OJK is the Government Regulatory Body Supervising and Regulating the Insurance Industry of Indonesia

Date: 2015-09-01

“• The OJK is the government regulatory body supervising and regulating the insurance industry of Indonesia. 

• The government permits 80% FDI in the Indonesian insurance industry.

• The Insurance Law 1992 was replaced by the new Insurance Law 2014. 

• The placement of non-admitted insurance is not permitted in the Indonesian insurance industry.

• Composite insurance is not permitted in Indonesia. 

• The government is in the process of converging the existing national GAAP with IFRS standards.”

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