance sector to 49 percent from present 26 percent. The foreign investment in insurance would be routed under foreign direct investment,foreign portfolio investment,foreign venture capital investment,depository receipts,and non resident indians. Insurance companies are permitted to raise capital through instruments other than equity shares. Instruments would be specified through separate regulations by the Insurance Regulatory and Development Authority of India (IRDA). However, the voting rights of shareholders are restricted only to equity shares. Sale of shares over 1% of the total equity share capital and purchase of shares resulting in total equity share capital of more than 5%, requires the prior approval of the IRDA. It also adds provision for the establishment of Life Insurance Council and the General Insurance Council. These councils will act as self-regulating bodies for the insurance sector. The bill also grants permission to PSU general insurers to raise funds from the capital market and increases the penalty to deter multilevel marketing of insurance products. There is a strong relationship between foreign investment and economic growth. Larger inflows of foreign investments are needed for the country to achieve a sustainable high trajectory of economic growth. A major role played by the insurance sector is to mobilize national savings and channelize them into investments in different sectors of the economy. FDI in insurance would increase the penetration of insurance in India; FDI can meet India’s long term capital requirements to fund the building of infrastructures. The present paper focuses on the overview of the Indian insurance sector along with the opportunities due to expansion of FDI in insurance in India and the major challenges that it faces.

An Analysis of Effectiveness of Bancassurance as a Distribution Channel in India

ANCASSURANCE , which basically involves banks acting as corporate agents for insurers to distribute insurance products, has evolved as a strong distribution channel in many countries. Following the deregulation of the Indian insurance industry and the amendment of the insurance law, Indian banks have been looking towards bancassurance as a logical step in the expansion of their business and have planned to venture into this lucrative segment which has hitherto been dominated by few public sector companies. Similarly, new insurers have also viewed banks as an ideal mechanism to gain distribution power. The present paper is an exploratory study to understand the effectiveness of Bancassurance on three dimensions: 1. The motivating factors behind the Bancassurance 2. Potential benefits of Bancassurance 3. Implementation problems of Bancassurance Factor analysis that has been used to conclude the findings on one hand has identified greater fee based income, improved profit margins, effective utilization of resources are the motivators for banks to enter into bancassurance, on the other hand factors such as expansion of existing market, access to ready client base of banks and encashing the brand name of banks motivate insurance companies for the same. It also reveals that customers prefer bancassurance to purchase a policy due to more benefits and authenticity. The study concludes that successful bancassurance partnerships in India is due to the fact that by entering into this, both parties have win- win proposition since there is nothing to lose. Purpose: This study seeks to examine the relatively new trend in insurance distribution channels alternative; namely, Bancassurance: it’s role, benefits, implication, and problems in India. Bancassurance is a new buzzword. While Bancassurance has developed into a tremendous success story in Europe, it has been constrained by legislation in USA and Canada. It is a relatively new concept in Australia and Asia. However, a sea change in the financial service industry is imminent with banks and insurance companies increasingly realizing the strategic significance of Bancassurance in the future viability of their businesses. Design/Methodology/Approach: The study examines how Bancassurance works in India. There are a number of theoretical reasons as to why banks should enter into the insurance market in India. The main reason behind the bancassurance partnerships in India has been the fact that the banks and insurance both tend to lose nothing. So, marketing of insurance products and earning an additional income is a blessing for the banks. The study is based on survey method.

Insurance Coverage for Environmental Claims: Current Litigation Issues in the United States

The insurance industry introduced exclusions for environmental claims in the general commercial litigation policies in the early 1970s, and introduced even greater restrictions in the 1980s. Litigation over the two most common pollution exclusions has been robust and will likely continue to increase. This article first briefly reviews the history of insurance coverage for environmental claims in the United States, including the most common issues and how the courts have addressed them. The article then discusses the current issues and emerging trends in insurance coverage for environmental claims under the general commercial policies. Finally, there is a brief discussion on the growing market for insurance products that specifically cover (rather than exclude) environmental claims.

The Insurance Industry in the Financial Services Market

A year ago I proposed that in the not too distant future there will not be a market for insurance products or for banking products, but rather an integrated market for ®nancial services. In the intervening period, the acceleration of many of the forces shaping this integrated market has reinforced my belief in the inevitability of this shift. This new market, commonly referred to today as bancassurance, has emerged as a major force in a number of European countries. A con uence of evolving customer needs and enhanced provider capabilities will extend both the penetration and scope of products in the Bancassurance formula. I believe the surge of M&A activity of the last 12 months involving insurers and banks is largely driven by the perceived requirement to build provider capabilities to meet latent customer needs. I also continue to believe that the executional requirements for winning in this new game will be high. Those of us currently delivering against the bancassurance formula see the challenge of matching the best product specialists in each of our traditional business lines. But the players who can successfully manage the complexity will be rewarded. To support that belief, I will review brie y the main forces at work in the European ®nancial services market and then consider how these might affect competitors in the future in terms of their strategies, their products, their access to customers, their risk pro®les and their executional capabilities. Finally I will conclude with a brief summary of the implications for today's insurance competitors.

Health-insurance products and plan options

Trends in health insurance are discussed, with emphasis on insurers' efforts to offer an array of cost-effective plans tailored to the needs of employers and subscribers. Health-insurance companies, responding to employers' demands to curtail the rising costs of premiums, now offer a variety of insurance products. While indemnity plans, health maintenance organizations (HMOs), and preferred-provider organizations (PPOs) remain as the three basic types of plans, insurers are combining these elements in different ways, creating dual- and triple-option plans that consist of indemnity insurance and an HMO, a PPO and an HMO, or other variations. Insurers offering multiple options may effect internal cost savings through shared personnel and administrative expenses. Four factors influence the development and marketing of insurance products: cost and volume of healthcare services, adverse selection, competition, and the profit incentive. Many of the insurance products have been developed in response to requests for maximum freedom of choice of provider; as an example, the fastest-growing HMO product in 1989 was the point-of-service HMO, which allows the subscriber to seek care from a provider who is not part of the HMO network. PPOs and exclusive-provider organizations (EPOs) are growing; these are often organized by hospitals or physician networks. Among the new trends in product-line development are "riders" for specialty services such as vision care and prescription drugs. As competition intensifies, marketing efforts are focusing on previously overlooked groups such as the small employer and certain ethnic communities. Cost and freedom of choice will remain important criteria in the selection of insurance products.(ABSTRACT TRUNCATED AT 250 WORDS)