Insurance Companies Mandated to Increase Their Minimum Equity Levels in Two Phases by 31 December 2026 and 31 December 2028

Matters concerning licensing and the institutions of insurance, sharia insurance, reinsurance and sharia reinsurance companies (collectively referred to as “Companies”), as originally addressed under Regulation of the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) No. 67/POJK.05/2016 and its Amendments (“Regulation 67/2016”), were recently updated through the issuance of Regulation of the OJK No. 23 of 2023 (“Regulation 23/2023”) in an effort to establish and foster competitiveness and, ultimately, a healthier insurance industry ecosystem.