Financial Services Authority Regulation Number 11 of 2023 Concerning the Separation of Sharia Units of Insurance and Reinsurance Companies

FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA
COPY
FINANCIAL SERVICES AUTHORITY REGULATION
REPUBLIC OF INDONESIA
NUMBER 11 OF 2023
CONCERNING
THE SEPARATION OF SHARIA UNITS OF INSURANCE AND REINSURANCE COMPANIES BY THE GRACE OF THE MOST HIGH GOD, THE COMMISSIONER COUNCIL OF THE FINANCIAL SERVICES AUTHORITY, Considering: that in order to implement the provisions of Article 87 paragraph (3) of Law Number 40 of 2014 concerning Insurance as amended by Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector, it is necessary to establish a Financial Services Authority Regulation concerning the Separation of Sharia Units of Insurance and 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 the 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 of the Republic of Indonesia Number 5618) as amended by Law Number 4 of 2023 concerning the 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);

RESOLVES:
Establish: A FINANCIAL SERVICES AUTHORITY REGULATION CONCERNING THE SEPARATION OF SHARIA UNITS OF INSURANCE AND REINSURANCE COMPANIES.

CHAPTER I
GENERAL PROVISIONS
Article 1
In this Financial Services Authority Regulation, the following terms are defined as:

1. Insurance is an agreement between two parties, namely the insurance company and the policyholder, which serves as the basis for the insurance company to receive premiums as compensation for:
   a. providing compensation to the insured or policyholder for losses, damages, costs incurred, loss of profit, or legal liability to third parties that may be suffered by the insured or policyholder due to the occurrence of an uncertain event; or b. providing payments based on the death of the insured or payments based on the life of the insured with benefits whose amount has been determined and/or based on the results of fund management.
2. Sharia Insurance is a collection of agreements, consisting of agreements between the Sharia insurance company and the policyholder and agreements among the policyholders, in the context of managing contributions based on Sharia principles to help and protect each other by:
   a. providing compensation to participants or policyholders for losses, damages, costs incurred, loss of profit, or legal liability to third parties that may be suffered by participants or policyholders due to the occurrence of an uncertain event; or b. providing payments based on the death of participants or payments based on the life of participants with benefits whose amount has been determined and/or based on the results of fund management.
3. Insurance Company refers to general insurance companies and life insurance companies.
4. Sharia Insurance Company refers to Sharia general insurance companies and Sharia life insurance companies.
5. Reinsurance Company is a company that conducts reinsurance business.
6. Sharia Reinsurance Company is a company that conducts Sharia reinsurance business.
7. Sharia Unit is a work unit at the headquarters of Insurance Companies and Reinsurance Companies that functions as the parent office of offices outside the headquarters that conduct business based on Sharia principles.
8. Separation of Sharia Units is a legal act carried out by Insurance Companies and Reinsurance Companies to separate Sharia Units, resulting in the assets, liabilities, and equity of the Insurance Companies and Reinsurance Companies transferring by operation of law to Sharia Insurance Companies and Sharia Reinsurance Companies.

CHAPTER II
SEPARATION OF SHARIA UNITS
First Section
Purpose of Separation of Sharia Units
Article 2
The Separation of Sharia Units is carried out with the purpose of:
a. strengthening the resilience structure and competitiveness of the insurance and reinsurance industry; b. creating more effective and efficient business operations;
c. strengthening technology investment and human resources; and
d. protecting the interests of policyholders and participants.

Second Section
Forms of Separation of Sharia Units
Article 3
(1) The Separation of Sharia Units is carried out with the following provisions:
a. the Sharia Unit meets specific requirements established by the Financial Services Authority; b. there is a request from the Insurance Company and Reinsurance Company itself; or
c. the exercise of authority by the Financial Services Authority in the context of consolidation.
(2) The Separation of Sharia Units as referred to in paragraph (1) is carried out by:
a. establishing a new Sharia Insurance Company or Sharia Reinsurance Company resulting from the Separation of Sharia Units, followed by the transfer of the policyholder portfolio to the new Sharia Insurance Company or Sharia Reinsurance Company resulting from the Separation of Sharia Units; or b. transferring the entire policyholder portfolio of the Sharia Unit to a Sharia Insurance Company or Sharia Reinsurance Company that has obtained a business license. (3) The Separation of Sharia Units as referred to in paragraph (2) must be carried out by transferring the entire policyholder portfolio, accompanied by the transfer of all rights and obligations of the Sharia Unit, at least:
a. for Sharia Units from Insurance Companies or Reinsurance Companies that choose the method as referred to in paragraph (2) letter a, the transfer of the policyholder portfolio includes all assets, liabilities, and equity owned and managed by the Sharia Unit; b. for Sharia Units from Insurance Companies or Reinsurance Companies that choose the method as referred to in paragraph (2) letter b, the transfer of the policyholder portfolio includes:

1. tabarru' funds;
2. participant investment funds;
3. company funds at least equal to the ujrah reserve at the time of transfer; and
4. qardh required at the time of transfer.
   (4) The transfer of the portfolio as referred to in paragraph (3) must be carried out within a maximum of 6 (six) months from the date of approval of the Separation of Sharia Units by the Financial Services Authority. (5) The Separation of Sharia Units as referred to in paragraph (2) must be carried out in accordance with the provisions of applicable legislation.

Third Section
Criteria for Separation of Sharia Units
Article 4
(1) Insurance Companies and/or Reinsurance Companies that have Sharia Units and whose Sharia Units have met specific requirements established by the Financial Services Authority as referred to in Article 3 paragraph (1) letter a must carry out the Separation of Sharia Units. (2) The requirements as referred to in paragraph (1) include:
a. the value of tabarru' funds and participant investment funds of the Sharia Unit has reached at least 50% (fifty percent) of the total value of insurance funds, tabarru' funds, and participant investment funds in its parent company; and b. the minimum equity of the Sharia Unit has reached at least:

1. IDR 100,000,000,000.00 (one hundred billion rupiah) for Sharia Units of Insurance Companies; and
2. IDR 200,000,000,000.00 (two hundred billion rupiah) for Sharia Units of Reinsurance Companies,
   based on the latest annual financial report audited by a public accountant.
   (3) In the event that during the process of Separation of Sharia Units, the assets and/or equity of the Sharia Unit decrease and no longer meet the requirements as referred to in paragraph (2), the aforementioned condition does not eliminate the obligation of the Insurance Company and Reinsurance Company to carry out the Separation of Sharia Units.

Article 5
The implementation of the Separation of Sharia Units as referred to in Article 3 paragraph (2) must meet the following provisions:
a. not reducing the rights of policyholders and participants; and b. not causing:

1. Insurance Companies and Reinsurance Companies that have Sharia Units;
2. Sharia Insurance Companies and Sharia Reinsurance Companies newly resulting from the Separation of Sharia Units; and
3. Sharia Insurance Companies and Sharia Reinsurance Companies receiving the transfer of the policyholder portfolio,
   to violate provisions of applicable legislation in the field of insurance.

Fourth Section
Authority of the Financial Services Authority in the Context of Implementation of Separation of Sharia Units
Article 6
(1) The Financial Services Authority has the authority to request the Separation of Sharia Units from Insurance Companies and Reinsurance Companies that have already had Sharia Units in the context of insurance consolidation. (2) Consolidation as referred to in paragraph (1) is carried out in accordance with the Financial Services Authority Regulation concerning business licensing and institutional structure of Insurance Companies, Sharia Insurance Companies, Reinsurance Companies, and Sharia Reinsurance Companies.

Article 7
(1) Insurance Companies and Reinsurance Companies that have Sharia Units must carry out the Separation of Sharia Units with a deadline no later than December 31, 2026.
(2) Insurance Companies and Reinsurance Companies that carry out the Separation of Sharia Units by establishing new Sharia Insurance Companies and Sharia Reinsurance Companies as referred to in Article 3 paragraph (2) letter a and have not yet met the minimum equity requirements as referred to in Article 4 paragraph (2) letter b must carry out:
a. an increase in the equity of the Sharia Unit originating from the shareholders of the Insurance Company and Reinsurance Company; b. an increase in the equity of the Sharia Unit originating from new investors; and/or
c. the transfer of the entire policyholder portfolio of the Sharia Unit to a Sharia Insurance Company or Sharia Reinsurance Company that has obtained a business license as referred to in Article 3 paragraph (2) letter b.
(3) For Insurance Companies and Reinsurance Companies that have Sharia Units and have not carried out the Separation of Sharia Units until the deadline as referred to in paragraph (1), the Financial Services Authority has the authority to revoke the license to form the Sharia Unit. (4) Insurance Companies or Reinsurance Companies that have Sharia Units and are subject to the revocation of the license to form the Sharia Unit as referred to in paragraph (3) must settle rights and obligations to policyholders and participants.

Fifth Section
Capitalization of Sharia Insurance Companies and Sharia Reinsurance Companies Resulting from the Separation of Sharia Units
Article 8
(1) Sharia Insurance Companies and Sharia Reinsurance Companies resulting from the Separation of Sharia Units as referred to in Article 3 paragraph (2) letter a must meet the minimum equity required in the Financial Services Authority Regulation concerning business licensing and institutional structure of Insurance Companies, Sharia Insurance Companies, Reinsurance Companies, and Sharia Reinsurance Companies. (2) In the event that the equity of the Sharia Unit of the Insurance Company and Reinsurance Company is greater than the minimum equity required as referred to in paragraph (1), the Sharia Insurance Company and Sharia Reinsurance Company resulting from the Separation of Sharia Units must meet the equity value provision of at least equal to the equity of the Sharia Unit before the Separation of Sharia Units. (3) Insurance Companies and Reinsurance Companies that have Sharia Units are prohibited from using business profits from the Sharia Unit other than for the increase of the equity of the Sharia Unit.

Sixth Section
Mechanism and Procedures for Separation of Sharia Units
Article 9
Insurance Companies and Reinsurance Companies that have Sharia Units must submit changes to the Separation of Sharia Units work plan to the Financial Services Authority to obtain approval no later than December 31, 2023.

Article 10
(1) Insurance Companies and Reinsurance Companies that carry out the Separation of Sharia Units must:
a. notify the work plan for the Separation of Sharia Units to policyholders and participants; b. announce the work plan for the Separation of Sharia Units to policyholders and participants; and
c. provide restitution of rights to policyholders, participants, and related parties if there is rejection.
(2) Sharia Insurance Companies and Sharia Reinsurance Companies resulting from the Separation of Sharia Units may only conduct business activities after obtaining a business license from the Financial Services Authority. (3) To obtain the business license as referred to in paragraph (2), the Board of Directors of the Sharia Insurance Company or Sharia Reinsurance Company must submit a business license application to the Financial Services Authority by meeting the provisions in the Financial Services Authority Regulation concerning business licensing and institutional structure of Insurance Companies, Sharia Insurance Companies, Reinsurance Companies, and Sharia Reinsurance Companies. (4) Insurance Companies and Reinsurance Companies must transfer the entire policyholder portfolio from the Sharia Unit to the Sharia Insurance Company and Sharia Reinsurance Company resulting from the Separation of Sharia Units after the Sharia Insurance Company or Sharia Reinsurance Company resulting from the Separation of Sharia Units obtains a business license from the Financial Services Authority as referred to in paragraph (2). (5) The transfer of the policyholder portfolio from the Sharia Unit to the Sharia Insurance Company and Sharia Reinsurance Company resulting from the Separation of Sharia Units as referred to in paragraph (4) must be carried out after first obtaining approval from the Financial Services Authority. (6) The transfer of the policyholder portfolio from the Sharia Unit to the Sharia Insurance Company and Sharia Reinsurance Company receiving the Separation of Sharia Units as referred to in Article 3 paragraph (2) letter b must be carried out after first obtaining approval from the Financial Services Authority. (7) The implementation of the transfer of the policyholder portfolio as referred to in paragraph (5) and paragraph (6) must be carried out in accordance with the portfolio transfer that has obtained approval from the Financial Services Authority. (8) Insurance Companies and Reinsurance Companies that carry out the Separation of Sharia Units must:
a. notify the Separation of Sharia Units to policyholders and participants; and b. announce the Separation of Sharia Units to policyholders and participants, after the business license application as referred to in paragraph (3) and after the approval of the portfolio transfer as referred to in paragraph (5) and paragraph (6) is approved by the Financial Services Authority. (9) In the event that the Separation of Sharia Units process has been completed, the Insurance Company and Reinsurance Company carrying out the Separation of Sharia Units must:
a. report the implementation of the transfer of the policyholder portfolio from the Sharia Unit; and b. submit an application for the revocation of the license to form the Sharia Unit, to the Financial Services Authority within a maximum of 10 (ten) working days after the date of implementation of the transfer of the policyholder portfolio from the Sharia Unit. (10) Insurance Companies and Reinsurance Companies that carry out the Separation of Sharia Units must meet the Financial Services Authority Regulation concerning consumer and public protection in the financial services sector. (11) Further provisions regarding the mechanism, procedures, notification, announcement, reporting, and approval by the Financial Services Authority for the Separation of Sharia Units are established by the Financial Services Authority.

Seventh Section
Administrative Sanctions
Article 11
(1) Violations of the provisions as referred to in Article 3 paragraph (3), Article 4 paragraph (1), Article 5, Article 7 paragraph (1), paragraph (2), and paragraph (4), Article 8, Article 9, and Article 10 paragraph (1), paragraph (3), paragraph (4), paragraph (5), paragraph (6), paragraph (7), paragraph (8), paragraph (9), and paragraph (10) are subject to administrative sanctions in the form of:
a. written warning; and/or b. downgrade of health level.
(2) Administrative sanctions in the form of written warnings as referred to in paragraph (1) do not apply the staging of written warnings as referred to in the Financial Services Authority Regulation concerning procedures and methods for imposing administrative sanctions in the field of insurance and blocking of assets of insurance companies, Sharia insurance companies, reinsurance companies, and Sharia reinsurance companies. (3) Insurance Companies or Reinsurance Companies that violate the provisions:
a. submission of changes to the Separation of Sharia Units work plan as referred to in Article 9 are subject to additional administrative sanctions in the form of an administrative fine of IDR 50,000,000.00 (fifty million rupiah); and b. transfer of the policyholder portfolio from the Sharia Unit to the Sharia Insurance Company and Sharia Reinsurance Company as referred to in Article 10 paragraph (5) and paragraph (6) are subject to additional administrative sanctions in the form of an administrative fine of IDR 100,000,000.00 (one hundred million rupiah). (4) Insurance Companies or Reinsurance Companies that violate the reporting provisions to the Financial Services Authority as referred to in Article 10 paragraph (9) are subject to additional administrative sanctions in the form of an administrative fine of IDR 500,000.00 (five hundred thousand rupiah) per day of delay and at most IDR 100,000,000.00 (one hundred million rupiah). (5) In the event that Insurance Companies, Reinsurance Companies, Sharia Insurance Companies, and/or Sharia Reinsurance Companies violate the provisions as referred to in paragraph (1) but the violation has been corrected, the Insurance Company, Reinsurance Company, Sharia Insurance Company, and/or Sharia Reinsurance Company are subject to administrative sanctions in the form of a written warning that ends automatically. (6) In the event that Insurance Companies, Reinsurance Companies, Sharia Insurance Companies, and/or Sharia Reinsurance Companies have met the provisions as referred to in paragraph (1), the Financial Services Authority revokes the administrative sanction in the form of a written warning.

Eighth Section
Re-evaluation of Principal Parties
Article 12
In the event that the Financial Services Authority has imposed administrative sanctions as referred to in Article 11 paragraph (1) and the Insurance Company, Reinsurance Company, Sharia Insurance Company, and/or Sharia Reinsurance Company do not meet the provisions that caused the administrative sanction to be imposed, the Financial Services Authority has the authority to carry out a re-evaluation of the principal parties of the Insurance Company, Reinsurance Company, Sharia Insurance Company, and/or Sharia Reinsurance Company.

CHAPTER III
INCENTIVES IN THE SEPARATION OF SHARIA UNITS
First Section
Synergy in One Ownership
Article 13
(1) Sharia Insurance Companies and Sharia Reinsurance Companies resulting from the Separation of Sharia Units may carry out synergy with Insurance Companies and Reinsurance Companies that have an ownership relationship for Sharia development. (2) Synergy as referred to in paragraph (1) is carried out in accordance with the Financial Services Authority Regulation concerning business licensing and institutional structure of Insurance Companies, Sharia Insurance Companies, Reinsurance Companies, and Sharia Reinsurance Companies.

Second Section
Incentives for Insurance Companies and Reinsurance Companies Carrying Out Separation of Sharia Units
Article 14
Insurance Companies and Reinsurance Companies that submit applications for Separation of Sharia Units are not required to meet the minimum paid-up capital requirements for the establishment of Sharia Insurance Companies and Sharia Reinsurance Companies resulting from the Separation of Sharia Units as regulated in the Financial Services Authority Regulation concerning business licensing and institutional structure of Insurance Companies, Sharia Insurance Companies, Reinsurance Companies, and Sharia Reinsurance Companies.

Third Section
Support from Sharia Financial Service Institutions
Article 15
Financial service institutions that conduct business activities based on Sharia principles must prioritize the use of Sharia insurance and reinsurance products and/or services.

CHAPTER IV
OTHER PROVISIONS
Article 16
(1) The Financial Services Authority does not grant licenses to form new Sharia Units for Insurance Companies and Reinsurance Companies.
(2) The Financial Services Authority, based on certain considerations, may grant approval or policies that differ from this Financial Services Authority Regulation.

CHAPTER V
TRANSITIONAL PROVISIONS
Article 17
(1) Applications for approval of Separation of Sharia Units that have been received by the Financial Services Authority before this Financial Services Authority Regulation is promulgated are processed in accordance with the Financial Services Authority Regulation concerning business licensing and institutional structure of Insurance Companies, Sharia Insurance Companies, Reinsurance Companies, and Sharia Reinsurance Companies. (2) For Insurance Companies and Reinsurance Companies that have submitted applications for Separation of Sharia Units before this Financial Services Authority Regulation is promulgated but have not yet met the conditions as referred to in Article 4 paragraph (2), may submit an application for cancellation of the Separation of Sharia Units.

CHAPTER VI
CLOSING PROVISIONS
Article 18
At the time this Financial Services Authority Regulation takes effect, the provisions as referred to in Article 17 to Article 27 of Financial Services Authority Regulation Number 67/POJK.05/2016 concerning Business Licensing and Institutional Structure of Insurance Companies, Sharia Insurance Companies, Reinsurance Companies, and Sharia Reinsurance Companies (State Gazette of the Republic of Indonesia Year 2016 Number 300, Supplement to the State Gazette of the Republic of Indonesia Number 5990) are revoked and declared invalid.

Article 19
This Financial Services Authority Regulation takes effect on the date of promulgation.

This copy is in accordance with the original
Director of Law 1
Legal Department signed
Mufli Asmawidjaja

In order that everyone knows it, it is ordered to promulgate this Financial Services Authority Regulation by placing it in the State Gazette of the Republic of Indonesia.
Established in Jakarta on July 11, 2023
CHAIRMAN OF THE COMMISSIONER COUNCIL
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA, signed
MAHENDRA SIREGAR
Promulgated in Jakarta on July 11, 2023
MINISTER OF LAW AND HUMAN RIGHTS
REPUBLIC OF INDONESIA, signed
YASONNA H. LAOLY
STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2023 NUMBER 19/OJK

EXPLANATION
OF
FINANCIAL SERVICES AUTHORITY REGULATION
OF THE REPUBLIC OF INDONESIA
NUMBER 11 OF 2023
CONCERNING
THE SEPARATION OF SHARIA UNITS OF INSURANCE AND REINSURANCE COMPANIES

I. GENERAL

In accordance with the mandate of Law Number 21 of 2011 concerning the Financial Services Authority as amended by Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (UU P2SK), which states that the Financial Services Authority is established with the objective of realizing a financial system that grows sustainably and stably, and is capable of protecting the interests of consumers and the public.

In relation to the mandate of Article 87 paragraph (3) of Law Number 40 of 2014 concerning Insurance as amended by UU P2SK, which states that Insurance Companies and Reinsurance Companies that have Sharia Units, after meeting certain requirements established by the Financial Services Authority, are required to separate their Sharia Units into Sharia Insurance Companies and Sharia Reinsurance Companies. Furthermore, it is also mandated that the Financial Services Authority may require the separation of Sharia Units into Sharia Insurance Companies and Sharia Reinsurance Companies in the context of insurance consolidation.

The fact that only a few Insurance Companies and Reinsurance Companies have carried out the Separation of Sharia Units indicates that the majority of Insurance Companies and Reinsurance Companies still require time to conduct evaluations and preparations for the Separation of Sharia Units. Besides business considerations, the regulatory framework is certainly also one of the considerations for Insurance Companies and Reinsurance Companies in carrying out the Separation of Sharia Units. Based on the process of Separation of Sharia Units that has been carried out by Insurance Companies and Reinsurance Companies, it is understood that there is a need to refine the regulations regarding the Separation of Sharia Units because there are regulations that are open to multiple interpretations or may hinder the implementation of the Separation of Sharia Units.

Considering the very large Sharia market share, the obligation of Separation of Sharia Units as mandated in UU P2SK will certainly have a very significant impact on market structure and the development of Sharia insurance and reinsurance after all Insurance Companies and Reinsurance Companies have carried out the Separation of Sharia Units. Therefore, the preparatory steps taken by Insurance Companies and Reinsurance Companies need to receive support from all stakeholders so that the implementation of UU P2SK regarding the obligation of Separation of Sharia Units can add value to the development of the domestic Sharia insurance and reinsurance industry.

The regulation of the Separation of Sharia Units for Insurance Companies and Reinsurance Companies is also aligned with the regulatory direction aimed at encouraging consolidation in the insurance industry, through increased paid-up capital for the establishment of insurance companies, increased minimum equity for insurance companies, strengthened governance and risk management, strengthened insurance industry ecosystem, and the application of international standards. This is intended to increase the resilience of insurance companies in crisis conditions, while supporting business process transformation by optimizing information technology innovation, thereby enabling insurance companies to increase their reach in providing products/services.

In relation to the above, the Financial Services Authority, as the organizer of regulation and supervision for financial service institutions, has an interest in ensuring that the implementation of the Separation of Sharia Units carried out by Insurance Companies and Reinsurance Companies can be carried out well and is expected to encourage the Sharia insurance and reinsurance industry to grow sustainably and not harm the interests of policyholders and participants. Therefore, the Financial Services Authority needs to issue Financial Services Authority Regulations regarding the Separation of Sharia Units of Insurance and Reinsurance Companies.

II. ARTICLE BY ARTICLE

Article 1
It is clear enough.

Article 2
It is clear enough.

Article 3
It is clear enough.

Article 4
Paragraph (1)
It is clear enough.
Paragraph (2)
Letter a
It is clear enough.
Letter b
What is meant by "minimum equity of the Sharia Unit" is the company fund equity in the Sharia Unit.
Paragraph (3)
It is clear enough.

Article 5
It is clear enough.

Article 6
It is clear enough.

Article 7
Paragraph (1)
What is meant by "deadline" is the deadline for completing the implementation of the Separation of Sharia Units.
Paragraph (2)
It is clear enough.
Paragraph (3)
It is clear enough.
Paragraph (4)
It is clear enough.

Article 8
It is clear enough.

Article 9
It is clear enough.

Article 10
It is clear enough.

Article 11
It is clear enough.

Article 12
It is clear enough.

Article 13
Paragraph (1)
The synergy of the companies referred to is carried out among others in the use of information technology infrastructure, facilities and infrastructure, and human resources.
Paragraph (2)
It is clear enough.

Article 14
It is clear enough.

Article 15
It is clear enough.

Article 16
Paragraph (1)
It is clear enough.
Paragraph (2)
What is meant by "certain considerations" includes among others the granting of approval for the request for extension of the time period requested by Insurance Companies and Reinsurance Companies.

Article 17
It is clear enough.

Article 18
It is clear enough.

Article 19
It is clear enough.

SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 44 /OJK ---