Be Prepared! OJK to Strengthen the InsurTech Standards

In 2016, the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) issued Regulation No. 69/POJK.05/2016 on the Business Operations of Insurance Companies, Sharia Insurance Companies, Reinsurance Companies and Sharia Reinsurance Companies, which has been amended several times, most recently through the issuance of Regulation No. 4/POJK.05/2021 on the Implementation of Risk Management During the Use of Information Technology by Non-Bank Financial Services Institutions (collectively referred to as “Regulation 69/2016”)[1], which sets out various matters that specifically relate to the expansion of business activities, cooperation with other parties, deposits of premiums, standards of business conduct, settlements of claims and complaints, as well as mandatory insurance programs (see: New Regulation on Organizing the Business Operations of Insurance/Reinsurance Companies).