Regulatory AlertsAssessment of Competence and Propriety for Key Parties of Insurance Companies, Guarantee Institutions, and Pension Funds
The Indonesian Financial Services Authority (OJK) issued Circular Letter 23/SEOJK.05/2023 to amend the assessment procedures for key parties of insurance companies, guarantee institutions, and pension funds (PPDP). The regulation legally permits the presentation, explanation, and clarification phases of the competence and propriety assessment to be conducted via video conference, while retaining in-person options at designated OJK offices under specific conditions. This update supersedes the previous non-bank financial institution circular for PPDP entities and takes effect immediately upon issuance on December 12, 2023.
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