Obligatory Fit and Proper Test for Positions in Non-Banking Financial Services

The Financial Services Authority (“OJK”) recently issued Regulation No. 4/POJK.05/2013 on Fit and Proper Test of Primary Parties in Insurance Companies, Pension Funds, Financing Companies, and Credit Insurance Companies (“Regulation”).

The Regulation requires key personnel and controlling individuals in insurance companies, pension funds, financing companies and credit insurance companies to pass OJK’s fit and proper test before they are appointed to positions or fall under the following (Art. 2):[1]