Ada Pertanyaan? Hubungi Kami 
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Ada Pertanyaan? Hubungi Kami Fathan Qorib, Robert Sidauruk
Moving to the commencement of the ASEAN Economy Community (AEC) in January next year, commentators and industry players alike are suggesting that the Government needs to be involved in strengthening all domestic business sectors, including the insurance service industry.
Rosan P. Roeslani, Deputy Chairman for the Banking and Financial Sectors at the Indonesian Chamber of Commerce (KADIN), says that Government participation is needed to improve domestic insurance providers and boost the domestic insurance industry.
Mr. Roeslani further suggests that the Government take steps to properly establish requirements for foreign insurance providers—including their foreign workers—that are about to enter the Indonesian market to ensure they make significant contributions towards national economic development in light of AEC.
“Crossborder markets [in terms of AEC] do not come without rules. For this reason, the Government’s intervention in the market is required to make appropriate arrangements for the insurance industry,” said Mr. Roeslani in Jakarta on Tuesday.
According to Mr. Roeslani, the Government should implement two requirements for foreign insurance providers entering the Indonesian market. The first relates to the quality of the insurance company. The Government should impose minimum levels for rating qualifications, capital, and foreign worker competency.
The second is requirements related to the insurance services to be offered by the foreign insurance providers. The Government should require foreign insurance providers to offer micro insurance programs and must establish certain numbers of branch offices in major cities throughout Indonesia.
Currently, the Government is yet to issue any regulations specific to the insurance industry in anticipation of the upcoming AEC.
Firdaus Djaelani, the Head of Executive Oversight for Non-Bank Financial Services at the OJK acknowledges the lack of such regulations and their importance. Nevertheless, Mr. Djaelani says that this can only be realized through the consensus of the ASEAN members themselves. Surprisingly, with less than a year before the AEC starts, Mr. Firdaus informed that so far no specific meetings have been held to address this issue.
“This requires consensus among the members of 2015 AEC to define certain standards that must be satisfied by foreign insurance companies to establish branch offices in every ASEAN country,” explained Mr. Firdaus.
(hot/kc)
Fathan Qorib, Robert Sidauruk
Moving to the commencement of the ASEAN Economy Community (AEC) in January next year, commentators and industry players alike are suggesting that the Government needs to be involved in strengthening all domestic business sectors, including the insurance service industry.
Rosan P. Roeslani, Deputy Chairman for the Banking and Financial Sectors at the Indonesian Chamber of Commerce (KADIN), says that Government participation is needed to improve domestic insurance providers and boost the domestic insurance industry.
Mr. Roeslani further suggests that the Government take steps to properly establish requirements for foreign insurance providers—including their foreign workers—that are about to enter the Indonesian market to ensure they make significant contributions towards national economic development in light of AEC.
“Crossborder markets [in terms of AEC] do not come without rules. For this reason, the Government’s intervention in the market is required to make appropriate arrangements for the insurance industry,” said Mr. Roeslani in Jakarta on Tuesday.
According to Mr. Roeslani, the Government should implement two requirements for foreign insurance providers entering the Indonesian market. The first relates to the quality of the insurance company. The Government should impose minimum levels for rating qualifications, capital, and foreign worker competency.
The second is requirements related to the insurance services to be offered by the foreign insurance providers. The Government should require foreign insurance providers to offer micro insurance programs and must establish certain numbers of branch offices in major cities throughout Indonesia.
Currently, the Government is yet to issue any regulations specific to the insurance industry in anticipation of the upcoming AEC.
Firdaus Djaelani, the Head of Executive Oversight for Non-Bank Financial Services at the OJK acknowledges the lack of such regulations and their importance. Nevertheless, Mr. Djaelani says that this can only be realized through the consensus of the ASEAN members themselves. Surprisingly, with less than a year before the AEC starts, Mr. Firdaus informed that so far no specific meetings have been held to address this issue.
“This requires consensus among the members of 2015 AEC to define certain standards that must be satisfied by foreign insurance companies to establish branch offices in every ASEAN country,” explained Mr. Firdaus.
(hot/kc)