Check-up Time for Health Insurance Products: Auto-Renewal Policies Must Be Brought into Line with New Standards by December 2026

In 2024, the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) introduced Regulation No. 36 of 2024 (“Regulation 36/2024”) as the most recent amendment to Regulation of the OJK No. 69/POJK.05/2016 on the Organization of Insurance Companies, Sharia Insurance Companies, Reinsurance Companies and Sharia Reinsurance Companies (“Regulation 69/2016”). The various adjustments to Regulation 69/2016 that feature under Regulation 36/2024 include the mandate for conventional and sharia insurance companies, as well as sharia business units that operate within conventional insurance companies (collectively referred to as “Companies”) and that organize health insurance, to apply prudential principles and adequate risk management.[1]