Ada Pertanyaan? Hubungi Kami 
Ada Pertanyaan? Hubungi Kami Fathan Qorib, Mahinda Arkyasa
Financial Services Authority (OJK) is currently in the process of drafting a regulation on multiple licensing for insurance businesses.
Firdaus Djaelani, member of OJK’s Board of Commissioners, confirmed that the regulation will be similar to the multiple licensing regulation for banks that was issued by Bank Indonesia. (See ILB No. 2083 and ILD No. 292).
He informed that the regulation will set a limitation on what insurance products can be sold by insurance companies that have low capital.
Firdaus said that OJK will conduct a study on types of insurance products to find out what products require the least amount of capital.
OJK will also invite experts, as well as the insurance business association to provide input for the regulation.
“If the company has low capital, a limitation will be applied. How to apply it and what products can be sold will be discussed with the insurance businesses association,” he said to hukumonline on Friday (8/3).
Julian Noor, Executive Director of Public Relations at the General Insurance Association of Indonesia (AAUI), stated that the regulation should apply to insurance companies that do not fulfill the amount of minimum capital stipulated by the Government.
Julian explained that pursuant to Government Regulation No. 73 of 1992 on Organizing Insurance Business—last amended by Government Regulation No. 81 of 2008—an insurance company must have a minimum capital of IDR 70 billion as of December 2012 and IDR 100 billion by 31 December 2014.
“If the company fails to comply with the minimum capital requirement, it is acceptable to limit its operations,” he said to hukumonline, Saturday (9/3).
Julian requested that OJK stipulates a time limit to allow insurance businesses to adjust their capital before applying any limitation.
(jt)
Fathan Qorib, Mahinda Arkyasa
Financial Services Authority (OJK) is currently in the process of drafting a regulation on multiple licensing for insurance businesses.
Firdaus Djaelani, member of OJK’s Board of Commissioners, confirmed that the regulation will be similar to the multiple licensing regulation for banks that was issued by Bank Indonesia. (See ILB No. 2083 and ILD No. 292).
He informed that the regulation will set a limitation on what insurance products can be sold by insurance companies that have low capital.
Firdaus said that OJK will conduct a study on types of insurance products to find out what products require the least amount of capital.
OJK will also invite experts, as well as the insurance business association to provide input for the regulation.
“If the company has low capital, a limitation will be applied. How to apply it and what products can be sold will be discussed with the insurance businesses association,” he said to hukumonline on Friday (8/3).
Julian Noor, Executive Director of Public Relations at the General Insurance Association of Indonesia (AAUI), stated that the regulation should apply to insurance companies that do not fulfill the amount of minimum capital stipulated by the Government.
Julian explained that pursuant to Government Regulation No. 73 of 1992 on Organizing Insurance Business—last amended by Government Regulation No. 81 of 2008—an insurance company must have a minimum capital of IDR 70 billion as of December 2012 and IDR 100 billion by 31 December 2014.
“If the company fails to comply with the minimum capital requirement, it is acceptable to limit its operations,” he said to hukumonline, Saturday (9/3).
Julian requested that OJK stipulates a time limit to allow insurance businesses to adjust their capital before applying any limitation.
(jt)