Regulatory AlertsAmendment to Financial Services Authority Regulation Number 69/POJK.05/2016 Concerning the Conduct of Business by Insurance Companies, Sharia Insurance Companies, Reinsurance Companies, and Sharia Reinsurance Companies
The Financial Services Authority (OJK) issued Regulation Number 36 of 2024 to amend existing insurance regulations, aiming to support business development and strengthen public trust in the insurance industry. The regulation introduces significant changes including the expansion of business scopes to include Sharia financing and suretyship, stricter ethical conduct requirements for insurance agents, and new frameworks for digital insurance services and Sharia contract principles. Additionally, it establishes detailed procedures for portfolio transfers and mandates that existing digital insurance providers comply with new standards within six months of the regulation's enforcement.
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