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All Journal Ultima Management : Jurnal Ilmu Manajemen JABM JOURNAL of ACCOUNTING - BUSINESS & MANAGEMENT
Wongkar, Kanon Mommsen
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Other

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LEGAL AND ETHICAL ASPECT OF DOUBLE INSURANCE IN INDONESIA: A LITERATURE REVIEW Wongkar, Kanon Mommsen
Ultima Management : Jurnal Ilmu Manajemen Vol 15 No 1 (2023): Ultima Management : Jurnal Ilmu Manajemen
Publisher : Universitas Multimedia Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31937/manajemen.v15i1.3011

Abstract

Abstract- This paper examines the existence of legal as well as ethical aspects of marketing particularly in the insurance sector. The matter discussed in this paper is concerning double insurance practices whereas marketers within certain insurance companies still satisfy their customer with certain insurance coverage to any loss that is already covered under another insurance product with goal to gain profit from a claim. Insurance industry shows promising future recently. Nonetheless certain practices seem to break the rules. Among others is double insurance practices. Basically this is prohibited under Indonesian commercial code but somehow is still in practice nowadays. To avoid illegal as well as unethical activities concerning double insurance practices, it is required that Indonesia have National Database of Insurance Coverage where all coverages are registered under one system by which an insurance company may avoid double insurance prior to underwriting certain risk. This research is a literature research covering literature as well as regulation enforceable in Indonesia as well as other countries for comparison. The research shows that coordination of benefit and co-insurance mechanisms are allowed mechanisms of double insurance while the other mechanisms are prohibited. Principle of contribution and subrogation well known in insurance to avoid any loss caused by waiver and estoppel arisen from a double insurance practice. In managerial ground, ethical code of conduct as well as its application and evaluation is mandatory to avoid any possible flaw concerning double insurance. Keywords: Misrepresentation; Double Insurance; Marketing Ethics
Implementation of KYC Principles for Indonesian Payment Services Provider Wongkar, Kanon Mommsen
Journal of Accounting, Business and Management (JABM) Vol 32 No 1 (2024): Special Issue
Publisher : STIE Malangkucecwara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31966/jabminternational.v32i1.1453

Abstract

Payment Services Providing is a bright yet simple business to run for it requires a merely reliable system to execute transactions among banks as well as other entities. Nevertheless, these services are also utilized by criminals such as terrorists and/or money launderers. This paper is aimed to discuss the complex yet necessary execution of Know Your Customers Principle for a PSP. This is a library research to collect and analyze secondary data covering law and business literature published within 5 years as well as any legislation concerning PSPs. The research concluded that KYC Principles are mandatory for PSP with activities to manage funds such as in the form of e-wallet. Secondly, KYC Principles are not mandatory for PSPs with only activities as payment aggregator, billing provider and/or remittance services provider. At this point, it is suggested firstly to complete the regulations concerning KYC Principles for Indonesian PSPs. Secondly, utilization of KYC Services requires advanced technology concerning the way to obtain customers data as well as its storage and access availability.
LEGAL AND ETHICAL ASPECT OF DOUBLE INSURANCE IN INDONESIA: A LITERATURE REVIEW Wongkar, Kanon Mommsen
ULTIMA Management Vol 15 No 1 (2023): Ultima Management : Jurnal Ilmu Manajemen
Publisher : Universitas Multimedia Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31937/manajemen.v15i1.3011

Abstract

Abstract- This paper examines the existence of legal as well as ethical aspects of marketing particularly in the insurance sector. The matter discussed in this paper is concerning double insurance practices whereas marketers within certain insurance companies still satisfy their customer with certain insurance coverage to any loss that is already covered under another insurance product with goal to gain profit from a claim. Insurance industry shows promising future recently. Nonetheless certain practices seem to break the rules. Among others is double insurance practices. Basically this is prohibited under Indonesian commercial code but somehow is still in practice nowadays. To avoid illegal as well as unethical activities concerning double insurance practices, it is required that Indonesia have National Database of Insurance Coverage where all coverages are registered under one system by which an insurance company may avoid double insurance prior to underwriting certain risk. This research is a literature research covering literature as well as regulation enforceable in Indonesia as well as other countries for comparison. The research shows that coordination of benefit and co-insurance mechanisms are allowed mechanisms of double insurance while the other mechanisms are prohibited. Principle of contribution and subrogation well known in insurance to avoid any loss caused by waiver and estoppel arisen from a double insurance practice. In managerial ground, ethical code of conduct as well as its application and evaluation is mandatory to avoid any possible flaw concerning double insurance. Keywords: Misrepresentation; Double Insurance; Marketing Ethics
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