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Kamis, April 22, 2021

OJK to Regulate Investment-Linked Insurance Plan (Asuransi Unit Link) Transactions

Non-Banking Financial Services

The Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) is currently finalizing a draft regulation on investment-linked insurance plans, which are also known as unit links (“Draft Regulation”), with an expected date of issuance sometime during the second quarter of 2021.
According to Ahmad Nasrullah, Head of the OJK’s Non-Bank Financial Industry 2A Supervision Department, the Draft Regulation will create an investment threshold or warning that can be issued by insurance companies using their customers’ funds in order to prevent further misunderstandings or conflicts. However, Mr. Nasrullah added that the Draft Regulation would be flexible and would seek to strike a balance between consumer protection and the need for the insurance industry to develop its business model.
In terms of the potential for the Draft Regulation to reduce the performance of unit links, Mr. Nasrullah has stated that the OJK would examine the interests of insurance companies in terms of future sales of unit-link products after the issuance of the Draft Regulation. _(ANT)

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The Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) is currently finalizing a draft regulation on investment-linked insurance plans, which are also known as unit links (“Draft Regulation”), with an expected date of issuance sometime during the second quarter of 2021.
According to Ahmad Nasrullah, Head of the OJK’s Non-Bank Financial Industry 2A Supervision Department, the Draft Regulation will create an investment threshold or warning that can be issued by insurance companies using their customers’ funds in order to prevent further misunderstandings or conflicts. However, Mr. Nasrullah added that the Draft Regulation would be flexible and would seek to strike a balance between consumer protection and the need for the insurance industry to develop its business model.
In terms of the potential for the Draft Regulation to reduce the performance of unit links, Mr. Nasrullah has stated that the OJK would examine the interests of insurance companies in terms of future sales of unit-link products after the issuance of the Draft Regulation. _(ANT)

......

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