- The Financial Services Authority (Otoritas Jasa Keuangan – "OJK") is attempting to strengthen the implementation of preemptive measures and early detection in an effort to identify the core problems of insurance companies and encourage said companies to implement corrective actions. The OJK has issued a statement affirming that a total of 11 insurance companies are currently under special supervision. This has drawn the attention of the general public who have voiced concerns regarding the issue of consumer protection in relation to insurance companies.
- The Executive Head of Non-Bank Financial Industry Supervision, Ogi Prastomiyono, has stated that the implementation of Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector ("Law 4/2023") is expected to result in a more inclusive and stable financial sector. In terms of the insurance sector specifically, Law 4/2023 mandates that the OJK should collectively play an active role in the implementation of the policy guarantee program.
- Furthermore, the OJK is set to adjust various provisions and supervisions that apply to the insurance sector. One of these efforts will involve following up on reports that are submitted by consumers of insurance products, as well as encouraging various improvements relating to the marketing and organization of Investment-Linked Insurance Plans by insurance companies.
- For more on this story, see Hukumonline: “Menanti Implementasi UU PPSK terhadap Perlindungan Nasabah Asuransi”.
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