Vol. 5, No. 4, April 2024

E-ISSN: 2723-6692

P-ISSN: 2723-6595

http://jiss.publikasiindonesia.id/

1. Introduction

The capital market is all activities that become the meeting point between supply and demand,

which refers more to the form of trading securities (Rokhmatussa’dyah & Suratman, 2011, p. 166). One of

these securities is shares (Asra, 2020; Rizkiana et al., 2021). Shares are defined as securities that are

evidence of ownership of a company for capital investment provided with reciprocal rights to

shareholders in the form of profit distribution or dividends of the company without the maturity of

shares, and there is no certainty of fixed income for shareholders (Rahmayanti et al., 2022; Untung,

2011, p. 7). In stock trading activities, there are two main groups, namely majority shareholders and

minority shareholders. Nevertheless, both still have the same status as a shareholder. So, to ensure

Humans certainly cannot be separated from carrying out various kinds of activities in

undergoing or maintaining life (Rahmayanti et al., 2022). Various activities carried out can sometimes

also provide risks that can threaten safety and can even potentially lead to death(Dondo et al., 2021).

So, security guarantees are needed for all activities carried out by humans, and one of these

guarantees is insurance. Insurance is a word derived from the Dutch phrase assurance, which means

coverage.

Table 1. Number of Insurance Companies in Indonesia in 2019-2021

Year

Total

2021. This proves that insurance companies also have a risk of bankruptcy or stopping their

operations. The failure of an insurance company is usually influenced by several factors, including

failed asset management, imbalance of wealth flows against obligations to be met, imbalance between

the value of wealth against obligations to be met in any foreign currency, insufficient premiums, and

inability to carry out obligations to meet claims (Hartono, 1997, pp. 30–31). With the risk to the

insurance company, it will certainly have an impact on the shareholders of the insurance company. In

insurance companies in the form of a PT, according to article 142 of Law No. 40 of 2007 concerning

Limited Liability Companies in lieu of Law No. 1 of 1995, the dissolution of a PT can occur if there is a

decision from the General Meeting of Shareholders (GMS), (Andani, 2021), there is a period of

standing that has been stipulated in the articles of association, a determination from the court, the

and commissioners for reasons stating that the PT is no longer possible to continue. A PT is said to

letter given to the tax authority (Yosephin, 2021), most shareholders cannot know if there is a balance

in the ownership of the PT which results in the GMS being unable to make valid decisions and the

amount of assets of the PT that can no longer be used to run the PT (Leta, 2023).

The shareholder of a PT is someone who provides a certain amount of funds to the company so

that in addition to being referred to as a stakeholder, it can also be referred to as a bagholder (Fuady,

2005, p. 89). Therefore, based on this position, a shareholder has the right to be guaranteed his

security through legal protection contained in Law No. 40 of 2007 concerning Limited Liability

Companies as a substitute for Law No. 1 of 1995. There are at least two examples of insurance

Commissioners No. KEP-38/D.05/2020 and the dissolution of PT. Multi Artha Insurance Brokers in

2019 through OJK Board of Commissioners Decree No. KEP-46/NB.1/2019. Based on the example of

the case, a study was made to determine the legal protection for shareholders of insurance companies

that have been dissolved.

Law No. 1 of 1995. The analysis was conducted on two main variables, namely, the legal protection of

insurance company shareholders who were dissolved to the company's shareholders. The types of

data used in the study are primary legal data in the form of law no. 40 of 2007, secondary legal data

in the form of journals related to similar research that has been conducted and articles discussing the

legal protection of shareholders of dissolved insurance companies. Analysis of these data is carried

out in a qualitative descriptive manner, namely by describing an explanation of the results of

processing the data that has been obtained, which can then be the result of an analysis of the legal

protection of shareholders of insurance companies dissolved according to Law no. 40 of 2007.

3. Result and Discussion

of getting profits from the asset (H. S. Salim & Sutrisno, 2008, p. 31). There are two investment groups,

namely direct and indirect investments. Direct investment is usually done by investing in companies

or assets that are done alone without using intermediaries generally, these investors are also involved

in managing the company or its investment assets (Anggraeni, 2021). Indirect investment is an

investment that involves a third party as an intermediary to channel the capital to certain companies

or assets that make investors not much or even not involved at all in asset management. The term

share itself is contained in Article 60, paragraph 1 of Law No. 40 of 2007. Article 52, paragraph 1,

contains the rights of shareholders, which include voting rights in the General Meeting of

Shareholders (GMS), receipt of dividends, and the remaining assets resulting from liquidation.

Currently, the purchase of shares cannot be done directly between investors and companies

the authority to be able to protect investors who want to carry out stock trading activities through

securities companies. Another form of protection is through Law No. 11 of 2008 concerning Electronic

Information and Transactions, better known as the ITE Law. Through this Law, stock trading activities

through securities companies carried out online must provide clarity and truth of all information

supplied, this is then able to be a guarantee for investors to be able to carry out stock buying or selling

activities safely and legally guaranteed. Furthermore, OJK is the party that has the main role in

maximizing the legal function so as to prevent risks from securities companies, which is then

contained in OJK Regulation No. 1 / POJK.07 / 2013 concerning consumer protection in the financial

services sector, which is also the basis for the establishment of the Investment Alert Task Force

(Buana, 2022). To realize security in stock trading, investors must also have the understanding to be

However, before applying, the previous shareholder must have the required company data and

information; if the company refuses or ignores the effort, then the application for examination can

still be submitted but must be included with reasonable reasons and in good faith.

In the phenomenon of the dissolution of the insurance company PT Asuransi Himalaya

Pelindung through the Decree of Members of the OJK Board of Commissioners No. KEP-38 / D.05 /

2020, it is known that the dissolution of the company was caused by violations committed by the

company, including the number of commissioners who did not meet the requirements, solvency

achievement ratio, investment adequacy ratio, minimum amount of equity that did not meet the

Andani, D. (2021). Dividen Perseroan Terbatas Yang Tidak Dibagikan Kepada Pemegang Saham

Anggraeni, D. (2021). Pengaruh Literasi Keuangan, Tingkat Pendapatan Dan Inklusi Keuangan