Jumat, Februari 14, 2020

OJK to Release Updated Regulation on the Soundness of Insurance Companies

The Financial Services Authority (“OJK”) recently revealed that it is set to issue a new regulation which will apply across the Non-Bank Financial Industry (Industri Keuangan Non-Bank – “IKNB”) in an effort to tighten up Regulation of the OJK No. 71/POJK.05/2016 on the Financial Soundness of Insurance Companies and Reinsurance Companies.
According to the Head of the Supervision Department for IKNB, Ariastiadi, a draft regulation on the soundness levels (tingkat kesehatan) of insurance companies is currently in its harmonization phase with the Ministry of Law and Human Rights, and will be implemented by 31 December 2020.
Mr. Ariastiadi added that four factors will be used during assessments of the soundness levels of insurance companies, specifically: 1) Implementation of good corporate governance; 2) Risk profile and risk management; 3) Financial stability; and 4) Capital. At a later date, Risk-Based Capital (RBC) will also become one of the benchmarks used in order to assess the soundness levels of insurance companies. _(ANT)

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The Financial Services Authority (“OJK”) recently revealed that it is set to issue a new regulation which will apply across the Non-Bank Financial Industry (Industri Keuangan Non-Bank – “IKNB”) in an effort to tighten up Regulation of the OJK No. 71/POJK.05/2016 on the Financial Soundness of Insurance Companies and Reinsurance Companies.
According to the Head of the Supervision Department for IKNB, Ariastiadi, a draft regulation on the soundness levels (tingkat kesehatan) of insurance companies is currently in its harmonization phase with the Ministry of Law and Human Rights, and will be implemented by 31 December 2020.
Mr. Ariastiadi added that four factors will be used during assessments of the soundness levels of insurance companies, specifically: 1) Implementation of good corporate governance; 2) Risk profile and risk management; 3) Financial stability; and 4) Capital. At a later date, Risk-Based Capital (RBC) will also become one of the benchmarks used in order to assess the soundness levels of insurance companies. _(ANT)

......

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