Insurance Companies: Corporate Plan and Business Plan

The Financial Services Authority (“OJK”)  recently issued Circular Letter No. 15/SEOJK.05/2014 on Corporate and Business Plans for General Insurance, Sharia Insurance, Reinsurance, and Sharia Reinsurance Companies (“Circular Letter”).

The Circular Letter implements Article 68 (5) of OJK Regulation No. 2/POJK.05/2014 on Good Corporate Governance for Insurance Companies (“Regulation”),[1] which mandates General Insurance, Sharia Insurance, Reinsurance, and Sharia Reinsurance Companies (“Insurance Companies” or “Company”) to submit a Corporate Plan[2] and Business Plan[3] to the OJK.