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      <p>Careful Insurance Company in Asset Management Chairman of the MPR RI Bambang Soesatyo emphasized that the insurance industry must be able to guarantee the welfare of the community, especially customers. He reminded, insurance companies must be able to manage the business with precision so as not to harm customers. Bamsoet explained that various insurance products in Indonesia, not only for life insurance, there is also insurance to cover the business world. Call it the Rice Farmer Business Insurance (AUTP), which provides protection for the risk of crop failure, has been running since 2015 with a premium of Rp. 180 thousand and is subsidized by 80 percent by the government. Next, the Cattle Livestock Business Insurance (AUTS), which provides risk protection for the death and loss of cattle, has been running since 2016, with a premium of Rp 200 thousand subsidized by 80 percent by the government. “Small Fish Cultivator Fishery Insurance (APPIK) which provides risk protection for shrimp/fish mortality and business failure due to natural disasters, has been running since 2017 starting with shrimp, with a premium of Rp 90 thousand to Rp 225 thousand per year according to land, subsidized 100 percent by the government. As well as Fisherman Insurance which provides risk protection for the death and disability of fishermen at sea or on land, has been running since 2016, with a premium of Rp. 140 thousand, and is subsidized 100 percent by the government,” said Bamsoet in his statement, Wednesday. (8/9/2021). In the Focus Group Discussion (FGD) ‘Booming and Crisis of the Insurance Industry in the Perspective of the 1945 Constitution of the Republic of Indonesia and Pancasila’, at the Assembly Complex, the 20th Chairman of the Indonesian House of Representatives did not turn a blind eye to various insurances that protect farmers and the productive sector, still there is a problem insurance burdening its customers. As happened to Jiwasraya, Kresna Life, Bumiputera, and Himalaya Insurance. “The various cases of default are due to weak risk management of business processes from upstream to downstream. Starting from product packaging with guaranteed investment returns that are beyond the ability of asset managers to generate investment returns, and culminate in investment asset management. In principle, insurance companies have not optimally implement asset and liability management guidelines which are fundamental elements in insurance companies,” said Bamsoet. The Deputy Chairperson of the Golkar Party emphasized that, referring to various cases of insurance default, it is necessary to restructure and reform the insurance industry to improve service quality. “There needs to be a determination to carry out insurance reforms as announced by the president when opening the annual meeting of the Financial Services Industry in early 2020 which was followed up by the OJK, which included regulatory and supervisory reforms, institutional reforms, infrastructure reforms and the preparation of the Policy Guarantee Institution Bill. It is time for insurance companies to return to their khittah in participate in promoting public welfare and providing social security as mandated by the Constitution,” said Bamsoet. Chairman of the National Consumer Protection Agency (BPKN) Rizal E Halim added that there were various issues related to the insurance industry, including errors in product pricing or mispricing, the weakness of the principle of prudence in investing, the existence of stock price manipulation through massive buying and selling of shares with mutual fund dressings, and liquidity pressure from insurance products which then resulted in a decrease in customer confidence which led to a decline in sales. “BPKN has issued recommendations related to insurance in 2020. Among other things, Indonesia needs to accelerate the formation of the Policy Guarantee Agency (LPP) in order to carry out the mandate of Law No. 40 of 2014 concerning Insurance as a step to protect policyholders and ensure the insurance industry runs healthily,” he said. Rizal. “It is necessary to immediately make derivative regulations that regulate the requirements for certified insurance agents and have clear and systematic credibility in the regulations of the Financial Services Authority. And make guidelines for insurance companies to complete insurance agreements with a summary of agreements about benefits and risks so that consumers can easily understand them,” he added. . Meanwhile, member of Commission XI DPR RI Anis Byarwati reminded, as in the Jiwasraya case, several basic problems that could potentially occur in insurance companies consist of product pricing errors, vulnerable investment activities, manipulation of company performance with aggressive monitor gaming window dressing, and liquidity pressures due to mismatches. . Poor Portfolio Management also poses a huge risk of loss due to placements in high-risk assets. Huge losses also occurred due to fraud and poor governance, plus the firmness of the supervisory institutions to take corrective action was also not optimal. “Businessmen in the insurance industry, in 2021 the insurance industry will also be faced with various challenges</p>

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