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Jumat, Januari 5, 2024

OJK Introduces Fit-and-Proper Testing Mechanism for Primary Parties of Insurance Companies, Guarantee Institutions and Pension Funds

Non-Banking Financial Services

Following the mandate set under Regulation of the Financial Services Authority (Otoritas Jasa Keuangan – "OJK") No. 27/POJK.03/2016 ("Regulation 27/2016"), the OJK has now decided to introduce an applicable mechanism for the fit-and-proper testing of the primary parties of insurance companies, guarantee institutions and pension funds (Perusahaan Perasuransian, Lembaga Penjamin, dan Dana Pensiun - "PPDP") through the issuance of Circular No. 23/SEOJK.05/2023 ("Circular 23/2023"), which has been in force since 12 December 2023.
At its core, Circular 23/2023 states that the primary parties of PPDP that are subject to mandatory fit-and-proper testing include: 1) Controlling shareholders (Pemegang Saham Pengendali – "PSP") (i.e. individuals, legal entities and/or business groups); 2) Controllers of insurance companies ("Insurance Controllers"); 3) Primary parties other than PSP or Insurance Controllers (i.e. members of boards of directors ["BoD"], boards of commissioners ["BoC"] and sharia supervisory boards (Dewan Pengawas Syariah – "DPS"), as well as internal auditors and company actuaries).
In terms of the various aspects that will now be assessed during the above-mentioned fit-and-proper testing, Circular 23/2023 has determined that said aspects include: 1) For prospective PSP and Insurance Controllers: the fulfillment of integrity and financial feasibility requirements; and 2) For prospective members of BoD, BoC and DPS, as well as internal auditors and company actuaries: the fulfillment of integrity, financial reputation and competence requirements.
The implementation of the above-described fit-and-proper testing comprises several phases that include: 1) Administrative assessments; 2) Presentation sessions given by fit-and-proper test participants; 3) Clarification sessions given by fit-and-proper test participants. Ultimately, it is important to note that any failure to comply with the above-described mandatory fit-and-proper testing regime may result in the imposition of administrative sanctions that take the forms of written reprimands or reductions in institutions’ soundness levels.

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Following the mandate set under Regulation of the Financial Services Authority (Otoritas Jasa Keuangan – "OJK") No. 27/POJK.03/2016 ("Regulation 27/2016"), the OJK has now decided to introduce an applicable mechanism for the fit-and-proper testing of the primary parties of insurance companies, guarantee institutions and pension funds (Perusahaan Perasuransian, Lembaga Penjamin, dan Dana Pensiun - "PPDP") through the issuance of Circular No. 23/SEOJK.05/2023 ("Circular 23/2023"), which has been in force since 12 December 2023.
At its core, Circular 23/2023 states that the primary parties of PPDP that are subject to mandatory fit-and-proper testing include: 1) Controlling shareholders (Pemegang Saham Pengendali – "PSP") (i.e. individuals, legal entities and/or business groups); 2) Controllers of insurance companies ("Insurance Controllers"); 3) Primary parties other than PSP or Insurance Controllers (i.e. members of boards of directors ["BoD"], boards of commissioners ["BoC"] and sharia supervisory boards (Dewan Pengawas Syariah – "DPS"), as well as internal auditors and company actuaries).
In terms of the various aspects that will now be assessed during the above-mentioned fit-and-proper testing, Circular 23/2023 has determined that said aspects include: 1) For prospective PSP and Insurance Controllers: the fulfillment of integrity and financial feasibility requirements; and 2) For prospective members of BoD, BoC and DPS, as well as internal auditors and company actuaries: the fulfillment of integrity, financial reputation and competence requirements.
The implementation of the above-described fit-and-proper testing comprises several phases that include: 1) Administrative assessments; 2) Presentation sessions given by fit-and-proper test participants; 3) Clarification sessions given by fit-and-proper test participants. Ultimately, it is important to note that any failure to comply with the above-described mandatory fit-and-proper testing regime may result in the imposition of administrative sanctions that take the forms of written reprimands or reductions in institutions’ soundness levels.

......

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Semua Fitur Paket Professional
Layanan Penerjemahan Peraturan
Precedent Hukumonline
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PROFESSIONAL

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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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