This Regulation requires all insurance companies, sharia insurance companies and sharia units (collectively referred to as ?Companies?) to meet certain predefined medical, digital and advisory capability standards. The new framework also introduces two available health insurance product schemes, i.e. indemnity and managed care, each with its own distinct coverage mechanism. Furthermore, premium repricing has now been limited to once annually and will require prior written notifications to be sent to policyholders explaining the relevant reasons and available alternatives. In addition, this new Regulation allows controlled risk-sharing arrangements up to a maximum of 5% of total claims. Finally, any non-compliance with these requirements may result in the imposition of administrative sanctions ranging from written reprimands to reductions in Companies? soundness levels.

This Circular has now significantly expanded the list of applications and mandatory reports that conventional and sharia pawnshop companies (collectively referred to as Companies) must submit in order to secure permits and approvals in comparison with this new frameworks forerunner. Moreover, in addition to being required to submit self-assessments during the submission of approval applications or reports, Companies are also now required to retain printed copies of all permits and approval documents during their validity periods.

This Amendment retains the requirement for Venture Capital Companies and Sharia Venture Capital Companies to submit monthly reports (Reports) online through the Data Communications Network System organized by the Financial Services Authority (Otoritas Jasa Keuangan OJK), with system access being managed via applications that have been approved by the relevant boards of directors. This Amendment also allows for flexibility in cases where technical disruptions occur, allowing for electronic submissions to be completed via the OJKs designated email address or via offline delivery if necessary. Additionally, the Amendment updates the applicable components of company profile reports and also expands the reporting obligation to include Sharia Business Units (Unit Usaha Syariah/UUS), adding new details such as the collection of information on personnel.

Soundness level assessments of organizers of Information Technology-Based Joint Funding Services (Layanan Pendanaan Bersama Berbasis Teknologi Informasi/LPBBTI), which are commonly known as Peer-to-Peer (P2P) lending services, will be implemented in line with four general principles and carried out via a self-assessment mechanism and an individual risk-based approach. These self-assessments should be implemented based on five factors (i.e. Capital, Quality of Funding, Profitability, Liquidity and Management). Each of these factors will be rated on a scale of 1 - 5, with the lower end of this scale reflecting a better condition in terms of the factor in question.

Organizers of Information Technology-Based Joint Funding Services (Layanan Pendanaan Bersama Berbasis Teknologi Informasi/P2P Lending) are now required to submit funding transaction data (Data) reports to the Financial Services Authority (Otoritas Jasa Keuangan OJK) through a data center that has been integrated into the OJKs system. These reports will generally have to be submitted in real time or on a daily basis if real-time submission has not yet become possible. Organizers must also correct any Data inaccuracies that emerge during specified timelines and inform fund recipients of their Data submissions through accessible channels. Furthermore, information that is requested from recipients must be properly documented and used for certain controlled purposes only.

Under this new framework, prospective providers of crowdfunding services must meet a stricter set of requirements, including a minimum paid-up capital of Rp. 25 billion and a maintained equity amounting to at least Rp. 5 billion. Furthermore, phased compliance will be permitted for existing or pending applicants. Prior to securing a business license, providers must also secure a principal approval from the OJK, which will remain valid for up to 12 months, during which time no business activities are permitted to be conducted. Additionally, the OJK now requires certain parties to undergo fit-and-proper testing, including controlling shareholders, cooperative founders and members of boards of directors and boards of commissioners.

This new regulatory framework has now revised and expanded the methods that are available for Government Sharia Securities (Surat Berharga Syariah Negara SBSN) buybacks by retaining the Auction and Bilateral Buyback methods, while introducing Bookbuilding Transactions and Direct Buybacks as additional options. Adjustments have also been made to the Auction process, which now allows for both multi-price and uniform-price offers to be handled, as well as to the Bilateral Buyback process, which now applies a revised minimum nominal threshold to rupiah- and foreign currency-denominated SBSN

Rice Farming Insurance (Asuransi Usaha Tani Padi AUTP) aims to protect farmers against crop failure risks by providing insurance coverage for eligible participants, namely, members of registered farmer groups who cultivate up to two hectares of irrigated, swamp, or rain-fed rice fields and possess a valid National Identity Number. AUTP coverage spans from the estimated planting to harvest dates, with a maximum insured value of Rp 6 million per hectare per planting season and a premium rate of 3% (Rp 180,000).

The Draft Circular addresses three types of submissions that are required to be made by pawnshop companies ("Companies"). The first of these is licensing applications, which include business licenses, conversions to sharia-compliant entities and the establishment of sharia business units (Unit Usaha Syariah "UUS"). The second type of submission is approval applications, which cover matters such as voluntary UUS spin-offs, UUS closures and the employment of foreign workers. The third type of submission relates to reporting obligations, which encompass the implementation of business activities, resolutions from general meetings of shareholders that approve conversions to sharia-compliant entities and the implementation of said conversions.

Conventional and sharia insurance companies, as well as sharia business units that operate within conventional insurance companies (collectively referred to as "Companies"), must meet certain criteria that relate to human resources and information systems in order to be permitted to market health insurance products ("Products"). Said criteria include the employment of medical professionals and certified staff, as well as the establishment of a Medical Advisory Board (Dewan Penasihat Medis/DPM) and the maintenance of robust, secure information systems. While current insurance policies will remain effective until their relevant expiration dates, any Products with automatic renewal features must be brought into line with the updated framework by 31 December 2026.