The Financial Services Authority (?OJK?) has issued Regulation No. 14/POJK.05/2014 on Development and Monitoring of Microfinance Institutions (?Regulation?). The Regulation sets out guidelines for the OJK and regional governments to monitor and develop the operations of microfinance institutions (?Microfinance Institutions?).

The Financial Services Authority (?OJK?) has issued Regulation No. 30/POJK.05/2014 on Good Corporate Governance for Financing Companies (?2014 Regulation?), aimed at improving the organizational quality of conventional and sharia financing companies (?Financing Companies?).

The Circular Letter is a guideline for drafting and submitting Corporate Plans and Business Plans and also sets out two types of follow-up reports that must be submitted by Insurance Companies: 1 ) Business Plan Realization Report and 2) Board of Commissioners Report. These reports outline Insurance Companies business activities and activities to realize their business plan.

The 2014 Regulation re-regulates the type of financial products that can be offered by financing companies as well as the requirements that these companies must maintain to remain legally operational.

The core of the 2014 Regulation covers the credit operations of microfinance institutions and their disbursement of loans to micro businesses including financial obligations in maintaining their operations covering: Source of funds; Enforceable contracts for sharia-based microfinance institutions; Soundness level; Placement of funds; Mandatory reporting to OJK; and Sanctions for non-compliance.

As a part of holistic efforts to modify certain regulations governing the financial sector, the Financial Services Authority (?OJK)?) recently issued Regulation No. 28/POJK.05/2014 on Business Licenses and Organization of Financing Companies (?2014 Regulation?).

The Regulation is a guideline for Indonesian individuals, rural enterprises, regional/municipal governments, and/or cooperatives to establish and secure a business license as a financial institution which focuses on empowering low-income members of society and micro businesses (?Microfinance Institutions? or Institution?).

The Regulation is a guideline for OJK to acquire information on the condition, risk level and regulatory compliance of financial institutions.

The Financial Service Authority (OJK) has issued Regulation No. 10/POJK.05/2014 of 2014 on Assessment of Risk Level of Non-Bank Financial Institutions (?Regulation?), as part of efforts to realize a healthy and accountable financial sector.

On 23 September 2014, the House of Representatives finally passed the long-awaited Bill on Insurance (?Bill?). The Bill provides a comprehensive regulatory framework for the insurance sector. The Bill is of relevance to insurance policy holders, insurance and reinsurance companies, brokers, supporting professionals, agents, and the Financial Services Authority (?OJK?).