BoC Committees for Insurance and Reinsurance Companies

In a bid to introduce provisions which address the establishment of committees, as set out under Regulation of the Financial Services Authority (“OJK”) No. 73/POJK.05/2016 on Good Corporate Governance for Insurance Companies (“Regulation 73/2016”), the OJK has issued Circular No. 14/SEOJK.05/2019 on the Establishment, Membership Composition and Terms of Office of Committees within Boards of Commissioners of Insurance Companies, Sharia Insurance Companies, Reinsurance Companies and Sharia Reinsurance Companies (“Circular 14/2019”).[1]