Regulatory AlertsApproval and Reporting of Insurance Products
The Indonesia Financial Services Authority (OJK) issued Circular Letter 14/SEOJK.05/2024 to establish the procedures, formats, and requirements for the approval, reporting, and termination of insurance products. This regulation implements the mandates of POJK Number 8 of 2024 regarding insurance products and marketing channels, covering general provisions, product criteria, Sharia supervisory board opinions, and submission methods. It officially took effect on October 29, 2024, simultaneously repealing previous circulars SEOJK 13/SEOJK.05/2016 and SEOJK 18/SEOJK.05/2016.
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