Regulatory AlertsRegulation of the Board of Commissioners of the Financial Services Authority Number 46/PADK.05/2025 Concerning General Insurance, Sharia General Insurance, Life Insurance, and Sharia Life Insurance Business Lines
The Financial Services Authority (OJK) issued Regulation No. 46/PADK.05/2025 to classify and standardize business lines for general, Sharia general, life, and Sharia life insurance companies in compliance with POJK No. 69/POJK.05/2016 as amended by POJK No. 36 of 2024. The regulation mandates that general insurance operations be conducted across 21 specific categories, including property, motor vehicle, marine, aviation, engineering, health, and credit insurance. Additionally, it requires life insurance operations to be organized into 13 distinct lines, such as term life, endowment, whole life, annuity, and credit life insurance.
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