25 September 2006 - 05:00:00

Chief of Bapepam (Capital Market Supervisory Board) Fuad Rachmany said the Indonesian Insurance Mediation Board (BMAI) will make it easier for insurance policy holders to get their premium, notably when there is a dispute conceerning claims.

BMAI was set up on Sept. 25, 2006 in the face of an increasing number of disputes between insurance companies and insurance policy holders, Rachmany, who is also an executive at the Finance Department.

Chairman of BMAI Arizal ER said the board has independent mediators to help solve crises arising from claims by insurance policy holders.

BMAI itself is an independent institute. If the board is unable to solve the case, policy holders could try arbitration or go to court.

For general insurance policy holders, claims that can be tackled by BMAI should not exceed Rp 500 million. The maximum claim for life and social guarantee insurance is Rp 300 million.

Cases involving the determination of premiums, interest rates and crimes cannot be tackled by BMAI, Arizal said.

Complaints submitted later than six months after rejected by insurance firms cannot tackled by the board.

Policy holders seeking assistance should contact BMAI, There will be no charges. (T.RMG/toeb/ton)

Source: Kominfo Newsroom