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Senin, Juli 24, 2023

OJK officially issue the Regulation on the Spin-Off of Sharia Unit of the Insurance and Reinsurance Company

Non-Banking Financial Services

The Financial Services Authority (Otoritas Jasa Keuangan – "OJK") has issued Regulation No. 11 of 2023 on the Spin-off of Sharia Unit of the Insurance and Reinsurance Company ("Regulation 11/2023"), which expected to establish a sustainable sharia insurance and reinsurance industry as well as protecting the interest of policy holders.
Essentially, Regulation 11/2023 require for insurance and reinsurance company to conducted spin-off of their sharia unit of such unit has fulfill the following criteria 1) value of tabarru’ funds and investment fund of sharia unit participants has reach at least 50% from thet tonal insurance funds, tabarru’ funds and participant investment funds of its’ parent company; and 2) minimum equity of sharia units has reached at least IDR 100 billion for sharia units of insurance companies and IDR 200 billion for sharia units of reinsurance companies.
The spin-off could be conducted through two main methods, which are: 1) establishing new sharia insurance/reinsurance company; or 2) Transferred all of the participant’s portfolio of the sharia unit to the existing sharia insurance/reinsurance company which has secure business license.
Insurance and reinsurance companies that have sharia units is required to conduct the spin-off at the latest on 31 December 2026. However, the work plans for spin-off must be submitted to OJK for approval no later than 31 December 2023.
For more information on this story, see Hukumonline’s article titled “Ini Poin Penting Aturan Spin-Off Perusahaan Asuransi Syariah”

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The Financial Services Authority (Otoritas Jasa Keuangan – "OJK") has issued Regulation No. 11 of 2023 on the Spin-off of Sharia Unit of the Insurance and Reinsurance Company ("Regulation 11/2023"), which expected to establish a sustainable sharia insurance and reinsurance industry as well as protecting the interest of policy holders.
Essentially, Regulation 11/2023 require for insurance and reinsurance company to conducted spin-off of their sharia unit of such unit has fulfill the following criteria 1) value of tabarru’ funds and investment fund of sharia unit participants has reach at least 50% from thet tonal insurance funds, tabarru’ funds and participant investment funds of its’ parent company; and 2) minimum equity of sharia units has reached at least IDR 100 billion for sharia units of insurance companies and IDR 200 billion for sharia units of reinsurance companies.
The spin-off could be conducted through two main methods, which are: 1) establishing new sharia insurance/reinsurance company; or 2) Transferred all of the participant’s portfolio of the sharia unit to the existing sharia insurance/reinsurance company which has secure business license.
Insurance and reinsurance companies that have sharia units is required to conduct the spin-off at the latest on 31 December 2026. However, the work plans for spin-off must be submitted to OJK for approval no later than 31 December 2023.
For more information on this story, see Hukumonline’s article titled “Ini Poin Penting Aturan Spin-Off Perusahaan Asuransi Syariah”

......

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Rp 7.500.000

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Semua Fitur Paket Professional
Layanan Penerjemahan Peraturan
Precedent Hukumonline
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PROFESSIONAL

Rp 4.500.000

per bulan

Semua Fitur Paket Standard
Terjemahan Peraturan
Peraturan Konsolidasi
Premium Stories
Monthly Law Review (MLR)
Indonesian Law Digest (ILD)

STANDARD

Rp 2.500.000

per bulan

Indonesian Legal Brief (ILB)
Daily Updates
Bantuan Layanan Pencarian Peraturan
Pusat Data Peraturan dan Putusan Pengadilan Non-Precedent

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