Review Juridical Authority Of Insurance Company Permits By The Financial Services Authority Against Social Insurance: A Case Study Of Pt Jasa Raharja
Abstract
The national insurance industry plays a fundamental role in maintaining financial system stability and providing risk protection for all levels of society. The presence of the Financial Services Authority (OJK) through the mandate of Law Number 21 of 2011 is a key pillar in the function of independent regulation and supervision of financial services. However, the dynamics of regulation face complex challenges when intersecting with social insurance entities, especially PT Jasa Raharja which carries out the function of public service obligation based on Law Number 33 and 34 of 1964. This study aims to conduct an in-depth legal review of the authority of the OJK in granting permits and operational supervision of social insurance, where there is a "legal antinomy" between the Prudential Regulation standards of the International Association of Insurance Supervisors (IAIS) and the mandatory mandate of state social protection. The main issue examined is the synchronization of the OJK's authority following the enactment of Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (UU P2SK). The research focuses on the dichotomy in the nature of the OJK's permit for social insurance—whether it is constitutive, creating a company's right to exist, or declarative, as an administrative recognition of the statutory mandate. This unclear legal status has the potential to create legal loopholes that jeopardize the sustainability of the social safety net for traffic accident victims, which is constitutionally guaranteed under Article 28H of the 1945 Constitution. The research method used is normative juridical with a statute approach and a conceptual approach. The theoretical framework used includes Gustav Radbruch's Theory of Legal Certainty, Wolfgang Friedmann's state function, and the Maqāṣid al-Sharīʿah perspective which emphasizes the protection of life (ḥifẓ an-nafs) and property (ḥifẓ al-māl). The research findings indicate that the Financial Services Authority (OJK)'s authority in licensing social insurance companies should be viewed as an effort to strengthen good corporate governance without negating the specific mandate of mandatory program providers. The study found that permits for social insurance should ideally be classified as special, declarative permits to avoid administrative absolutism that could paralyze the state's function as a provider. From an Islamic legal perspective, OJK supervision aligns with the Hisbah concept to ensure fairness and transparency in the management of public funds. The study's conclusions emphasize the urgency of harmonizing regulations that differentiate financial health parameters between social and commercial insurance to achieve legal certainty and social justice in Indonesia.
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DOI: http://dx.doi.org/10.30659/rlj.5.1.643-660
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