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Ada Pertanyaan? Hubungi Kami Robert Sidauruk, Fathan Qorib
As is required underLaw No. 40 of 2014 on Insurance (Insurance Law), the Financial Services Authority now has less than three years to issue implementing regulations covering41 provisions on theinsurance industry. To expedite this process, the OJK recently held a meeting with the insurance association, at which it was agreed that these 41 provisions will be incorporated into 17 OJK regulations.Firdaus Djaelani, Executive Head of Non-Bank Financial Industries at the OJK, said that the insurance association will be involved in the drafting process. This year, the OJK is expected to issue 13 regulationswithfouradditionalregulations to be issued in 2016. The regulations will redefine fundamental aspects of the insurance industry, most of which are or were previously regulated under Ministery of Finance regulations.
“Besides drafting 17 new regulations on insurance, the OJK is also coordinating with the government to draft a law on insurance policy guarantees and two government regulations on insurance,”informed Mr. Djaelani in Jakarta on Thursday.
Giving details, Mr. Djaelani explained that the first regulation will regulate licensing and the organization of commercial insurance and reinsurance companies, as well as sharia insurance and reinsurance companies. Meanwhile, the licensing procedures and organization of insurance and reinsurance brokers, as well as insurance loss assessor companies, will be covered by the second regulation.
The third regulation will set out provisions on soundness requirements for insurance and reinsurance companies. The fourth regulation will be on soundness requirements for sharia insurance and reinsurance companies. Provision on organizing insurance and reinsurance businesses, both commercial and sharia, will be provided in the fifth regulation.
The sixth regulation will be on organizing insurance and reinsurance brokers, and insurance loss assessor companies. The seventh regulation will cover requirements and procedures for registration of insurance professionals. The eighth regulation is to be on statutory management, and the ninth regulation on dissolution, liquidation, and bankruptcy of insurance and reinsurance companies.
For the tenth regulation, the OJK is expected to issue provisions on know your customer requirements for insurance and reinsurance companies. The eleventh regulation will be on procedures to impose administrative sanctions and suspension of insurance company assets, with the twelfth regulation on mandatory insurance programs.
The thirteenth regulation will cover insurance businesses in the form of cooperatives and mutual businesses, the fourteenth regulation on fit and proper assessment, the fifteenth on governance of insurance companies, and the sixteenth on insurance mediation institutions. The final, OJK regulation will be on examination of insurance companies.
(hot/kc)
Robert Sidauruk, Fathan Qorib
As is required underLaw No. 40 of 2014 on Insurance (Insurance Law), the Financial Services Authority now has less than three years to issue implementing regulations covering41 provisions on theinsurance industry. To expedite this process, the OJK recently held a meeting with the insurance association, at which it was agreed that these 41 provisions will be incorporated into 17 OJK regulations.Firdaus Djaelani, Executive Head of Non-Bank Financial Industries at the OJK, said that the insurance association will be involved in the drafting process. This year, the OJK is expected to issue 13 regulationswithfouradditionalregulations to be issued in 2016. The regulations will redefine fundamental aspects of the insurance industry, most of which are or were previously regulated under Ministery of Finance regulations.
“Besides drafting 17 new regulations on insurance, the OJK is also coordinating with the government to draft a law on insurance policy guarantees and two government regulations on insurance,”informed Mr. Djaelani in Jakarta on Thursday.
Giving details, Mr. Djaelani explained that the first regulation will regulate licensing and the organization of commercial insurance and reinsurance companies, as well as sharia insurance and reinsurance companies. Meanwhile, the licensing procedures and organization of insurance and reinsurance brokers, as well as insurance loss assessor companies, will be covered by the second regulation.
The third regulation will set out provisions on soundness requirements for insurance and reinsurance companies. The fourth regulation will be on soundness requirements for sharia insurance and reinsurance companies. Provision on organizing insurance and reinsurance businesses, both commercial and sharia, will be provided in the fifth regulation.
The sixth regulation will be on organizing insurance and reinsurance brokers, and insurance loss assessor companies. The seventh regulation will cover requirements and procedures for registration of insurance professionals. The eighth regulation is to be on statutory management, and the ninth regulation on dissolution, liquidation, and bankruptcy of insurance and reinsurance companies.
For the tenth regulation, the OJK is expected to issue provisions on know your customer requirements for insurance and reinsurance companies. The eleventh regulation will be on procedures to impose administrative sanctions and suspension of insurance company assets, with the twelfth regulation on mandatory insurance programs.
The thirteenth regulation will cover insurance businesses in the form of cooperatives and mutual businesses, the fourteenth regulation on fit and proper assessment, the fifteenth on governance of insurance companies, and the sixteenth on insurance mediation institutions. The final, OJK regulation will be on examination of insurance companies.
(hot/kc)