Protection of Customer Funds in the Insurance service Industry during the COVID pandemic 19 Isdiana Syafitri, Sunarmi, Tan Kamello, Hasim Purba
Universitas Sumatera Utara
Abstract
The Covid-19 pandemic has strengthened the critical vital important role of insurance in businesses and individuals^ development and economic resilience. The Covid-19 epidemic is a test for the insurance industry. Insurance is a financial services business that collects public funds and protects against losses due to an uncertain event such as the Covid-19 pandemic. For supervision, the government established an Insurance Supervisory Agency, namely the OJK (Financial Services Authority), which encourages the financial services industry. And protect insurance customers, Indonesia has Law Number 40 of 2014 concerning Insurance.This study aims to protect the insurance industry^s customer funds in overcoming the risks faced by society during the Covid-19 pandemic. This research is juridical empirical. This study shows how restructuring in the insurance industry protects customer funds in settling defaults and realizing legal certainty. The conclusion is that OJK has provided relaxation for customers affected by the Covid-19 pandemic to extend coverage for the under policy^s terms and conditions. Recommended for the increasing difficulties caused by Covid-19 for individuals, businesses, and the economy will increasingly highlight the importance of a healthy, stable, and health insurance market developing.
