The Financial Services Authority (OJK) issued Regulation No. 26 of 2025 to replace previous financial health rules with a dedicated framework for the asset and liability management of insurance and reinsurance companies. The regulation introduces stricter investment governance, including limits on direct investments in unlisted companies and related-party transactions, while expanding permissible investments to include seed money and gold ETFs. It mandates a two-year transition period for existing non-compliant direct investments and provides specific transitional treatments for existing credit cooperation and medium-term note holdings.