MANAGEMENT OF INVESTMENT FUNDS AGAINST INSURANCE PRODUCTS WRAPPED IN BANKING: CASE STUDY OF DECISION NO.34/PID.SUS-TPK/2020/PN.JKT.PST

Insurance products wrapped in banking are products offered through banks, or can be called bancassurance, that can be linked to investment but still must have a life protection function rather than pure investment, but in the Jiwasraya case, the unit-linked product JS Saving Plan with a certain return that actually leads to pure investment is the beginning of the Jiwasraya problem. The purpose of this research is to find out how the judge's consideration of the management of investment funds for insurance products wrapped in the banking JS Saving Plan and how the board of directors' liability for the issuance of insurance products wrapped in banking. The author, in researching this case, uses the Normative Juridical Method, namely library research data collection techniques by reading, reviewing, and making notes from books, laws and regulations, documents, journal writings, cybermedia, and a collection of related expert opinions. The results of this study indicate that the JS Saving Plan product is a PAYDI product marketed to the public but violates the norms of marketing insurance products because it offers benefits such as savings instead of investment. In addition, there are violations in the placement of investments because they are not in accordance with the objectives of long-term insurance products, mismatching liquidity needs with investments, and poor risk management. The conclusion is that there are regulatory weaknesses in the POJK, which should regulate how insurance companies can avoid investment products or assets that fluctuate sharply with the aim of maintaining investment stability by choosing safer instruments or those with measurable levels of risk.