Fathan Qorib, Mahinda Arkyasa
Ahmad Sathorri, Coordinator of the Life Insurance Supervision Division at the Financial Services Authority (OJK), asserted that having insurance experts is one of the most important requirements in establishing new insurance companies.
He explained that an insurance company must have at least one insurance expert certified as an Indonesian Loss Insurance Expert (Ahli Asuransi Indonesia Kerugian – A2IK) or an Indonesian Life Insurance Expert (Ahli Asuransi Indonesia Jiwa – A2IJ).
In addition to having an insurance expert, Sathorri stated that shareholders and managers of new insurance companies must undergo a fit and proper test in order to assess their competency in managing an insurance company.
He explained that OJK, with the assistance from Bank Indonesia, will examine whether the respective shareholders have bad financial records. If the shareholder is a foreign party, then OJK will request the record from financial authorities of the shareholder’s country of origin.
“[OJK] will also request track records of respective shareholders from respective authorities,” he concluded on Wednesday (20/3).
(jt)
Fathan Qorib, Mahinda Arkyasa
Ahmad Sathorri, Coordinator of the Life Insurance Supervision Division at the Financial Services Authority (OJK), asserted that having insurance experts is one of the most important requirements in establishing new insurance companies.
He explained that an insurance company must have at least one insurance expert certified as an Indonesian Loss Insurance Expert (Ahli Asuransi Indonesia Kerugian – A2IK) or an Indonesian Life Insurance Expert (Ahli Asuransi Indonesia Jiwa – A2IJ).
In addition to having an insurance expert, Sathorri stated that shareholders and managers of new insurance companies must undergo a fit and proper test in order to assess their competency in managing an insurance company.
He explained that OJK, with the assistance from Bank Indonesia, will examine whether the respective shareholders have bad financial records. If the shareholder is a foreign party, then OJK will request the record from financial authorities of the shareholder’s country of origin.
“[OJK] will also request track records of respective shareholders from respective authorities,” he concluded on Wednesday (20/3).
(jt)