Regulatory Alerts2024-12-23
Added · Updated
Amendment to POJK 17/POJK.05/2017 on Procedures for Administrative Sanctions in Insurance and Asset Freezing
The Financial Services Authority (OJK) issued POJK 37/2024 to strengthen law enforcement and implement risk-based supervision in the insurance industry by transitioning from compliance-based to risk-based administrative sanction procedures. The regulation introduces a new sanction type of health level reduction and shifts from a mandatory progressive approach to a flexible, category-based system distinguishing between administrative and substantive violations. While insurance companies now face immediate sanctions based on violation severity, intermediaries and service providers remain subject to a progressive procedure starting with written warnings.
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