OJK Currently Preparing New Regulation on Foreign Ownership of and Capital Requirements for Insurance Broker Companies, Reinsurance Broker Companies and Insurance Loss Appraisal Companies

In an effort to increase the resilience and competitiveness of the industry and to support the business development of insurance brokerage companies, reinsurance brokerage companies and insurance loss appraisal companies with the goal of boosting their role in and the contribution that they make to the national economy, the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) is currently preparing a draft regulation (“Draft Regulation”) on Business Licensing and Institutional Aspects of Insurance Broker Companies, Reinsurance Broker Companies and Insurance Loss Appraisal Companies (collectively referred to as “Business Licensing”).[1]