Amendment to POJK 17/POJK.05/2017 on Procedures for Administrative Sanctions in Insurance and Asset Freezing

EXTRACT
FINANCIAL SERVICES AUTHORITY REGULATION
OF THE REPUBLIC OF INDONESIA
NUMBER 37 OF 2024
CONCERNING
AMENDMENT TO FINANCIAL SERVICES AUTHORITY REGULATION NUMBER 17/POJK.05/2017 CONCERNING PROCEDURES AND METHODS FOR IMPOSITION OF ADMINISTRATIVE SANCTIONS IN THE INSURANCE SECTOR AND FREEZING OF ASSETS OF INSURANCE COMPANIES, SHARIA INSURANCE COMPANIES, REINSURANCE COMPANIES, AND SHARIA REINSURANCE COMPANIES BY THE GRACE OF GOD ALMIGHTY THE COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY, Considering: a. that in order to implement the provisions of Article 71 paragraph (4) of Law Number 40 of 2014 concerning Insurance as amended by Law Number 4 of 2023 concerning Development and Strengthening of the Financial Sector, it is necessary to strengthen law enforcement by adjusting the provisions regarding types of administrative sanctions, as well as procedures and methods for imposing administrative sanctions as regulated in Financial Services Authority Regulation Number 17/POJK.05/2017 concerning Procedures and Methods for Imposition of Administrative Sanctions in the Insurance Sector and Freezing of Assets of Insurance Companies, Sharia Insurance Companies, Reinsurance Companies, and Sharia Reinsurance Companies; b. that in order to increase the effectiveness of applying risk-based supervision mechanisms, including the mechanism for determining status and supervisory follow-up for insurance companies, Sharia insurance companies, reinsurance companies, and Sharia reinsurance companies as regulated in Financial Services Authority Regulation Number 9/POJK.05/2021 concerning Determination of Status and Supervisory Follow-up for Non-Bank Financial Service Institutions for insurance companies, Sharia insurance companies, reinsurance companies, and Sharia reinsurance companies, it is necessary to adjust the procedures and methods for imposing administrative sanctions for insurance companies, Sharia insurance companies, reinsurance companies, and Sharia reinsurance companies; https://jdih.ojk.go.id/

c. that based on the considerations referred to in letters a and b, it is necessary to establish a Financial Services Authority Regulation concerning Amendment to Financial Services Authority Regulation Number 17/POJK.05/2017 concerning Procedures and Methods for Imposition of Administrative Sanctions in the Insurance Sector and Freezing of Assets of Insurance Companies, Sharia Insurance Companies, Reinsurance Companies, and Sharia Reinsurance Companies;
Recalling: 1. Law Number 21 of 2011 concerning the Financial Services Authority (State Gazette of the Republic of Indonesia Year 2011 Number 111, Supplement to the State Gazette of the Republic of Indonesia Number 5253) as amended by Law Number 4 of 2023 concerning Development and Strengthening of the Financial Sector (State Gazette of the Republic of Indonesia Year 2023 Number 4, Supplement to the State Gazette of the Republic of Indonesia Number 6845);
2. Law Number 40 of 2014 concerning Insurance (State Gazette of the Republic of Indonesia Year 2014 Number 337, Supplement to the State Gazette Number 5618) as amended by Law Number 4 of 2023 concerning Development and Strengthening of the Financial Sector (State Gazette of the Republic of Indonesia Year 2023 Number 4, Supplement to the State Gazette of the Republic of Indonesia Number 6845);
3. Financial Services Authority Regulation Number 17/POJK.05/2017 concerning Procedures and Methods for Imposition of Administrative Sanctions in the Insurance Sector and Freezing of Assets of Insurance Companies, Sharia Insurance Companies, Reinsurance Companies, and Sharia Reinsurance Companies (State Gazette of the Republic of Indonesia Year 2017 Number 91, Supplement to the State Gazette of the Republic of Indonesia Number 6048);
RESOLVES:
Determines: FINANCIAL SERVICES AUTHORITY REGULATION CONCERNING AMENDMENT TO FINANCIAL SERVICES AUTHORITY REGULATION NUMBER 17/POJK.05/2017 CONCERNING PROCEDURES AND METHODS FOR IMPOSITION OF ADMINISTRATIVE SANCTIONS IN THE INSURANCE SECTOR AND FREEZING OF ASSETS OF INSURANCE COMPANIES, SHARIA INSURANCE COMPANIES, REINSURANCE COMPANIES, AND SHARIA REINSURANCE COMPANIES.
Article I
Several provisions in Financial Services Authority Regulation Number 17/POJK.05/2017 concerning Procedures and Methods for Imposition of Administrative Sanctions in the Insurance Sector and Freezing of Assets of Insurance Companies, Sharia Insurance Companies, Reinsurance Companies, and Sharia Reinsurance Companies (State https://jdih.ojk.go.id/ Gazette of the Republic of Indonesia Year 2017 Number 91, Supplement to the State Gazette of the Republic of Indonesia Number 6048) are amended as follows:

Provisions of item 2, item 3, item 6, item 8, item 9, and item 11 of Article 1 are amended so that they read as follows:
Article 1
In this Financial Services Authority Regulation, the following terms are defined:
Insurance Company means an insurance company, Sharia insurance company, reinsurance company, Sharia reinsurance company, insurance broker company, reinsurance broker company, and insurance loss assessor company.
Insurance Broker means a person who works at an insurance broker company and meets requirements to give recommendations or represent policyholders, insured parties, or participants in conducting insurance coverage or Sharia insurance coverage and/or claim settlement.
Reinsurance Broker means a person who works at a reinsurance broker company and meets requirements to give recommendations or represent insurance companies, Sharia insurance companies, guarantee companies, Sharia guarantee companies, reinsurance companies, or Sharia reinsurance companies in conducting reinsurance coverage or Sharia reinsurance coverage and/or claim settlement.
Insurance Agent means a person who works alone or works at a legal entity, who acts for and on behalf of an insurance company or Sharia insurance company and meets requirements to represent the insurance company or Sharia insurance company in marketing insurance products or Sharia insurance products.
Actuarial Consultant means an actuary who works at an actuarial consulting office and provides services to Insurance Companies.
Public Accountant means a public accountant as referred to in laws regarding public accountants and provides services to Insurance Companies.
Assessor means a person who, with their expertise, conducts asset valuation activities and provides services to Insurance Companies.
Sharia Supervisory Board which hereinafter is abbreviated as DPS is a board that has duties and functions of supervision and gives advice to the Board of Directors or equivalent regarding the implementation of activities of insurance companies, Sharia insurance companies,
https://jdih.ojk.go.id/ reinsurance companies, and Sharia reinsurance companies so that they comply with Sharia principles.
Any Person means an individual, corporation, or business entity formed as a legal entity or not formed as a legal entity, or other bodies.
Assets means assets owned and/or controlled by insurance companies, Sharia insurance companies, reinsurance companies, and Sharia reinsurance companies.
Freezing means the cessation of any activities including reduction in value, transfer, exchange, placement, distribution, and/or liquidation of part or all of the Assets within a certain period.
The title of Chapter II is amended so that it reads as follows:
CHAPTER II
ADMINISTRATIVE SANCTIONS IN THE INSURANCE SECTOR
Provisions of paragraph (1), paragraph (2) letter i, and paragraph (3) of Article 2 are amended, among letters a and b of paragraph (2) one (1) letter is inserted, namely letter a1, and one (1) paragraph is added, namely paragraph (4), so that Article 2 reads as follows:
Article 2
(1) The Financial Services Authority has the authority to impose administrative sanctions on Any Person who commits violations against regulations in the insurance and financial service sectors.
(2) Administrative sanctions as referred to in paragraph (1) consist of:
a. written warning; a1. lowering the health status level of insurance companies, Sharia insurance companies, reinsurance companies, and Sharia reinsurance companies; b. restriction of business activities, for part or all of business activities;
c. prohibition on marketing insurance products or Sharia insurance products for specific business lines;
d. revocation of business licenses; e. cancellation of registration statements for Insurance Brokers, Reinsurance Brokers, and Insurance Agents; f. cancellation of registration statements for Actuarial Consultants, Public Accountants, Assessors, or other parties providing services to Insurance Companies; g. cancellation of approvals for mediation institutions or associations; h. administrative fines; and/or https://jdih.ojk.go.id/
i. prohibition from becoming controllers and shareholders, members of the Board of Directors, members of the Board of Commissioners, or equivalents thereof, or holding executive positions below the Board of Directors, or equivalents thereof, in legal entities formed as cooperatives or joint ventures, DPS, or in Insurance Companies.
(3) Administrative sanctions as referred to in paragraph (1) are determined and communicated by the Financial Services Authority in writing containing information at least:
a. legal basis for imposition of administrative sanctions; b. violations committed;
c. type of administrative sanction; and
d. duration of imposition of administrative sanctions or conditions causing the end of imposition of administrative sanctions, applied for relevant types of administrative sanctions.
(4) The duration of imposition of administrative sanctions as referred to in paragraph (3) letter d for insurance companies, Sharia insurance companies, reinsurance companies, and Sharia reinsurance companies is determined by the Financial Services Authority based on considerations of:
a. type of violation; b. impact of the violation; and/or
c. company conditions.
The title of Chapter III is amended so that it reads as follows:
CHAPTER III
TYPES OF ADMINISTRATIVE SANCTIONS, PROCEDURES, AND METHODS FOR IMPOSITION OF ADMINISTRATIVE SANCTIONS IN THE INSURANCE SECTOR
The title of Part One of Chapter III is amended so that it reads as follows:
Part One
Types of Administrative Sanctions, Procedures, and Methods for Imposition of Administrative Sanctions for Insurance Companies, Sharia Insurance Companies, Reinsurance Companies, and Sharia Reinsurance Companies
Provisions of Article 3 are amended so that they read as follows:
Article 3
Violations committed by insurance companies, Sharia insurance companies, reinsurance companies, and Sharia reinsurance companies consist of:
a. administrative violations; and b. substantive violations. https://jdih.ojk.go.id/
Provisions of Article 4 are amended so that they read as follows:
Article 4
(1) Administrative violations as referred to in Article 3 letter a are violations that do not have significant and material impacts on the financial health of insurance companies, Sharia insurance companies, reinsurance companies, and Sharia reinsurance companies. (2) Administrative violations as referred to in paragraph (1) are subject to administrative sanctions consisting of:
a. written warnings as referred to in Article 2 paragraph (2) letter a; and/or b. administrative fines as referred to in Article 2 paragraph (2) letter h, imposed at most:
Rp1,000,000,000.00 (one billion rupiah) based on provisions of regulations in the insurance or financial service sectors that have already regulated the amount of administrative fines limitatively and finally for each violation; or
Rp1,000,000,000.00 (one billion rupiah) based on this Financial Services Authority Regulation.
Provisions of Article 5 are amended so that they read as follows:
Article 5
(1) Substantive violations as referred to in Article 3 letter b are violations that have significant and material impacts on the financial health of insurance companies, Sharia insurance companies, reinsurance companies, and Sharia reinsurance companies. (2) Substantive violations as referred to in paragraph (1) are subject to administrative sanctions consisting of:
a. written warnings as referred to in Article 2 paragraph (2) letter a; b. lowering of company health status as referred to in Article 2 paragraph (2) letter a1;
c. restriction of business activities, for part or all of business activities as referred to in Article 2 paragraph (2) letter b;
d. prohibition on marketing insurance products or Sharia insurance products for specific business lines as referred to in Article 2 paragraph (2) letter c; e. revocation of business licenses as referred to in Article 2 paragraph (2) letter d; https://jdih.ojk.go.id/ f. administrative fines as referred to in Article 2 paragraph (2) letter h, imposed more than:
Rp1,000,000,000.00 (one billion rupiah) based on provisions of regulations in the insurance or financial service sectors that have already regulated the amount of administrative fines limitatively and finally for each violation; or
Rp1,000,000,000.00 (one billion rupiah) based on this Financial Services Authority Regulation.
g. prohibition from becoming controllers and shareholders, members of the Board of Directors, members of the Board of Commissioners, or equivalents thereof, or holding executive positions below the Board of Directors, or equivalents thereof, in legal entities formed as cooperatives or joint ventures, DPS, or in Insurance Companies, as referred to in Article 2 paragraph (2) letter i. (3) In the event that substantive violations are subject to administrative fines as referred to in paragraph (2) letter f and other sanctions as referred to in paragraph (2) letters a through d, the administrative fines may amount to less than Rp1,000,000,000.00 (one billion rupiah). (4) Types of administrative sanctions for administrative violations as referred to in Article 3 letter a and substantive violations as referred to in Article 3 letter b do not constitute a sequential stage and can be imposed independently or concurrently.
Provisions of Article 6 are amended so that they read as follows:
Article 6
(1) In determining the type of violations as referred to in Article 3, the Financial Services Authority uses the following considerations:
a. general considerations; and b. special considerations, to determine the type of administrative sanctions to be imposed on insurance companies, Sharia insurance companies, reinsurance companies, and Sharia reinsurance companies for each violation that occurs. (2) General considerations as referred to in paragraph (1) letter a include:
a. types and/or amounts of sanctions previously given for similar or identical violations in the insurance and reinsurance industries and/or other financial service sectors; b. application of law referring to approaches, principles, or legal doctrines; and
c. level of involvement of the violating party in violating regulations in the insurance and financial service sectors.
(3) Special considerations as referred to in paragraph (1) letter b include:
a. aggravating factors; and b. mitigating factors, committed by insurance companies, Sharia insurance companies, reinsurance companies, or Sharia reinsurance companies that commit violations.
(4) Besides considerations as referred to in paragraph (1), the Financial Services Authority may use specific considerations to obtain conviction in imposing administrative sanctions. https://jdih.ojk.go.id/
Provisions of Article 7 are amended so that they read as follows:
Article 7
(1) Administrative sanctions consisting of revocation of business licenses as referred to in Article 5 paragraph (2) letter e can only be imposed in the event that the conditions of insurance companies, Sharia insurance companies, reinsurance companies, and Sharia reinsurance companies:
a. have been placed by the Financial Services Authority under special supervision status and cannot be rehabilitated as regulated in Financial Services Authority Regulations concerning determination of status and supervisory follow-up for non-bank financial service institutions; and/or b. other conditions that in the opinion of the Financial Services Authority can endanger the interests of policyholders, insured parties, or participants. (2) The Financial Services Authority announces to the public regarding the imposition of administrative sanctions consisting of:
a. restriction of business activities for all business activities; and b. revocation of business licenses, through official information channels of the Financial Services Authority and/or Indonesian language mass media in electronic and/or printed form distributed nationally. (3) The Financial Services Authority may announce to the public regarding the imposition of administrative sanctions consisting of prohibition on marketing insurance products or Sharia insurance products for specific business lines through official information channels of the Financial Services Authority and/or Indonesian language mass media in electronic and/or printed form distributed nationally.
Between Part One and Part Two, one (1) part is inserted, namely Part One A so that it reads as follows:
Part One A
Types of Administrative Sanctions, Procedures, and Methods for Imposition of Administrative Sanctions for Insurance Broker Companies, Reinsurance Broker Companies, and Insurance Loss Assessor Companies
Between Article 7 and Article 8, five (5) articles are inserted, namely Article 7A, Article 7B, Article 7C, Article 7D, and Article 7E so that they read as follows:
Article 7A
Types of administrative sanctions, as follows:
a. written warnings as referred to in Article 2 paragraph (2) letter a; b. restriction of business activities, for part or all of business activities as referred to in Article 2 paragraph (2) letter b;
c. revocation of business licenses as referred to in Article 2 paragraph (2) letter d;
d. administrative fines as referred to in Article 2 paragraph (2) letter h, imposed on insurance broker companies, reinsurance broker companies, and insurance loss assessor companies for violations committed against regulations in the insurance and financial service sectors.
Article 7B
(1) Administrative sanctions as referred to in Article 7A are imposed on insurance broker companies, reinsurance broker companies, and insurance loss assessor companies progressively, starting with administrative sanctions consisting of written warnings, unless otherwise regulated. (2) Imposition of administrative sanctions consisting of written warnings as referred to in paragraph (1) is conducted at most three (3) times consecutively for each violation consisting of:
a. first written warning; b. second written warning; and
c. third or final written warning.
(3) Administrative sanctions consisting of the first or second written warning can be imposed as the final written warning if the insurance broker company, reinsurance broker company, and insurance loss assessor company:
a. commits the same violation within the last 1 (one) year since the date of imposition of the administrative sanction consisting of the written warning; b. is currently subject to administrative sanctions consisting of restriction of business activities due to other violations; and/or
c. based on the Financial Services Authority's consideration, the next administrative sanction consisting of a written warning is not required.
(4) The duration of implementation of administrative sanctions consisting of written warnings for insurance broker companies, reinsurance broker companies, and insurance loss assessor companies is each at most thirty (30) days since the determination of such administrative sanctions. (5) The duration of implementation of administrative sanctions as referred to in paragraph (4) can be implemented for longer than thirty (30) days if the Financial Services Authority assesses that the type of violation committed cannot be resolved within that period, becoming:
a. at most six (6) months, if insurance broker companies, reinsurance broker companies, and insurance loss assessor companies are subject to administrative sanctions due to failure to meet minimum equity requirements; or b. at most three (3) months, if the cause of imposition of administrative sanctions is other than as referred to in letter a.
Article 7C
(1) Insurance broker companies, reinsurance broker companies, and insurance loss assessor companies are subject to administrative sanctions consisting of restriction of business activities if they cannot resolve violations that are the cause of the issuance of the final written warning up to the duration as referred to in Article 7B paragraph (4) or paragraph (5). (2) Administrative sanctions consisting of restriction of business activities as referred to in paragraph (1) can be imposed for part or all of business activities. (3) The Financial Services Authority may impose administrative sanctions consisting of restriction of business activities for part or all of business activities as referred to in paragraph (2) on insurance broker companies, reinsurance broker companies, and insurance loss assessor companies without preceding imposition of sanctions https://jdih.ojk.go.id/

administrative sanctions in the form of written warnings, in the event that the financial health conditions of insurance broker companies, reinsurance broker companies, and insurance loss assessor companies deteriorate and/or the insurance broker companies, reinsurance broker companies, and insurance loss assessor companies are deemed to endanger the interests of policyholders, insured parties, or participants.

(4) The implementation period for administrative sanctions in the form of business activity restrictions as referred to in paragraph (2) for insurance broker companies, reinsurance broker companies, and insurance loss assessor companies is at most:
a. 1 (one) year for restrictions on business activities for part of the business activities; or b. 3 (three) months for restrictions on business activities for all business activities, since the administrative sanction was established.

(5) Insurance broker companies, reinsurance broker companies, and insurance loss assessor companies that are currently subject to administrative sanctions in the form of business activity restrictions for part or all of their business activities as referred to in paragraph (1) and paragraph (2) remain subject to administrative sanctions in the form of written warnings, if they commit new violations other than those that became the basis for imposing the business activity restriction sanctions, for part or all of their business activities.

(6) The implementation period for administrative sanctions in the form of written warnings outside of administrative sanctions in the form of business activity restrictions for part or all of their business activities as referred to in paragraph (5) is given by considering the conditions:
a. if the resolution of the new violation is related to the resolution of the business activity restriction sanctions for part or all of the business activities, the implementation period for administrative sanctions in the form of written warnings is equalized with the implementation period for resolution of administrative sanctions in the form of business activity restrictions for part or all of the business activities; or b. if the resolution of the new violation is not related and can be carried out separately from the resolution of administrative sanctions in the form of business activity restrictions for part or all of the business activities, the implementation period for administrative sanctions in the form of written warnings is given in accordance with the implementation period for administrative sanctions in the form of written warnings as referred to in Article 7B paragraph (4) or paragraph (5).

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Article 7D

(1) Insurance broker companies, reinsurance broker companies, and insurance loss assessor companies are subject to administrative sanctions in the form of business activity restrictions for all business activities, if they are unable to overcome violations that are the cause of the issuance of administrative sanctions in the form of:
a. the last written warning until the time period as referred to in Article 7B paragraph (4) or paragraph (5); or b. business activity restrictions for part of the business activities until the time period determined as referred to in Article 7C paragraph (4) letter a.

(2) If insurance broker companies, reinsurance broker companies, and insurance loss assessor companies that are currently subject to administrative sanctions in the form of business activity restrictions for all business activities as referred to in paragraph (1) and are subject to new administrative sanctions in the form of business activity restrictions due to new violations then:
a. the new violation becomes an additional basis for the imposition of administrative sanctions in the form of business activity restrictions for all business activities; and b. the implementation period for administrative sanctions in the form of business activity restrictions follows the time limit for the implementation of administrative sanctions in the form of business activity restrictions for all business activities that have been imposed previously.

(3) In the event that insurance broker companies, reinsurance broker companies, and insurance loss assessor companies continue to conduct business activities that are currently restricted with the imposition of business activity restriction sanctions, the Financial Services Authority has the authority to impose administrative sanctions in the form of license revocation.

Article 7E

(1) Insurance broker companies, reinsurance broker companies, and insurance loss assessor companies are subject to administrative sanctions in the form of license revocation if:
a. they are unable to overcome violations that are the cause of the issuance of administrative sanctions in the form of business activity restrictions for all business activities until the time period as referred to in Article 7C paragraph (4) letter b; or

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b. they commit violations while still conducting business activities that are currently restricted with the imposition of business activity restriction sanctions as referred to in Article 7D paragraph (3).

(2) The Financial Services Authority may impose administrative sanctions in the form of license revocation on insurance broker companies, reinsurance broker companies, and insurance loss assessor companies without prior imposition of other administrative sanctions, in the event:
a. the financial conditions of insurance broker companies, reinsurance broker companies, and insurance loss assessor companies deteriorate drastically; b. shareholders or equivalents of insurance broker companies, reinsurance broker companies, and insurance loss assessor companies are uncooperative;
c. the board of directors, board of commissioners, or equivalents of insurance broker companies, reinsurance broker companies, and insurance loss assessor companies do not have a solution to overcome problems that endanger the interests of policyholders, insured parties, or participants;
d. regulated in provisions of legislation in the field of insurance; and/or e. other conditions that in the opinion of the Financial Services Authority can endanger the interests of policyholders, insured parties, or participants.

(3) The Financial Services Authority announces to the public regarding the imposition of administrative sanctions in the form of:
a. business activity restrictions for all business activities; and b. license revocation, through the official information channels of the Financial Services Authority and/or Indonesian language mass media in electronic and/or print form that circulate nationally.

The Title of Section Two Chapter III is amended to read as follows:
Section Two
Types of Administrative Sanctions, Procedures, and Methods of Imposing Administrative Sanctions for Actuaries, Public Accountants, Appraisers, or Other Parties who are Service Provider Professions for Insurance Companies

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The provisions of paragraph (1) and paragraph (2) of Article 8 are amended to read as follows:
Article 8

(1) Types of administrative sanctions, as follows:
a. written warnings as referred to in Article 2 paragraph (2) letter a; b. business activity restrictions, for part or all of the business activities as referred to in Article 2 paragraph (2) letter b;
c. cancellation of registration statements for Actuaries, Public Accountants, Appraisers, or other parties who provide services to Insurance Companies as referred to in Article 2 paragraph (2) letter f;
d. administrative fines as referred to in Article 2 paragraph (2) letter h; and/or e. prohibition from becoming controllers and shareholders, members of the board of directors, members of the board of commissioners, or equivalents of shareholders, members of the board of directors, and members of the board of commissioners in legal entities in the form of cooperatives or joint ventures, DPS, or holding executive positions below the board of directors, or equivalents of executive positions below the board of directors in legal entities in the form of cooperatives or joint ventures in Insurance Companies as referred to in Article 2 paragraph (2) letter i, imposed on Actuaries, Appraisers, or other parties who are service provider professions for Insurance Companies in a graduated manner starting with administrative sanctions in the form of written warnings, unless otherwise regulated.

(2) The imposition of administrative sanctions in the form of written warnings as referred to in paragraph (1) letter a is carried out at most 3 (three) times consecutively for each violation in the form of:
a. the first written warning; b. the second written warning; and
c. the third written warning or the last warning.

(3) Administrative sanctions in the form of the first written warning or the second written warning may be imposed as administrative sanctions in the form of the last written warning if Actuaries, Appraisers, or other parties who are service provider professions for Insurance Companies:

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a. commit the same violation within the last 1 (one) year before the date of imposition of administrative sanctions in the form of written warnings; b. are currently subject to administrative sanctions in the form of sanctions restricting all business activities due to other violations; and/or
c. based on the consideration of the Financial Services Authority, the next administrative sanction in the form of written warning is not required.

(4) The implementation period for administrative sanctions in the form of written warnings for Actuaries, Appraisers, or other parties who are service provider professions for Insurance Companies is each at most 30 (thirty) days since the administrative sanction was established.

The provisions of paragraph (3) of Article 10 are amended and 1 (one) paragraph, namely paragraph (1a), is inserted between paragraph (1) and paragraph (2) so that it reads as follows:
Article 10

(1) Actuaries, Appraisers, or other parties who are service provider professions for Insurance Companies are subject to administrative sanctions in the form of cancellation of registration statements if they are unable to overcome violations that are the cause of the issuance of administrative sanctions in the form of restrictions on all business activities until the time period as referred to in Article 9 paragraph (2).

(1a) The Financial Services Authority may impose administrative sanctions in the form of:
a. business activity restrictions, for part or all of the business activities as referred to in Article 8 paragraph (1) letter b; or b. cancellation of registration statements as referred to in Article 8 paragraph (1) letter c, on Actuaries, Appraisers, or other parties who are service provider professions for Insurance Companies without prior imposition of administrative sanctions in the form of written warnings as referred to in Article 8 paragraph (1) letter a or business activity restrictions as referred to in Article 8 paragraph (1) letter b, in the event there are violations of legislation provisions that are deemed to endanger the interests of policyholders, insured parties, or participants.

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(2) Procedures and methods of imposing administrative sanctions for Public Accountants refer to Financial Services Authority Regulations regarding the use of Public Accountants and Public Accountant offices in financial service activities.

(3) The Financial Services Authority announces to the public regarding the imposition of administrative sanctions in the form of cancellation of registration statements for Actuaries, Appraisers, or other parties who are service provider professions for Insurance Companies through the official information channels of the Financial Services Authority and/or Indonesian language mass media in electronic and/or print form that circulate nationally.

The provisions of paragraph (1), paragraph (2), and paragraph (3) of Article 11 are amended, and 1 (one) paragraph, namely paragraph (2a), is inserted between paragraph (2) and paragraph (3) so that it reads as follows:
Article 11

(1) Types of administrative sanctions, as follows:
a. written warnings as referred to in Article 2 paragraph (2) letter a; b. cancellation of registration statements for Insurance Brokers, Reinsurance Brokers, Insurance Agents, or other parties who are not service provider professions for Insurance Companies as referred to in Article 2 paragraph (2) letter e;
c. administrative fines as referred to in Article 2 paragraph (2) letter h; and/or
d. prohibition from becoming controllers and shareholders, members of the board of directors, members of the board of commissioners, or equivalents of shareholders, members of the board of directors, and members of the board of commissioners in legal entities in the form of cooperatives or joint ventures, DPS, or holding executive positions below the board of directors, or equivalents of executive positions below the board of directors in legal entities in the form of cooperatives or joint ventures in Insurance Companies as referred to in Article 2 paragraph (2) letter i, imposed on Insurance Brokers, Reinsurance Brokers, Insurance Agents, or other parties who are not service provider professions for Insurance Companies in a graduated manner starting with administrative sanctions in the form of written warnings, unless otherwise regulated.

(2) The imposition of administrative sanctions in the form of written warnings as referred to in paragraph (1) letter a is carried out at most 3 (three) times consecutively for each violation.

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(2a) The implementation period for administrative sanctions in the form of written warnings for Insurance Brokers or Reinsurance Brokers is each at most 3 (three) months since the administrative sanction was established.

(3) The implementation period for administrative sanctions in the form of written warnings for Insurance Agents, or other parties who are not service provider professions for Insurance Companies is each at most 30 (thirty) days since the administrative sanction was established.

The provisions of Article 13 are amended to read as follows:
Article 13

(1) Types of administrative sanctions, as follows:
a. written warnings as referred to in Article 2 paragraph (2) letter a; b. administrative fines as referred to in Article 2 paragraph (2) letter h; and/or
c. prohibition from becoming controllers and shareholders, members of the board of directors, members of the board of commissioners, or equivalents of shareholders, members of the board of directors, and members of the board of commissioners in legal entities in the form of cooperatives or joint ventures, DPS, or holding executive positions below the board of directors, or equivalents of executive positions below the board of directors in legal entities in the form of cooperatives or joint ventures in Insurance Companies as referred to in Article 2 paragraph (2) letter i,
imposed on shareholders, controllers, directors, boards of commissioners, or equivalents, or DPS of Insurance Companies in a graduated manner starting with administrative sanctions in the form of written warnings, unless otherwise regulated.

(3) Administrative sanctions in the form of the first written warning and the second written warning may be imposed as administrative sanctions in the form of the last written warning, if shareholders, controllers, directors, boards of commissioners, or equivalents, or DPS:

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a. have previously committed the same violation within the last 1 (one) year before the date of imposition of administrative sanctions in the form of written warnings; and/or b. based on the consideration of the Financial Services Authority, the next administrative sanction in the form of written warning is not required.

(4) The implementation period for administrative sanctions in the form of written warnings for shareholders, controllers, directors, boards of commissioners, or equivalents, or DPS is each at most 30 (thirty) days since the administrative sanction was established.

Between Article 18 and Article 19, 1 (one) article is inserted, namely Article 18A so that it reads as follows:
Article 18A

In addition to imposing administrative sanctions as referred to in Article 2 paragraph (2), the Financial Services Authority has the authority to conduct a re-evaluation of the main parties of Insurance Companies.

Between CHAPTER VII and CHAPTER VIII, 1 (one) chapter is inserted, namely CHAPTER VIIA so that it reads as follows:
CHAPTER VIIA
OTHER PROVISIONS
Between Article 24 and Article 25, 1 (one) article is inserted, namely Article 24A so that it reads as follows:
Article 24A

The Financial Services Authority based on certain considerations may impose sanctions or policies that are different from this Financial Services Authority Regulation.

Article II

Administrative sanctions that have been imposed by the Financial Services Authority before the implementation of this Financial Services Authority Regulation are declared to remain valid.
Administrative sanctions that have been imposed by the Financial Services Authority but have not been completed at the time this Financial Services Authority Regulation comes into force, the procedures and methods of imposing administrative sanctions must be adjusted to this Financial Services Authority Regulation.
At the time this Financial Services Authority Regulation comes into force, the provisions regarding the imposition of administrative sanctions in a graduated manner as referred to in:
a. Article 80 paragraph (2) of Financial Services Authority Regulation Number 73/POJK.05/2016 concerning Good Corporate Governance for Insurance Companies (State Gazette of the Republic of Indonesia Year 2016 Number 306, Supplement to the State Gazette of the Republic of Indonesia Number 5996) as amended by Financial Services Authority Regulation Number 43/POJK.05/2019 concerning Amendments to Financial Services Authority Regulation Number 73/POJK.05/2016 concerning Good Corporate Governance for Insurance Companies (State Gazette of the Republic of Indonesia Year 2019 Number 271, Supplement to the State Gazette of the Republic of Indonesia Number 6450); and b. Article 52 paragraph (2) of Financial Services Authority Regulation Number 1/POJK.05/2018 concerning Financial Health for Insurance Companies in the Form of Joint Venture Legal Entities (State Gazette of the Republic of Indonesia Year 2018 Number 15, Supplement to the State Gazette of the Republic of Indonesia Number 6183), are repealed and declared invalid.
At the time this Financial Services Authority Regulation comes into force, the provisions regarding the imposition of administrative sanctions in a graduated manner as referred to in:
a. Article 24 of Financial Services Authority Regulation Number 24/POJK.05/2019 concerning Business Plans for Non-Bank Financial Service Institutions (State Gazette of the Republic of Indonesia Year 2019 Number 175, Supplement to the State Gazette of the Republic of Indonesia Number 6392); and b. Article 5 of Financial Services Authority Regulation Number 1/POJK.05/2016 concerning Investment in Government Securities for Non-Bank Financial Service Institutions (State Gazette of the Republic of Indonesia Year 2016 Number 7, Supplement to the State Gazette of the Republic of Indonesia Number 5834) as amended several times lastly by Financial Services Authority Regulation Number 56/POJK.05/2017 concerning the Second Amendment to Financial Services Authority Regulation Number 1/POJK.05/2016 concerning Investment in Government Securities for Non-Bank Financial Service Institutions (State Gazette of the Republic of Indonesia Year 2017 Number 192, Supplement to the State Gazette of the Republic of Indonesia Number 6114), are declared invalid for insurance companies, sharia insurance companies, reinsurance companies, and sharia reinsurance companies.
This Financial Services Authority Regulation comes into force 3 (three) months counted from the date of promulgation.

https://jdih.ojk.go.id/

This copy is in accordance with the original
Director of Legal Development
Legal Department signed
Aat Windradi

In order for everyone to know, ordering the promulgation of this Financial Services Authority Regulation by placing it in the State Gazette of the Republic of Indonesia.

Established in Jakarta on December 20, 2024
CHAIRMAN OF THE COMMISSIONERS BOARD
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA,
MAHENDRA SIREGAR

Promulgated in Jakarta on December 23, 2024
MINISTER OF LAW OF THE REPUBLIC OF INDONESIA,
SUPRATMAN ANDI AGTAS

STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2024 NUMBER 49/OJK signed signed https://jdih.ojk.go.id/

EXPLANATION
OF
FINANCIAL SERVICES AUTHORITY REGULATION
OF THE REPUBLIC OF INDONESIA
NUMBER 37 OF 2024
CONCERNING
AMENDMENT TO FINANCIAL SERVICES AUTHORITY REGULATION NUMBER 17/POJK.05/2017 CONCERNING PROCEDURES AND METHODS OF IMPOSING ADMINISTRATIVE SANCTIONS IN THE INSURANCE SECTOR AND FREEZING ASSETS OF INSURANCE COMPANIES, SHARIA INSURANCE COMPANIES, REINSURANCE COMPANIES, AND SHARIA REINSURANCE COMPANIES

I. GENERAL

Financial Services Authority Regulation Number 17/POJK.05/2017 concerning Procedures and Methods of Imposing Administrative Sanctions in the Insurance Sector and Freezing Assets of Insurance Companies, Sharia Insurance Companies, Reinsurance Companies, and Sharia Reinsurance Companies (POJK Number 17 of 2017) is the legal basis for the Financial Services Authority in applying the imposition of administrative sanctions and asset freezing procedures in the insurance industry. This Financial Services Authority Regulation is the implementation of the mandate from Article 71 paragraph (4) and Article 72 paragraph (5) of Law Number 40 of 2014 concerning Insurance.

Based on the provisions of Article 71 paragraph (4) of Law Number 40 of 2014 concerning Insurance as amended by Law Number 4 of 2023 concerning Development and Strengthening of the Financial Sector, there are additions and changes to the types of sanctions for the insurance industry. In order to strengthen law enforcement in the insurance industry, adjustments are needed to the provisions regarding the types of administrative sanctions, specifically the procedures and methods of imposing administrative sanctions which were previously regulated in POJK Number 17 of 2017.

POJK Number 17 of 2017 was established during a period when supervision of insurance and reinsurance industry players still applied supervision based on compliance with legislation provisions (compliance based). Since 2020, supervision of the insurance and reinsurance industry has shifted from compliance-based supervision to risk-based supervision (RBS). The main consideration in risk-based supervision is the assessment of the overall health level of insurance companies, sharia insurance companies, reinsurance companies, and sharia reinsurance companies, not limited only to violations committed by insurance companies, sharia insurance companies, reinsurance companies, and sharia reinsurance companies. In risk-based supervision, if insurance companies, sharia insurance companies,

reasuransi, and Islamic reinsurance companies are found to have violated statutory regulations and/or experienced specific problems, supervisors can issue warnings, update health levels, and/or apply supervisory actions deemed appropriate to the company's condition, without having to go through procedures and methods that tend to be mechanistic and administrative. This is in line with the RBS framework that problems arising in insurance companies, Islamic insurance companies, reinsurance companies, and Islamic reinsurance companies need to be addressed early, among others by increasing supervisory steps since normal supervision, to avoid the potential for the health of insurance companies, Islamic insurance companies, reinsurance companies, and Islamic reinsurance companies to worsen.

In order to align with the aforementioned risk-based supervision mechanism, it is necessary to adjust the substance in POJK Number 17 of 2017 which previously regulated the imposition of administrative sanctions in a gradual, mechanistic, and administrative manner to become non-restrictive and provide more room for supervisory actions that are faster in order to be in accordance with supervision methods and objectives. The imposition of administrative sanctions by the Financial Services Authority against actors in the insurance and reinsurance industry needs to be carried out with several considerations that are the same and similar to the principle approach used in risk-based supervision, namely general considerations and special considerations. General considerations in the imposition of administrative sanctions include the type and/or magnitude of sanctions previously given for similar or similar violations (precedent), and the application of legal principles or principles, while special considerations used include aggravating and mitigating factors against the imposition of sanctions.

As part of the risk-based supervision method, the Financial Services Authority established the Financial Services Authority Regulation Number 9/POJK.05/2021 concerning the Determination of Status and Follow-up of Supervision of Non-Bank Financial Service Institutions (POJK Exit Policy). The provisions in the POJK Exit Policy provide guidelines for supervisory actions to address early (early intervention) problems arising in non-bank financial service institutions. There is a dualism of regulations regarding the procedures for the imposition of business license revocation sanctions which are regulated in a gradual, mechanistic, and administrative manner in POJK Number 17 of 2017 with business license revocation as the final step of the supervision mechanism in the POJK Exit Policy. This creates the potential for overlap and unclear guidelines in the business license revocation mechanism for the insurance and reinsurance industry, so adjustments and alignment are needed to minimize the potential for disputes or lawsuits against the Financial Services Authority's supervisory actions against the insurance and reinsurance industry.

The imposition of sanctions on actors in the insurance industry is not only regulated in this Financial Services Authority Regulation, but the types of violations that impact the imposition of administrative sanctions, the types of administrative sanctions that can be imposed for certain violations, and the magnitude of administrative fines are also regulated in other Financial Services Authority Regulations in the insurance sector and/or related financial service sectors that apply to actors in the insurance industry. Thus, this Financial Services Authority Regulation needs to be read alongside other related provisions to obtain a complete picture of administrative sanctions for actors in the insurance industry.

II. ARTICLE BY ARTICLE
Article I
Number 1
Article 1
It is clear enough.
Number 2
It is clear enough.
Number 3
Article 2
Paragraph (1)
Violations of statutory regulations in the field of insurance can be known from the results of supervision by the Financial Services Authority, both direct supervision (on-site) and indirect supervision (off-site).
Statutory regulations in the field of insurance include provisions in Law Number 40 of 2014 concerning Insurance as amended by Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector and its implementing regulations, including provisions of statutory regulations in the financial service sector that apply to Insurance Companies. Paragraph (2) Letter a It is clear enough. Letter a1 A decrease in health level can be imposed as one form of imposition of administrative sanctions and law enforcement for violations committed by insurance companies, Islamic insurance companies, reinsurance companies, and Islamic reinsurance companies. However, a decrease in health level can also be carried out by the Financial Services Authority as part of the risk-based supervision mechanism. Letter b Administrative sanctions in the form of business activity restrictions can be imposed for part or all business activities. Administrative sanctions in the form of business activity restrictions for part of business activities include among others prohibitions for companies to carry out certain types of business activities, for example carrying out business activities based on service fees (fee-based).

Administrative sanctions in the form of business activity restrictions for all business activities are carried out among others in the form of:

prohibition on closing new coverage or new reinsurance coverage for all business lines for insurance companies, Islamic insurance companies, reinsurance companies, or Islamic reinsurance companies;
prohibition on providing intermediary services for insurance broker companies or reinsurance broker companies; or
prohibition on providing loss assessment services for insurance loss assessors.
Letter c
It is clear enough.
Letter d
Administrative sanctions in the form of business license revocation in these provisions include the revocation of Islamic unit licenses.
Letter e
It is clear enough.
Letter f
It is clear enough.
Letter g
It is clear enough.
Letter h
It is clear enough.
Letter i
The term "executive position" refers to officials who are directly responsible to the Board of Directors or have significant influence over the company's policies and/or operations.
Paragraph (3)
Letter a
It is clear enough.
Letter b
It is clear enough.
Letter c
It is clear enough.
Letter d
for the type of administrative sanction in the form of administrative fines, information on the duration of the sanction imposition is not necessary because the imposition of administrative sanctions in the form of administrative fines will end automatically when the Insurance Company or the party subject to administrative sanctions in the form of administrative fines has made payment for the administrative sanctions in the form of administrative fines; and
for the type of administrative sanction in the form of business license revocation, there is no need to provide a duration for the imposition of sanctions or conditions that cause the end of the imposition of administrative sanctions.
Paragraph (4)
Letter a
It is clear enough.
Letter b
It is clear enough.
Letter c
Company conditions, among others, financial health conditions, implementation of governance, implementation of risk management, and management commitment in resolving sanctions.
Number 4
It is clear enough.
Number 5
It is clear enough.
Number 6
Article 3
It is clear enough.
Number 7
Article 4
It is clear enough.
Number 8
Article 5
Paragraph (1)
It is clear enough.
Paragraph (2)
Letter a
It is clear enough.
Letter b
It is clear enough.
Letter c
It is clear enough.
Letter d
It is clear enough.
Letter e
It is clear enough.
Letter f
It is clear enough.
Letter g
See explanation of Article 2 paragraph (2) letter i.
Paragraph (3)
It is clear enough.
Paragraph (4)
It is clear enough.
Number 9
Article 6
Paragraph (1)
It is clear enough.

Paragraph (2)
Letter a
It is clear enough.
Letter b
The use of legal principles includes among others the use of the principle of legality.
Letter c
The term "level of involvement of the party committing the violation" refers to the party ordering the violation, the violator, or the party participating in the violation.
Paragraph (3)
Letter a
Aggravating factors include among others:

impact or potential impact of the violation;
scale of the violation;
indication of intent regarding the violation that occurred;
frequency of violations that occurred; and
response of the insurance company, Islamic insurance company, reinsurance company, or Islamic reinsurance company that committed the violation.
Letter b
Mitigating factors include among others:
efforts to improve and fulfill obligations; and
good faith,
which are carried out by the insurance company, Islamic insurance company, reinsurance company, or Islamic reinsurance company that committed the violation.
Paragraph (4)
Specific considerations include considerations regarding specific conditions and policy considerations.
Specific considerations that can be used include among others:
a. financial conditions; b. company complexity;
c. company going concern status; and
d. bankruptcy lawsuits or postponement of debt payment obligations directed at the company.
Number 10
Article 7
Paragraph (1)
Letter a
It is clear enough.
Letter b
Conditions that endanger the interests of policyholders, insured parties, or participants include among others the financial conditions of insurance companies, Islamic insurance companies, reinsurance companies, and Islamic reinsurance companies deteriorating drastically, uncooperative shareholders, and the Board of Directors and Board of Commissioners, or equivalents to the Board of Directors and Board of Commissioners in legal entities in the form of cooperatives or joint ventures, having no way out to overcome the problems. Paragraph (2) It is clear enough. Paragraph (3) It is clear enough. Number 11 It is clear enough. Number 12
Article 7A
See explanation of Article 2 paragraph (1).
Article 7B
Paragraph (1)
It is clear enough.
Paragraph (2)
Letter a
It is clear enough.
Letter b
Administrative sanctions in the form of a second written warning will be given if the party currently subject to administrative sanctions in the form of a first written warning cannot overcome the violation that is the cause of the issuance of the first written warning sanction until the determined duration. Letter c Administrative sanctions in the form of a third or final written warning will be given if the party currently subject to administrative sanctions in the form of a second written warning cannot overcome the violation that is the cause of the issuance of administrative sanctions in the form of a second written warning until the determined duration. Paragraph (3) Administrative sanctions in the form of a first written warning or second written warning which is the final written warning are imposed accompanied by an affirmation that there are no further administrative sanctions in the form of written warnings. Letter a The term "same violation" refers to a violation that is the basis for the imposition of administrative sanctions and is committed repeatedly from the previous violation. Example:
On March 1, 2024, PT Insurance Broker XX was subject to administrative sanctions in the form of a first written warning for late submission of quarterly reports for the fourth quarter of 2023. In November 2024, the company was found to have committed a violation, namely late submission of quarterly reports for the third quarter of 2024. The Financial Services Authority can issue administrative sanctions in the form of a first and final written warning for the violation that occurred regarding the submission of quarterly reports for the third quarter of 2024. Letter b Administrative sanctions in the form of business activity restrictions in these provisions can be in the form of restrictions on business activities for part or all business activities. Letter c It is clear enough. Paragraph (4) The term "day" refers to calendar days. Paragraph (5) Letter a It is clear enough. Letter b Examples of causes for the imposition of administrative sanctions:
failure to meet regulations related to the fulfillment of human resource needs;
violations caused by illiquid investment placements; and
violations of regulations related to information systems.
Article 7C
Paragraph (1)
It is clear enough.
Paragraph (2)
It is clear enough.
Paragraph (3)
The financial health conditions of insurance broker companies, reinsurance broker companies, and insurance loss assessors deteriorate among others by the decline in equity levels to below the minimum level that must be maintained or the equity level of insurance broker companies, reinsurance broker companies, and insurance loss assessors is insufficient to meet obligations. Paragraph (4) It is clear enough.

Paragraph (5)
It is clear enough.
Paragraph (6)
It is clear enough.
Article 7D
Paragraph (1)
It is clear enough.
Paragraph (2)
In principle, insurance broker companies, reinsurance broker companies, and insurance loss assessors who are currently subject to sanctions for business activity restrictions on all business activities, are subject to new administrative sanctions in the form of business activity restrictions due to other violations, insurance broker companies, reinsurance broker companies, and insurance loss assessors must overcome the causes of all administrative sanctions in the form of business activity restrictions within the time limit established in the first administrative sanction in the form of business activity restrictions. Paragraph (3) It is clear enough.
Article 7E
Paragraph (1)
It is clear enough.
Paragraph (2)
Letter a
Deteriorating financial conditions can be seen among others through the equity value of insurance broker companies, reinsurance broker companies, and insurance loss assessors declining significantly within a period of 1 (one) year or less so as not to meet minimum equity requirements. Letter b Shareholders or equivalents are considered uncooperative if they do not carry out orders or recommendations from the Financial Services Authority. Letter c Examples of situations with no way out:
The Board of Directors, Board of Commissioners, or equivalents cannot further attempt to add capital when insurance broker companies, reinsurance broker companies, and insurance loss assessors require additional capital. Letter d Statutory regulations in the field of insurance can regulate criteria other than letters a to c as the basis for the Financial Services Authority to impose administrative sanctions in the form of business license revocation on insurance broker companies, reinsurance broker companies, and insurance loss assessors without prior imposition of other administrative sanctions. Letter e It is clear enough. Paragraph (3) It is clear enough. Number 13 It is clear enough. Number 14
Article 8
Paragraph (1)
It is clear enough.
Paragraph (2)
It is clear enough.
Paragraph (3)
It is clear enough.
Paragraph (4)
See explanation of Article 7B paragraph (4).
Number 15
Article 10
Paragraph (1)
It is clear enough.
Paragraph (1a)
Examples of violations of statutory regulations that are considered to endanger the interests of policyholders, insured parties, or participants are violations of professional standards so that the services issued are materially biased which impact a decline in public trust. Paragraph (2) It is clear enough. Paragraph (3) It is clear enough. Number 16
Article 11
Paragraph (1)
It is clear enough.
Paragraph (2)
It is clear enough.
Paragraph (2a)
It is clear enough.
Paragraph (3)
See explanation of Article 7B paragraph (4).

Number 17
Article 13
Paragraph (1)
It is clear enough.
Paragraph (2)
It is clear enough.
Paragraph (3)
It is clear enough.
Paragraph (4)
See explanation of Article 7B paragraph (4).
Number 18
Article 18A
It is clear enough.
Number 19
It is clear enough.
Number 20
Article 24A
The imposition of different sanctions or policies is intended among others for:
a. supporting national policies; b. maintaining public interests;
c. maintaining industry growth; and/or
d. maintaining healthy business competition.
Specific considerations, among others, are due to extraordinary events that can cause a large increase in morbidity and mortality and also impact the economy and society, thus requiring attention and handling by all relevant parties and regulated in other provisions regarding considerations in facing possible extraordinary events.
Article II
Number 1
It is clear enough.
Number 2
Example:
Before this Financial Services Authority Regulation takes effect, PT Insurance A is currently subject to a first written warning sanction for violating regulations in the field of insurance. The first written warning sanction ends 10 (ten) days after this Financial Services Authority Regulation takes effect. However, PT Insurance A has not been able to overcome the cause of the sanction. Against PT Insurance A, the Financial Services Authority imposes administrative sanctions in accordance with this Financial Services Authority Regulation, using general considerations and special considerations to determine the type of next administrative sanction to be imposed on PT Insurance A.

Number 3
It is clear enough.
Number 4
It is clear enough.
Number 5
It is clear enough.
SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 117/OJK

Amendment to POJK 17/POJK.05/2017 on Procedures for Administrative Sanctions in Insurance and Asset Freezing

Lineage: In force

Timeline