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Financial authority issues new reinsurance broker licenses
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Financial Services Authority (OJK) integrated financial consumer services center staff carry out their duties at the Bank Indonesia building in Jakarta.
(Antara/Fanny Octavianus)
T
he Financial Services Authority (OJK) granted operational licenses to two new reinsurance brokerage companies, PT JLT Reinsurance Brokers and PT Inare Proteksi International, earlier this month and they were allowed to start operations last week.
"[They are] required to always conduct healthy business practices and abide by the law," OJK director for non-bank financial industry supporting services Tattys Miranti Hedyana said in an official statement, kontan.co.id reported.
Non-bank financial industry supporting service is a business sector that provides services to support insurance businesses. It includes brokerage services in reinsurance placement carried out by a broker company.
(Read also: Major reinsurer seeks to take over foreign services)
The financial regulator recorded 40 such firms as of December last year, three more than in December 2015.
The issuance of the two new licenses brings the number to 42. (prm/bbn)
