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Insurance to Pinjol Most Complained to OJK

 The Financial Services Authority (OJK) revealed that it had received 199,111 services through various channels, in which there were 8,771 complaints until August 26, 2022.

Of these complaints, 50% are complaints from the Non-Bank Financial Industry (IKNB) sector, 49.5% are complaints from the banking sector, and the rest are capital market sector services.

As is known, IKNB covers everything from insurance, financing institutions, pension funds, and microfinance institutions, to fintech or online loans (pinhole). 

"The most types of complaints are credit/financing restructuring, the behavior of collection officers, and financial information services," explained an official statement from the OJK, Monday (5/9/2022).

Whereas in the IKNB sector itself, OJK data shows a relatively good performance. The collection of insurance sector premiums in July 2022 was recorded to increase with the collection of Life Insurance premiums increasing by IDR 13.2 trillion, and General Insurance increasing by IDR 8.6 trillion. Financing receivables were recorded to grow 7.1% YoY in July 2022 to IDR 385 trillion.

The risk profile of financing companies in July 2022 was maintained with an NPF ratio of 2.72%. Meanwhile, the pension fund sector recorded asset growth of 3.86% YoY, with an asset value of Rp 336.14 trillion.

In addition, FinTech peer-to-peer (P2P) lending in July 2022 continued to record growth with outstanding financing growing by 88.8% YoY, an increase of IDR 1.14 trillion to IDR 46 trillion.

Meanwhile, capital in the IKNB sector was maintained with the life insurance and general insurance industry recording a maintained RBC of 493.85% and 313.99% which was well above the threshold of 120%.

Likewise, the gearing ratio of finance companies was recorded at 1.98 times or far below the maximum limit of 10 times.

"In general, the IKNB sector is still in good shape, although it is realized that currently there are several Non-Bank Financial Services Institutions (LJKNB) that require special attention, among others, due to the lack of capital/funding and weaknesses in the implementation of governance and risk management," detailed the OJK.

For this reason, currently one of the main focuses of the OJK is to strengthen supervision of the LJKNB by communicating intensively with the LJKNB, including urging management and shareholders to meet capital/funding needs and improving the company's governance and risk management.

Furthermore, for LJKNB that cannot overcome their problems, strict supervision measures will be taken under applicable laws and regulations.

In the IKNB sector, OJK will encourage dispute resolution of insurance products related to investment (PAYDI/unit link), improve healthier insurance arrangements, optimize fintech P2P lending, and encourage the acceleration of the settlement process of several financial service institutions that are under special monitoring.

"In that connection, OJK has also cracked down on financial service institutions that carry out activities not under applicable regulations, including enforcement against non-bank financial service institutions that offer instruments that promise definite profits and transactions with prohibited parties," concluded the OJK. 

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