FINANCIAL HEALTH OF INSURANCE AND REINSURANCE COMPANIES RE-REGULATED
Feb 11, 2013
To improve the Indonesian insurance industry and to protect insured persons from financially unhealthy insurers, the Minister of Finance (“MOF”) on 1 January 2013 issued MOF Regulation No. 53/PMK.010/2012 on the Financial Health of Insurance and Reinsurance Companies (“Regulation 53”). The main concerns of Regulation 53 are, among others: (i) the qualifications of financially healthy insurance and reinsurance companies; (ii) the requirement for automatic reinsurance support for every line insurance companies offer, including automatic reinsurance for catastrophic risks; (iii) the requirement to file quarterly reports; and (iv) 20% of an insurance or reinsurance company’s minimum capital must be administered by a custodian bank.
NEXT ARTICLES
DELEGATION OF AUTHORITY TO ISSUE OIL AND GAS BUSINESS LICENSES
Under Minister of Energy and Mineral Resources Regulation No. 23 of 2015 dated 31 July 2015 on the Delegation of Authority to Issue Oil and Gas Business License in the Framework of One-Stop Integrated Services to the Head of BKPM (“Regulation 23/2015”)
Download read more
NEW LUXURY TAX TARIFFS
On 19 March 2014, the government issued Regulation No.22 of 2014 on Amendments to Government Regulation No.41 of 2014 on Tax on Motor Vehicles which are subject to Luxury Tax
Download read more
NEW BANK INDONESIA REGULATION ON FOREIGN EXCHANGE DERIVED FROM EXPORT TRANSACTIONS AND OFFSHORE LOAN
On 27 December 2012, Bank Indonesia issued Bank Indonesia Regulation No. 14/25/PBI/2012 regarding Foreign Exchange Derived from Export Transactions and Offshore Loan Drawdowns (“PBI 14/25”) which revokes a previous Bank Indonesia Regulation
Download read more
BKPM REPORTS - A REMINDER
The Investment Coordinating Board (BKPM) recently revoked 6,541 in-principle investment permits for foreign investors issued between 2007 and 2012
Download read more