THE AUTHORITY OF THE FINANCIAL SERVICES AUTHORITY IN THE CASE OF A BANKRUPTCY APPLICATION FOR A FINANCING COMPANY IN THE INSURANCE FIELD
DOI:
https://doi.org/10.33603/vzcn0z56Keywords:
Authority of OJK, Bankruptcy Application, Insurance companyAbstract
In the context of bankruptcy cases involving finance companies in the insurance industry, OJK's authority is strictly regulated in various applicable legal provisions. According to applicable provisions, the OJK has the authority to file a bankruptcy petition against an entity under its supervision, such as an insurance company, if it meets certain requirements. Therefore, the role of the OJK in the bankruptcy of finance companies in the insurance sector is very important to protect the interests of policyholders and creditors. , and overall financial stability. The authority to initiate insolvency proceedings rests with the OJK, and ensures that any such action is considered within a comprehensive regulatory framework designed to safeguard market integrity. This research uses secondary data which is analyzed descriptively qualitatively to produce solutions to the problems studied. This study takes a normative juridical approach, because in this article the author discusses the regulations regarding the authority of the OJK in filing bankruptcy applications for insurance companies and the role of the OJK in company bankruptcy cases. The results show that the Financial Services Authority (OJK) has significant authority in insurance company bankruptcy cases. OJK as an independent institution, is responsible for the regulation and supervision of the financial services sector, including insurance. OJK receives the duties and authority to regulate and supervise financial services activities from the Ministry of Finance. OJK has an important role in filing bankruptcy applications for financial service institutions that it supervises, such as insurance companies. In the case of insurance company bankruptcy, OJK can submit a bankruptcy petition to the Commercial Court after obtaining approval from creditors. The process of filing for bankruptcy for an insurance company involves various stages, including an assessment from the OJK and the OJK Board of Commissioners, as well as a study of the financial stability and condition of the insurance company concerned. Thus, the OJK plays an important role in handling insurance company bankruptcy cases to protect consumer interests, maintain financial sector stability, and ensure order in the insurance industry.
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