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Life insurers say proposed bancassurance rules will spark healthy competition

( April 22, 2016, 10:00 GMT | Insight) -- The Indonesian Life Insurance Association says rules proposed by the Financial Services Authority to regulate the marketing of bancassurance products will lift market barriers and eliminate exclusivity between banks and affliated insurers, Kontan reports. The Indonesian Life Insurance Association, or AAJI, says rules proposed by the Financial Services Authority, or OJK, to regulate the marketing of bancassurance products will lift market barriers and eliminate exclusivity between banks and affliated insurers, Kontan reports. AAJI Executive Director Togar Pasaribu said the regulator's efforts to push banks to end their exclusive deals with affiliated insurers would create opportunities for other insurers to market their bancassurance products. Customers could also select their most suitable product. OJK Deputy Commissioner Dumoly F. Pardede said that both banks and insurers should compete fairly, and not count on exclusivity in selling bancassurance....

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