Legal Analysis Of Authorized Parties To File Bankruptcy And The Position Of Policyholders In Relation To Other Preferred Creditors Of Insurance Companies

Abstract

Filing for bankruptcy against an insurance company poses problem where the Financial Services Authority can only submit becomes a problem when the application submitted by the creditor does not get a response or approval from the Financial Services Authority. Another problem arises in the order in which the bankruptcy estate is distributed to the preferred creditors such as tax payables, wages owed by workers/labors, and the rights of policyholders. Thus, in this study, the author wants to know who are the legitimate parties to apply for bankruptcy of an insurance company if there is no response or approval from the Financial Services Authority? What is the policyholder's position to other preferred creditors in an insurance company that is declared bankrupt? This type of research is normative legal research conducted by examining library or secondary materials. This study concludes that if the Financial Services Authority remains silent within thirty days after it receives the complete application, the application is considered granted. Meanwhile, regarding the position of the preferred creditors, concerning each of the laws governing this matter, it does not determine which party has its rights to be paid first, so that the order of distribution of bankrupt assets is guided by in the Constitutional Court Decision No. 67/PUU-XI/2013 which decided that wages owed by workers/labors must be paid first before paying the tax bill and the rights of the policyholder. Furthermore, the tax bill has a position that precedes the rights of the policyholder.