Organizing Digital Insurance System: Insurance Companies Must Register as PSE

In order to simplify the approval process for insurance products (collectively referred to as “Products”) while prioritizing various prudential aspects and good market conduct, the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) recently issued Regulation of the OJK No. 8 of 2024 on Insurance Products and Marketing Channels for Products (“Regulation 8/2024”).[1] This new framework is set to come into force on 29 October 2024 and will simultaneously repeal and replace the following legal frameworks:[2]