- Given the potential for a global recession in 2023, the Head of the Supervision of Non-Bank Financial Industries Department at the Financial Services Authority (Otoritas Jasa Keuangan – "OJK"), Ahmad Nasrullah, has stated that the OJK will extend the implementation of various relaxations for the insurance industry which have been in place during the Corona Virus Disease 2019 ("COVID-19") pandemic. Said relaxations include extending the terms of premium receivables which are considered assets from the previous term of two months to four months.
- As a result, the relaxation policy as it relates to the terms of premium receivables is likely to be extended in order to overcome the effects of any potential recession. Meanwhile, in terms of administrative relaxations, including leniency relating to the reporting times that have to be complied with by the insurance industry, Nasrullah has revealed that this relaxation will not be extended as this measure was previously introduced due to the mobility difficulties that resulted from the tight restrictions that were in place at the height of the COVID-19 pandemic.
- In addition to the insurance industry, the relaxation policy that relates to restructuring is also set to be extended by the OJK next year in order to specifically support the micro-, small- and medium-scale enterprises sector and ensure that it is able to keep growing. However, the extension will only be granted in line with a limited segmentation, given that the COVID-19 pandemic is now starting to diminish. (ANT)
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