The Regulation is of relevance to participants in the work-accident insurance program under the BPJS program, as well as both private-sector employers and healthcare facilities which are engaged in cooperation agreements with the BPJS for Labor.

The Financial Services Authority (Otoritas Jasa Keuangan ?? ?OJK?) has issued Circular Letter No. 1/SEOJK.05/2016 on Financial Soundness Levels for Financing Companies, which sets out four factors which must be assessed by financing companies when undertaking self-assessments of their soundness levels. These factors are: capital ratios, financing quality, profitability, and liquidity.

The OJK Regulation specifies the various aspects which must be elaborated upon by conventional and sharia-based banks when formulating their business plans. Furthermore, the OJK Regulation also sets out procedures for banks as regards the reporting of their business plans and reporting of the realization of their business plans to the OJK.

The Second Amendment aims to improve the public-health insurance program organized by the Social Security Agency for Health (Badan Penyelenggaran Jaminan Sosial Kesehatan ? ?BPJS for Health?) by amending provisions relating to the following matters: (i) prevention of fraud; (ii) participants; (iii) registration; (iv) premiums; (v) benefits; and (vi) disbursement of compensation to health-facility providers by the BPJS for Health.

The 2016 Regulation sets out provisions relating to the relevant procedures, mechanisms and premium payments for self-employed individuals/entrepreneurs as regards registration and the receipt of benefits from three types of social-security program organized by the Social Security Agency for Labor (?BPJS?), namely: work-accident insurance, life insurance, and old-age insurance.

The Amendment changes the basic provisions which cover microfinance-institution businesses, including the types of business activities which they can engage in, sharia-based financial services, and also solvency ratios.

With the ultimate goal of enhancing licensing procedures for microfinance institutions, the Amendment redefines the provisions which relate to licensing requirements, the Sharia Supervisory Board (Dewan Pengawas Syariah ? ?DPS?), changes to a business?s name, the expansion of business areas, and sanctions for non-compliance.

The 2016 Regulation reregulates the framework through which the health levels of conventional banks are assessed, including the assessment mechanism itself and deadlines for the submission of assessment results, as well as mandatory follow up actions by banks.

The Circular Letter sets out provisions relating to aspects, principles, and recommendations for the implementation of good corporate governance measures by public companies, and this has been officially mandated through OJK Regulation No. 21/POJK.04/2015 on Guidelines for Corporate Governance for Public Companies.

The Financial Services Authority (?OJK?) has issued Regulation No. 35/POJK.05/2015 on the Organization of Venture-Capital Businesses (?2015 Regulation?) in a bid to improve national economic growth by optimizing the role of venture-capital companies in accelerating the development of micro- to medium-scale businesses across the country.