The Financial Services Authority (OJK) is planning to issue 13 different OJK Regulations (POJK) as part of its application of Law No
he Financial Services Authority (OJK) is planning to issue 13 different OJK Regulations (POJK) as part of its application of Law No. 40/2014 on insurance. All 13 POJKs are the result of grouping together 41 terms and conditions.
The new regulations cover aspects such as company licensing, sharia insurance, financial health of an insurance company, statutory management, liquidity and bankruptcy.
'We are targeting and compiling for 13 POJKs this year. We are currently in the process of drafting the POJKs related to statutory managers, dissolution, liquidation, bankruptcy of insurance, Islamic insurance, reinsurance and sharia reinsurance,' said Firdaus Djaelani, the OJK chief executive supervisor of the non-banking industry, as quoted by kontan.com.
According to Firdaus, the OJK is currently kicking-off a meeting on insurance industry laws featuring the presence of insurance industry associations. Arranging the various POJK packages will involve these associations and will follow the OJK's rule-making process.
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