Rabu, Mei 17, 2023 | Issue Number : 821

Two OJK Regulations on Insurance and Reinsurance Companies Introduced: Improved Financial Soundness Through Adjusted Limitations

Overview

On 6 April 2023, the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) issued two new regulations which emphasize the implementation of prudential principles in relation to investment activities that are carried out by insurance and reinsurance companies (both conventional and sharia). These regulations, along with their overall arrangements, break down as follows:[1]

Regulation	Arrangements
Regulation of the OJK No. 5 of 2023 on the Second Amendment to Regulation of the OJK No. 71/POJK.05/2016 (“Regulation 71/2016”)[2] on the Financial Soundness of Insurance Companies and Reinsurance Companies (“Regulation 5/2023”)	Maintains the financial soundness of conventional insurance and reinsurance companies (“Conventional Companies”), and seeks to optimize investment performance, especially in relation to Investment-Linked Insurance Plans (Produk Asuransi yang Dikaitkan dengan Investasi – “PAYDI”).[3]
Regulation of the OJK No. 6 of 2023 on the Second Amendment to Regulation of the OJK No. 72/POJK.05/2016 (“Regulation 72/2016”) on the Financial Soundness of Insurance Companies and Reinsurance Companies with Sharia Principles (“Regulation 6/2023”).	Maintains the financial soundness of sharia insurance and reinsurance companies (“Sharia Companies”) and seeks to optimize investment performance in relation to company funds, tabarru' funds, tanahdu funds and participant investment funds.[4]

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Overview

Regulation	Arrangements
Regulation of the OJK No. 5 of 2023 on the Second Amendment to Regulation of the OJK No. 71/POJK.05/2016 (“Regulation 71/2016”)[2] on the Financial Soundness of Insurance Companies and Reinsurance Companies (“Regulation 5/2023”)	Maintains the financial soundness of conventional insurance and reinsurance companies (“Conventional Companies”), and seeks to optimize investment performance, especially in relation to Investment-Linked Insurance Plans (Produk Asuransi yang Dikaitkan dengan Investasi – “PAYDI”).[3]
Regulation of the OJK No. 6 of 2023 on the Second Amendment to Regulation of the OJK No. 72/POJK.05/2016 (“Regulation 72/2016”) on the Financial Soundness of Insurance Companies and Reinsurance Companies with Sharia Principles (“Regulation 6/2023”).	Maintains the financial soundness of sharia insurance and reinsurance companies (“Sharia Companies”) and seeks to optimize investment performance in relation to company funds, tabarru' funds, tanahdu funds and participant investment funds.[4]

......