Insurance is an agreement between an insurance company and a policy holder which is the basis for receiving premiums by the insurance company in return for:
a. providing compensation to the insured or policy holder due to loss, damage, costs incurred, lost profits, or legal liability to third parties that the insured or policy holder may suffer due to the occurrence of an uncertain event; or
b. provide payments based on the death or life of the insured with benefits whose amounts have been determined and/or are based on the results of fund management.
Insurance business is a business activity engaged in:
a. Insurance or risk management services.
b. Risk reinsurance.
c. Marketing and distribution of insurance products or sharia insurance products.
d. Insurance consultation and brokerage, sharia insurance, reinsurance, or sharia reinsurance, or
e. Insurance loss assessor or sharia insurance.
Insurance business is carried out by:
Insurance Company:
a. General Insurance Companies are companies that provide risk insurance services that provide compensation for loss, damage, costs incurred, lost profits, or legal liability to third parties that the insured or policy holder may suffer due to the occurrence of an uncertain event.
Life Insurance Company, is a company that provides services in risk management which provides payments to policy holders, insureds, or other parties who have rights in the event that the insured dies or remains alive, or other payments to policy holders, insureds, or other parties who have rights to a certain time stipulated in the agreement, the amount of which has been determined and/or is based on the results of fund management.
c. Reinsurance Company, is a company that provides services in re-insurance of risks faced by Loss Insurance Companies, Life Insurance Companies, Guarantee Companies, or other Reinsurance Companies.
Insurance Business Support:
Insurance Brokerage Company, is a company that provides intermediary services in closing insurance or sharia insurance and handling insurance compensation settlements by acting in the interests of the insured.
b. Reinsurance Broker Company, is a company that provides intermediary services in placing reinsurance and handling reinsurance compensation settlements by acting in the interests of insurance companies, guarantee companies, reinsurance companies.
c. Insurance Loss Appraisal Company, is a company that provides assessment services for claims and/or consultation services for insured insurance objects.
