STUDI PERBANDINGAN PERLINDUNGAN HUKUM BAGI PEMEGANG POLIS YANG MENOLAK RESTRUKTURISASI DI NEGARA INDONESIA DAN MALAYSIA

The background of this research is the bankruptcy of PT Asuransi Jiwasraya whose policy transfer was taken over by IFG Life, although not all policyholders were pleased with the restructuring. The purpose of this research is to identify legal protection in the form of preventive and repressive measures for policyholders who refuse restructuring in Indonesia and Malaysia. This research uses normative legal research methods based on statute approach and comparative approach. The results showed that, in Indonesia, preventive legal protection for policyholders who refuse restructuring has not been specifically regulated in Law Number 40 of 2014 concerning Insurance. Provisions related to insurance are more regulated in POJK which covers the technical aspects of restructuring without certainty of policy benefits. Meanwhile, Malaysia has stronger preventive protection for policyholders through the regulation of the Financial Services Act 2013 under the supervision of Bank Negara Malaysia (BNM). In Indonesia, repressive legal protection for policyholders who refuse restructuring is to use a dispute resolution mechanism through litigation, namely filing a civil lawsuit to the District Court or can use a non-litigation mechanism through mediation by the Indonesian Insurance Mediation Agency (BMAI). In addition, repressive protection in Malaysia is more effective with the existence of the Ombudsman for Financial Services (OFS) as an independent dispute resolution institution. Indonesia can consider the implementation of the Insurance Guarantee Scheme (IGS) implemented by Malaysia which is managed by BNM to ensure policyholders continue to receive financial protection even if the insurance company fails. Adoption of this scheme is necessary to strengthen policyholder protection in the future.