Assessment of Competence and Propriety for Key Parties of Insurance Companies, Guarantee Institutions, and Pension Funds

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Sector : PPDP

SubSector : Insurance; Pension Funds; Other Regulations

Regulation Type : OJK Circular Letter

Regulation Number : 23/SEOJK.05/2023

Effective Date : 12/12/2023

Appendix 1 SEOJK 23-SEOJK.05-2023. Assessment of Competence and Propriety for Key Parties of Insurance Companies, Guarantee Institutions, and Pension Funds.pdf Abstract SEOJK 23-SEOJK.05-2023. Assessment of Competence and Propriety for Key Parties of Insurance Companies, Guarantee Institutions, and Pension Funds.pdf FAQ SEOJK 23-SEOJK.05-2023. Assessment of Competence and Propriety for Key Parties of Insurance Companies, Guarantee Institutions, and Pension Funds.pdf

Page Content Circular Letter of the Financial Services Authority

Number 23/SEOJK.05/2023 concerning the Assessment of Competence and Propriety for Key Parties of Insurance Companies, Guarantee Institutions, and Pension Funds ABSTRACT: To promote the effectiveness and efficiency of conducting the assessment of competence and propriety for key parties of Insurance Companies, Guarantee Institutions, and Pension Funds (PPDP), a legal basis is required regarding the implementation of presentations, explanations, and clarifications in the assessment process for prospective key parties of PPDP. Previously, these could only be conducted in person, but they may now also be conducted via video conference media. The legal basis for this OJK Circular Letter is: The mandate of Article 35 of OJK Regulation Number 27/POJK.03/2016. This OJK Circular Letter regulates the implementation of presentations, explanations, and clarifications for prospective key parties of PPDP conducted in person via video conference media, and under certain conditions, presentations, explanations, and clarifications may be conducted in person directly at the Financial Services Authority office or other locations designated by the Financial Services Authority. The scope of this SEOJK, which previously regulated Non-Bank Financial Institutions, now covers PPDP. Prospective Key Parties regulated in this SEOJK include: a. Controlling Shareholders of Guarantee Institutions; b. Controlling Parties of Insurance Companies; c. Board of Directors of PPDP; d. Board of Commissioners of PPDP; e. Sharia Supervisory Board of PPDP; f. Internal Auditors of Insurance Companies; and g. Company Actuaries at insurance companies, Islamic insurance companies, reinsurance companies, and Islamic reinsurance companies. The implementation of presentations, explanations, and clarifications in the assessment of competence and propriety process for prospective Key Parties of PPDP is conducted in person via video conference media. Under certain conditions, the implementation of presentations, explanations, and clarifications may be conducted in person directly at the Financial Services Authority office or other locations designated by the Financial Services Authority. NOTE: This Circular Letter of the Financial Services Authority takes effect on the date of issuance, namely December 12, 2023. Upon the effectiveness of this SEOJK, SEOJK Number 31/SEOJK.05/2016 concerning the Assessment of Competence and Propriety for Key Parties of Non-Bank Financial Institutions shall no longer apply to PPDP. Appendix I: 61 PAGES. Appendix II: 2 PAGES