Regulatory AlertsOJK Regulation No. 34 of 2024 on Human Resource Quality Development for Insurance Companies, Guarantee Institutions, Pension Funds, and Special Institutions
The Financial Services Authority (OJK) issued Regulation No. 34 of 2024 to mandate continuous human resource quality development for insurance companies, guarantee institutions, pension funds, and related special institutions. The regulation requires these entities to allocate at least 3.5% of previous year's personnel costs to annual training programs, maintain competency certifications, and report their development plans and implementations to the regulator. Non-compliance triggers administrative sanctions ranging from written warnings to business suspension, while specific provisions also apply to special institutions with reference to higher funding requirements.
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