Tuesday, April 24, 2012

Health insurance restrictions tightened

Finance Ministry to tighten supervision of the financial soundness of insurance and reinsurance. Beleid is contained in the latest, the Ministry of Finance (PMK) No. 53 of 2012 on Health Insurance and Reinsurance Company. This rule is effective from next year. Many new things in the beleid. One of them, related to risk-based management application in calculating solvency. Solvency is the difference between the amount of assets to liabilities of the company's total operating expenses. The amount of solvency is at least 100% of the minimum risk-based capital. Later, the company must set a target of the lowest solvency of 120%. If the target is not reached, they were forbidden to carry out the plan change in strategy, business development even. Minimum risk-based capital is the amount of funds in anticipation of the risk of loss arising from the deviation of the asset and liability management. In other words, companies must be prepared to provide funds to pay claims even if it is losing customers. For unitlink sell insurance, minimum capital should be greater. You see, there is an additional burden to be taken into account in order to anticipate minimum capital case of default as in PT Bakrie Indonesia Insurance in 2009. In addition, this rule also details the investment system. Investments in time deposits limited to a maximum of 15%, whereas previously 20%, the maximum stake of 10% per issuer and a maximum of 40% overall. While the funds may only be trimmed 15% per investment manager with a total maximum of 50% of the total investment. This rule also cut investments in affiliated companies at most 10%, prior to 20%. Interestingly, beleid recently given permission to invest in pure gold, at most 10% of the total investment. Head of Insurance Bureau of Bapepam-LK, Rachmatarwata Isa said it is issuing this rule from now on to the insurance industry can learn. Thus the business has time to adjust to the new beleid. "The bottom line this year to see the readiness of first offender," said Isa, last weekend. Jesus also promised, immediately invited the parties to socialize these rules.

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