Licensing and Organization of Insurance/Reinsurance Companies Regulated in Details

As an implementing regulation to Law No. 40 of 2014 on Insurance (“Insurance Law”),[1] the Financial Services Authority (“OJK”) has issued Regulation No. 67/POJK.05/2016 on Business Licenses and the Organizational Structure of Insurance, Sharia Insurance, Reinsurance and Sharia Reinsurance Companies (“Regulation 67/2016”).[2]
 
Regulation 67/2016 sets out a set of comprehensive guidelines covering the licensing and organization of insurance, sharia insurance, reinsurance and sharia reinsurance companies (“Companies”), and these guidelines encompass the following matters: