The House Discusses Draft Bill on Insurance Companies

The House of Representatives (“House”) is currently discussing the Draft Bill on Insurance Businesses (“Draft Bill”) in order to revise Law No. 2 of 1992 on Insurance (“Insurance Law”). The Draft Bill aims to provide a more comprehensive legal framework for the insurance industry.

In general, the Draft Bill attempts to accommodate changes to the agencies that supervise financial institutions – from the Capital Market and Financial Institutions Supervisory Agency (“Bapepam-LK”) to the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”).