New Insurance Product Termination Reporting Obligation with 10-Day Submission Window are Set to Be Introduced

On 25 April 2024, the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) introduced Regulation No. 8 of 2024 on Insurance Products and Marketing Channels for Insurance Products (“Regulation 8/2024”). Among the provisions contained under this new framework, Regulation 8/2024 requires all conventional and sharia insurance products (“Insurance Products”), as organized by insurance companies (“Companies”), to be reported to the OJK.[1] It should also be noted that various provisions that feature under the framework of Regulation 8/2024 were previously summarized in the following edition of Indonesian Legal Brief (“ILB”): “Organizing the Digital Insurance System: Insurance Companies Must Register as PSE”.