POJK on Business Licensing and Institutional Requirements for Insurance Brokerage Companies, Reinsurance Brokerage Companies, and Insurance Loss Adjusting Companies

FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 68 /POJK.05/2016
CONCERNING
BUSINESS LICENSING AND INSTITUTIONAL REQUIREMENTS FOR INSURANCE BROKERAGE COMPANIES, REINSURANCE BROKERAGE COMPANIES, AND INSURANCE LOSS ADJUSTING COMPANIES BY THE GRACE OF GOD THE ALMIGHTY THE COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY, Considering: that in order to implement the provisions of Article 8 paragraph (4),
Article 10 paragraph (4), Article 17 paragraph (3), Article 27 paragraph (3), Article
40 paragraph (6), Article 69 paragraph (2), and Article 88 paragraph (2) of Law Number 40 of 2014 concerning Insurance, it is necessary to establish a Financial Services Authority Regulation concerning Business Licensing and Institutional Requirements for Insurance Brokerage Companies, Reinsurance Brokerage Companies, and Insurance Loss Adjusting 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);
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);

COPY

RESOLVING:
Decree: FINANCIAL SERVICES AUTHORITY REGULATION CONCERNING BUSINESS LICENSING AND INSTITUTIONAL REQUIREMENTS FOR INSURANCE BROKERAGE COMPANIES, REINSURANCE BROKERAGE COMPANIES, AND INSURANCE LOSS ADJUSTING COMPANIES.

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

Company means an insurance brokerage company, a reinsurance brokerage company, and an insurance loss adjusting company.
Insurance Brokerage Business means a consulting and/or intermediary service business in closing insurance or Sharia insurance policies and handling claim settlements, acting on behalf of and for the policyholder, insured, or participant as referred to in Law Number 40 of 2014 concerning Insurance.
Reinsurance Brokerage Business means a consulting and/or intermediary service business in placing reinsurance or Sharia reinsurance and handling claim settlements, acting on behalf of and for insurance companies, Sharia insurance companies, guarantee companies, Sharia guarantee companies, reinsurance companies, or Sharia reinsurance companies that place reinsurance or Sharia reinsurance as referred to in Law Number 40 of 2014 concerning Insurance.
Insurance Loss Adjusting Business means a claim assessment service and/or consulting service for insurance objects as referred to in Law Number 40 of 2014 concerning Insurance.
Insurance Brokerage Company means a company that conducts Insurance Brokerage Business.
Reinsurance Brokerage Company means a company that conducts Reinsurance Brokerage Business.
Insurance Loss Adjusting Company means a company that conducts Insurance Loss Adjusting Business.
Insurance Broker means an individual who works at an Insurance Brokerage Company and meets the requirements to give recommendations or represent policyholders, insured persons, or participants in closing insurance or Sharia insurance and/or claim settlements as referred to in Law Number 40 of 2014 concerning Insurance.
Reinsurance Broker means an individual who works at a Reinsurance Brokerage Company and meets the requirements to give recommendations or represent insurance companies, Sharia insurance companies, guarantee companies, Sharia guarantee companies, reinsurance companies, or Sharia reinsurance companies in closing reinsurance or Sharia reinsurance and/or claim settlements as referred to in Law Number 40 of 2014 concerning Insurance.
Paid-up Capital:
a. for Companies in the form of a limited liability company (Perseroan Terbatas), is paid-up capital; or b. for Companies in the form of a legal entity cooperative, is the principal savings and mandatory savings.
Party means an individual or business entity, whether in the form of a legal entity or not, as referred to in Law Number 40 of 2014 concerning Insurance.
Controller means a Party that directly or indirectly has the ability to determine the Board of Directors, Board of Commissioners, or equivalent bodies in a legal entity cooperative or joint venture and/or influence the actions of the Board of Directors, Board of Commissioners, or equivalent bodies in a legal entity cooperative or joint venture as referred to in Law Number 40 of 2014 concerning Insurance.
General Meeting of Shareholders, hereinafter abbreviated as GMS, is the general meeting of shareholders as referred to in Law Number 40 of 2007 concerning Limited Liability Companies for Companies in the form of a limited liability company legal entity or equivalent to GMS for Companies in the form of a cooperative legal entity.
Board of Directors is the Board of Directors as referred to in Law Number 40 of 2007 concerning Limited Liability Companies for Companies in the form of a limited liability company legal entity or equivalent to the Board of Directors for Companies in the form of a cooperative legal entity.
Board of Commissioners is the Board of Commissioners as referred to in Law Number 40 of 2007 concerning Limited Liability Companies for Companies in the form of a limited liability company legal entity or equivalent to the Board of Commissioners for Companies in the form of a cooperative legal entity.
Professional Certification Body is an implementing body for professional certification activities that obtains a license from a state institution authorized to grant licenses to professional certification bodies in Indonesia.
Expert Personnel means an individual who has specific qualifications and/or expertise and is appointed as Expert Personnel at the Company where they work.
Association means an association of Insurance Brokerage Companies, Reinsurance Brokerage Companies, Insurance Loss Adjusting Companies, or professional expertise within the scope of the Company's business.
Financial Services Authority, hereinafter abbreviated as OJK, is an independent institution that has the functions, duties, and authorities for regulation, supervision, examination, and investigation as referred to in Law Number 21 of 2011 concerning the Financial Services Authority.

CHAPTER II
LEGAL ENTITY FORM, OWNERSHIP,
COMPANY NAME, AND CAPITAL
Section One
Legal Entity Form
Article 2
The legal entity form of the Company is:
a. a limited liability company; or b. a cooperative.

Section Two
Ownership
Article 3
(1) The Company may only be owned by:
a. Indonesian citizens and/or Indonesian legal entities that are directly or indirectly wholly owned by Indonesian citizens; or b. Indonesian citizens and/or Indonesian legal entities as referred to in letter a, together with foreign citizens or foreign legal entities, which must be Companies with similar businesses or parent companies where one of their subsidiary companies operates in a similar insurance business. (2) Foreign citizens as referred to in paragraph (1) letter b may become owners of the Company only through transactions on the stock exchange. (3) The criteria for foreign legal entities and foreign ownership as referred to in paragraph (1) letter b, as well as foreign citizen ownership as referred to in paragraph (2) in the Company, shall refer to Government Regulations regarding foreign ownership in insurance companies.

Article 4
(1) Companies that have obtained business licenses at the time Law Number 40 of 2014 concerning Insurance was promulgated and have not yet met the provisions as referred to in Article 3 paragraph (1) letter a are required to adjust to these provisions by:
a. transferring their share ownership to Indonesian citizens; or b. changing ownership through a public offering mechanism (initial public offering), no later than 5 (five) years since the promulgation of Law Number 40 of 2014 concerning Insurance. (2) Ownership changes through the public offering mechanism (initial public offering) as referred to in paragraph (1) letter b may be carried out if the Company has made efforts to transfer its share ownership to Indonesian citizens as referred to in paragraph (1) letter a. (3) In order to fulfill the provisions as referred to in paragraph (1), the Company is required to prepare an action plan containing at least the method of adjustment, implementation stages, and timeframes. (4) The action plan as referred to in paragraph (3) must obtain approval from the GMS. (5) The action plan that has obtained GMS approval as referred to in paragraph (4) must be submitted by the Company's Board of Directors to the OJK no later than 6 (six) months since the promulgation of this OJK Regulation. (6) The OJK provides approval or requests corrections for the action plan as referred to in paragraph (5) no later than 20 (twenty) working days from the date of receipt of the action plan. (7) The Company may make changes to the action plan that has obtained OJK approval at most 3 (three) times. (8) The provisions regarding the action plan as referred to in paragraphs (4) to (6) apply mutatis mutandis to changes to the action plan as referred to in paragraph (7). (9) The Company is required to submit the implementation of the action plan that has obtained approval as referred to in paragraph (6) to the OJK no later than 10 (ten) working days since the realization of the action plan or according to the stages of the action plan.

Section Three
Company Name
Article 5
(1) The Company must use a Company name that begins with the legal entity form and contains the word:
a. Insurance Broker, insurance broker, or a word characterizing Insurance Brokerage activities for Insurance Brokerage Companies; b. Reinsurance Broker, reinsurance broker, or a word characterizing Reinsurance Brokerage activities for Reinsurance Brokerage Companies; or
c. Insurance Loss Adjuster, adjuster, or a word characterizing Insurance Loss Adjusting activities for Insurance Loss Adjusting Companies.
(2) The use of the Company name as referred to in paragraph (1) for Companies in the form of a limited liability company legal entity must meet the provisions of legislation regarding limited liability companies. (3) The Company name must be clearly stated on the office building, advertisements, and letterheads of the Company. (4) The OJK has the authority to request the Company to change its name if the Company name does not comply with the provisions as referred to in paragraph (1).

Section Four
Capital
Article 6
(1) Insurance Brokerage Companies must have Paid-up Capital at the time of establishment of at least IDR 3,000,000,000.00 (three billion rupiah).
(2) Reinsurance Brokerage Companies must have Paid-up Capital at the time of establishment of at least IDR 5,000,000,000.00 (five billion rupiah).
(3) Insurance Loss Adjusting Companies must have Paid-up Capital at the time of establishment of at least IDR 500,000,000.00 (five hundred million rupiah). (4) The Paid-up Capital as referred to in paragraphs (1) to (3) must be paid in full in cash in the form of time deposits and/or checking accounts in the name of the Insurance Brokerage Company, Reinsurance Brokerage Company, or Insurance Loss Adjusting Company at one of the commercial banks, Sharia commercial banks, or Sharia business units of commercial banks in Indonesia.

Article 7
(1) Shareholders of the Company in the form of foreign legal entities must have a rating of at least A or equivalent from an internationally recognized rating agency. (2) For shareholders in the form of foreign legal entities that are parent companies where one of their subsidiary companies operates in a similar insurance business, the fulfillment of the rating provisions as referred to in paragraph (1) may be fulfilled by the rating of one of the subsidiary companies operating in a similar insurance business. (3) For shareholders of the Company in the form of Indonesian legal entities, the direct participation amount in the Company is set at a maximum of the shareholder's equity. (4) The direct participation amount provisions as referred to in paragraph (3) do not apply to shareholders of the Company that are financial service institutions under the supervision of the OJK. (5) For financial service institutions under the supervision of the OJK, the direct participation amount in the Company must be carried out in accordance with the provisions of legislation governing investments and/or participations. (6) The direct participation amount as referred to in paragraph (3) must be fulfilled at the time the respective legal entity:
a. pays the establishment capital of the Company; b. changes the shareholders of the Company; and/or
c. increases the Paid-up Capital of the Company.

CHAPTER III
BUSINESS LICENSING
Section One
Requirements and Procedures for Obtaining Business Licenses
Article 8
(1) Any Party conducting Insurance Brokerage Business, Reinsurance Brokerage Business, or Insurance Loss Adjusting Business must first obtain a business license from the OJK. (2) To obtain a business license as referred to in paragraph (1), the Board of Directors must submit a business license application to the OJK.

Article 9
(1) The business license application as referred to in Article 8 paragraph (2) must be submitted by the Board of Directors to the OJK using Format 1 as contained in the Appendix which is an integral part of this OJK Regulation. (2) The submission of the business license application as referred to in paragraph (1) must be accompanied by documents:
a. photocopy of the deed of establishment of the legal entity that has been approved by the competent authority, which must at least contain:
1. name and domicile;
2. purpose and business activities;
3. capital;
4. ownership; and
5. authority, responsibilities, and tenure of Board of Directors members and Board of Commissioners members,
and photocopy of the deed of amendment to the articles of association (if any) accompanied by photocopy of proof of approval and/or proof of notification receipt from the competent authority; b. organizational structure completed with descriptions of duties, authorities, responsibilities, and work procedures;
c. photocopy of proof of payment of Paid-up Capital in cash form and photocopy of proof of placement of minimum Paid-up Capital in the form of time deposits and/or checking accounts at one of the commercial banks, Sharia commercial banks, or Sharia business units of commercial banks, legalized by the receiving bank of the deposit which is still valid during the license application process;
d. ownership list, consisting of:
1. list of shareholders including details of each share ownership and the entire related business group structure and the Company's owner legal entities down to the ultimate owner, for Companies in the form of a limited liability company legal entity; or
2. list of members including the amount of principal savings and mandatory savings, for Companies in the form of a cooperative legal entity;
e. data on shareholders or members other than Controllers:
1. individuals, accompanied by:
a) photocopy of identification card (KTP) or valid passport; b) photocopy of taxpayer identification number (NPWP); c) photocopy of tax return (SPT) for the last 2 (two) years and other documents showing the financial capacity and source of funds of the prospective individual shareholder; d) curriculum vitae completed with the latest 4 x 6 cm color photo; e) statement letter from the concerned party stating that:
1) capital deposits do not originate from loans;
2) capital deposits do not originate from money laundering and financial crime activities;
3) there are no non-performing loans and/or financing;
4) they are not included as Parties prohibited from becoming shareholders or Parties managing, supervising, and/or having significant influence on financial service institutions;
5) they have never been sentenced for criminal offenses in the financial service and/or economic business fields based on final court decisions in the last 5 (five) years;
6) they have never been sentenced for criminal offenses based on final court decisions in the last 5 (five) years;
7) they have never been declared bankrupt or found guilty causing a company to be declared bankrupt based on final court decisions in the last 5 (five) years; and
8) they have never been controlling shareholders, Board of Directors members, Board of Commissioners members, Controllers, or members of the Supervisory Board (DPS) in financial service companies whose business licenses were revoked due to violations in the last 5 (five) years;
2. legal entities, accompanied by:
a) photocopy of the deed of establishment of the legal entity including articles of association and amendments (if any), accompanied by photocopy of approval proof, photocopy of approval proof, and/or photocopy of notification receipt from the competent authority; b) financial reports audited by public accountants, completed with non-consolidated financial reports and the latest monthly financial reports; c) documents as referred to in paragraph (2) letter e number 1 letter a), letter b), and letter d), for the directors or equivalent of the respective legal entity; and d) statement letter from the directors or equivalent of the respective legal entity stating that:
1) capital deposits do not originate from loans;
2) capital deposits do not originate from money laundering and financial crime activities;
3) there are no non-performing loans and/or financing;
4) they are not included as Parties prohibited from becoming shareholders or Parties managing, supervising, and/or having significant influence on financial service institutions;
5) they have never been sentenced for criminal offenses in the financial service and/or economic business fields based on final court decisions in the last 5 (five) years;
6) they have never been declared bankrupt or found guilty causing a company to be declared bankrupt based on final court decisions in the last 5 (five) years; and
7) they have never been controlling shareholders in financial service companies whose business licenses were revoked due to violations in the last 5 (five) years; and
e) rating results from an internationally recognized rating agency, for shareholders in the form of foreign legal entities;
3. the Republic of Indonesia, accompanied by photocopy of government regulations regarding state capital participation for the establishment of the Company;
4. local governments, accompanied by photocopy of regional regulations regarding regional capital participation for the establishment of the Company;
f. list of Controllers along with information regarding the form of control; g. proof of employing Expert Personnel; h. work plan for the first 3 (three) years containing at least:
1. feasibility study regarding market opportunities and economic potential as well as business lines to be entered and target markets;
2. steps taken to realize the aforementioned plan; and
3. cash flow projections, balance sheets, semi-annual profit/loss calculations, and Company health levels and underlying assumptions, starting from when the Company conducts operational activities;
i. photocopy of the Company's risk management guidelines;
j. photocopy of agreements with third parties (if any) and policies for transferring part of the functions in conducting business; k. administrative systems and data management infrastructure supporting the preparation and submission of reports to the OJK;
l. confirmation from the supervisory authority in the country of origin of the foreign Party, in case of direct participation from foreign Parties;
m. proof of payment of licensing fees; and n. other documents to support healthy business growth, including:
1. photocopy of initial/opening financial position reports of the Company;
2. proof of operational readiness;
3. proof of having valid professional indemnity insurance with coverage of at least equal to the Paid-up Capital;
4. human resources plan including human resource development plan for at least the first 3 (three) years;
5. photocopy of anti-money laundering and counter-terrorism financing program guidelines;
6. photocopy of good corporate governance guidelines;
7. photocopy of investment governance guidelines;
8. photocopy of cooperation agreements between shareholders in the form of foreign legal entities and Indonesian shareholders, for Companies with participation from foreign legal entities, made in Indonesian language and containing at least:
a) capital composition and details of authority, containing at least provisions regarding voting rights, profit and loss distribution, and appointment of Board of Directors and Board of Commissioners members of Insurance Brokerage Companies, Reinsurance Brokerage Companies, or Insurance Loss Adjusting Companies; and b) obligations of shareholders in the form of foreign legal entities to prepare and implement education and training programs according to their fields of expertise. (3) The business license application as referred to in paragraph (1) is submitted together with the application for suitability and propriety assessment for prospective principal parties of the Company. (4) Provisions regarding the suitability and propriety assessment for principal parties of the Company and the application for suitability and propriety assessment as referred to in paragraph (3) are regulated in OJK Regulations regarding suitability and propriety assessment for principal parties of financial service institutions.

Section Two
Approval or Rejection of Business License Applications
Article 10
(1) The OJK provides approval, requests for document completeness, or rejection as referred to in Article 9 paragraph (1) within a maximum period of 20 (twenty) working days since the business license application was received. (2) In order to provide approval or rejection as referred to in paragraph (1), the OJK conducts:
a. examination of document completeness as referred to in Article 9 paragraph (2); b. verification of capital deposits;
c. feasibility analysis of the work plan as referred to in Article 9 paragraph (2) letter h;
d. suitability and propriety assessment of prospective principal parties; and e. analysis of compliance with insurance legislation.
(3) The OJK may conduct an inspection of the Company's office to ensure the Company's operational readiness.
(4) The applicant must submit document completeness as referred to in paragraph (1) no later than 20 (twenty) days from the date of the document completeness request letter from the OJK. (5) In the event that the applicant has submitted document completeness as referred to in paragraph (4), the OJK provides approval or rejection in accordance with the provisions as referred to in paragraph (1). (6) If within 20 (twenty) working days since the date of the document completeness request letter as referred to in paragraph (1), the OJK has not received a response to the document completeness request, the applicant is deemed to have cancelled the business license application. (7) In the event that the business license application as referred to in paragraph (1) is approved, the OJK establishes a decision on the granting of the business license to the applicant. (8) In the event that the OJK rejects the business license application as referred to in paragraph (1), the rejection

must be done in writing accompanied by the reasons.

Article 11
(1) Companies that have obtained a business license from OJK are required to conduct business activities for a maximum of 6 (six) months calculated from the date the business license is established by OJK. (2) Companies are required to submit reports on the implementation of business activities as referred to in paragraph (1) to OJK for a maximum of 10 (ten) working days from the date business activities begin. (3) Reports on the implementation of business activities as referred to in paragraph (2) must be submitted by the Company's Board of Directors to OJK using Format 2 as stated in the Appendix which is an integral part of this OJK Regulation. (4) Reports on the implementation of business activities as referred to in paragraph (2) are accompanied by:
a. proof of insurance placement for Insurance Broker Companies, proof of reinsurance placement for Reinsurance Broker Companies, or proof of work order letters for Insurance Loss Assessor Companies; and b. photocopies of residence permits and/or work permits for foreign workers issued by the competent authority, for members of the Board of Directors and/or members of the Board of Commissioners who are foreign nationals.

CHAPTER IV
CONTROLLING PARTIES

Article 12
(1) Parties categorized as Controlling Parties are:
a. shareholders; or b. non-shareholders.
(2) Controlling Parties who are shareholders as referred to in paragraph (1) letter a must meet integrity and financial feasibility criteria as regulated in OJK regulations regarding the assessment of capability and propriety for key parties of financial service institutions. (3) Controlling Parties who are not shareholders as referred to in paragraph (1) letter b must meet integrity and financial reputation criteria as regulated in OJK regulations regarding the assessment of capability and propriety for key parties of financial service institutions.

CHAPTER V
ORGANIZATIONAL STRUCTURE

Article 13
(1) Insurance Broker Companies and Reinsurance Broker Companies must have an organizational structure that clearly describes at least the following functions:
a. customer service; b. brokerage technical; and
c. administration, finance, and internal audit.
(2) Insurance Loss Assessor Companies must have an organizational structure that clearly describes at least the following functions:
a. customer service; b. insurance loss assessment technical; and
c. administration, finance, and internal audit.
(3) The organizational structure as referred to in paragraph (1) or paragraph (2) must be completed with written descriptions of duties, authorities, responsibilities, and work procedures, which are established by the Board of Directors. (4) The organizational structure as referred to in paragraph (1) and paragraph (2) must reflect good internal controls. (5) Companies must have employees responsible for each function as referred to in paragraph (1) or paragraph (2). (6) Company management must be supported at least by data processing systems that can produce accurate and accountable information in decision-making.

CHAPTER VI
HUMAN RESOURCES
First Section
Certification

Article 14
(1) Members of the Board of Directors of Insurance Broker Companies and Reinsurance Broker Companies must have brokerage certificates with a level at least 1 (one) level below the highest qualification from the Professional Certification Institution in the insurance field. (2) Members of the Board of Directors of Insurance Loss Assessor Companies must have insurance loss assessor expert certificates with a level at least 1 (one) level below the highest qualification from the Professional Certification Institution in the insurance field. (3) Further regulations regarding certification for members of the Board of Directors as referred to in paragraph (1) and paragraph (2) are regulated in OJK Circular Letters.

Second Section
Use of Foreign Workers

Article 15
(1) Companies may use foreign workers.
(2) Foreign workers as referred to in paragraph (1) are to be employed as:
a. Expert Workers with a job level 1 (one) level below the Board of Directors; or b. consultants.
(3) Companies may only employ foreign workers who handle functions:
a. brokerage technical, for Insurance Broker Companies and Reinsurance Broker Companies; b. insurance loss assessment technical, for Insurance Loss Assessor Companies;
c. marketing; and/or
d. information systems.
(4) Companies employing foreign workers as Expert Workers as referred to in paragraph (2) letter a must meet the following provisions:
a. foreign workers are employed for a maximum period of 5 (five) years; and b. foreign workers are accompanied by Indonesian workers for the purpose of knowledge, expertise, and technology transfer. (5) Companies employing foreign workers as consultants as referred to in paragraph (2) letter b must meet the following provisions:
a. foreign workers are only employed to execute specific projects or programs related to operational activities in the insurance field; b. the time limit for projects or programs as referred to in letter a is a maximum of 5 (five) years; and
c. foreign workers are accompanied by Indonesian workers for the purpose of knowledge, expertise, and technology transfer.
(6) Foreign workers as referred to in paragraph (1) must meet the following requirements:
a. have expertise corresponding to the field of responsibility; b. the foreign worker holds a position that cannot yet be filled by Indonesian workers; and
c. meet the provisions of legislation in the field of labor.
(7) OJK has the authority to request Companies to terminate foreign workers who do not meet the requirements as referred to in paragraph (6).

Article 16
(1) Companies intending to employ foreign workers as referred to in Article 15 paragraph (1) must first report to OJK for a maximum of 20 (twenty) working days before the foreign workers are employed. (2) Reports on the plan to employ foreign workers as referred to in paragraph (1) must be submitted by the Company's Board of Directors to OJK according to Format 3 as stated in the Appendix which is an integral part of this OJK Regulation. (3) Reports on the plan to employ foreign workers as referred to in paragraph (1) must be accompanied by:
a. a list of resumes of foreign workers employed, accompanied by photocopies of documents reflecting their field of expertise; b. annual education and training program plans during the employment of the foreign workers; and
c. placement plans and fields of responsibility for foreign workers.

Article 17
(1) Companies must report the appointment or termination of foreign workers to OJK for a maximum of 20 (twenty) working days after being appointed or terminated. (2) Reports on the appointment of foreign workers as referred to in paragraph (1) must be submitted by the Company's Board of Directors to OJK by attaching:
a. photocopies of proof of appointment of foreign workers; b. photocopies of residence permits;
c. photocopies of work permits for foreign workers; and
d. photocopies of tax identification numbers (NPWP).
(3) Reports on the termination of foreign workers as referred to in paragraph (1) must be submitted by the Company's Board of Directors to OJK accompanied by reasons for termination.

Article 18
(1) Companies employing foreign workers as referred to in Article 15 paragraph (1) must conduct knowledge transfer activities from foreign workers to Company employees. (2) Knowledge transfer as referred to in paragraph (1) must be made in the form of annual education and training programs for Company employees.

Third Section
Human Resource Development

Article 19
(1) Companies must conduct programs to develop the capabilities and knowledge of their employees.
(2) The development of capabilities and knowledge as referred to in paragraph (1) must be conducted in the form of education and training programs.

CHAPTER VII
INSURANCE BROKERS AND REINSURANCE BROKERS
First Section
Insurance Brokers

Article 20
Insurance Broker Companies must employ Insurance Brokers on a full-time basis.

Article 21
(1) Insurance Brokers as referred to in Article 20 must meet the following requirements:
a. have brokerage certificates with a level at least 2 (two) levels below the highest qualification from the Professional Certification Institution or foreign brokerage certificates after first obtaining recognition from the Professional Certification Institution; b. have work experience in brokerage technical and/or insurance technical fields for a minimum of 3 (three) years; and
c. be members of the Insurance Broker Association in Indonesia.
(2) Insurance Brokers as referred to in paragraph (1) are placed in units responsible for the brokerage technical function.

Article 22
(1) Insurance Brokers as referred to in Article 20 must be registered with OJK.
(2) To be registered as referred to in paragraph (1), the Board of Directors of Insurance Broker Companies must register with OJK according to Format 4 as stated in the Appendix which is an integral part of this OJK Regulation by attaching documents:
a. photocopies of brokerage certificates for Insurance Brokers with a level at least 2 (two) levels below the highest qualification from the Professional Certification Institution or foreign brokerage certificates after first obtaining recognition from the Professional Certification Institution; b. proof of work experience in brokerage technical and/or insurance technical fields for a minimum of 3 (three) years;
c. proof of membership in the Insurance Broker Association in Indonesia;
d. photocopies of identification cards in the form of resident identity cards (KTP) or valid passports; e. photocopies of tax identification numbers (NPWP); f. resumes completed with the latest 4 x 6 cm color passport photos; and g. statements from the concerned parties stating:

have never been sentenced for committing criminal acts in the field of financial service and/or economic businesses based on court decisions that have permanent legal force within the last 5 (five) years;
have never been sentenced for committing criminal acts based on court decisions that have permanent legal force within the last 5 (five) years; and
have never been declared bankrupt or guilty causing a corporation/company to be declared bankrupt based on court decisions that have permanent legal force within the last 5 (five) years.

Article 23
(1) OJK provides approval, requests for document completeness, or rejection of registration applications as referred to in Article 22 paragraph (2) within a maximum period of 20 (twenty) working days from the date the registration application is received. (2) Applicants must submit complete documents as referred to in paragraph (1) for a maximum of 20 (twenty) working days from the date of the letter requesting document completeness from OJK. (3) In the event that applicants have submitted complete documents as referred to in paragraph (2), OJK provides approval or rejection according to the provisions as referred to in paragraph (1). (4) In order to process registration applications as referred to in paragraph (1), OJK conducts research on the completeness of application documents. (5) If within 20 (twenty) working days from the date of the letter requesting document completeness as referred to in paragraph (1), OJK has not received a response to the request for document completeness, the applicant is considered to have canceled the registration application. (6) In the event that registration applications as referred to in paragraph (1) are approved, OJK issues registration letters to the applicants. (7) In the event that OJK rejects registration applications as referred to in paragraph (1), the rejection must be done in writing accompanied by the reasons.

Article 24
Registration letters for Insurance Brokers as referred to in Article 23 paragraph (6) can be canceled in the event that Insurance Brokers:
a. no longer become members of the Insurance Broker Association; b. are declared to have violated codes of ethics and practice standards by the relevant Insurance Broker Association;
c. have their professional titles revoked by the Association that issued the title; or
d. commit disgraceful acts in the field of financial service businesses.

Article 25
(1) Insurance Broker Companies must report the appointment and/or termination of Insurance Brokers within a maximum period of 15 (fifteen) working days from the date of appointment and/or termination. (2) Reports on the appointment of Insurance Brokers as referred to in paragraph (1) must be submitted by the Board of Directors to OJK according to Format 5 as stated in the Appendix which is an integral part of this OJK Regulation by attaching documents in the form of registration letters for Insurance Brokers employed. (3) Reports on the termination of Insurance Brokers as referred to in paragraph (1) must be submitted by the Board of Directors to OJK using Format 6 as stated in the Appendix which is an integral part of this OJK Regulation.

Second Section
Reinsurance Brokers

Article 26
Reinsurance Broker Companies must employ Reinsurance Brokers on a full-time basis.

Article 27
(1) Reinsurance Brokers as referred to in Article 26 must meet the following requirements:
a. have brokerage certificates with a level at least 2 (two) levels below the highest qualification from the Professional Certification Institution or foreign certificates after first obtaining recognition from the Professional Certification Institution; b. have work experience in risk management fields for a minimum of 3 (three) years; and
c. be members of professional Associations in Indonesia.
(2) Reinsurance Brokers as referred to in paragraph (1) are placed in units responsible for the brokerage technical function.

Article 28
(1) Reinsurance Brokers as referred to in Article 26 must be registered with OJK.
(2) To be registered as referred to in paragraph (1), the Board of Directors of Reinsurance Broker Companies must register with OJK according to Format 7 as stated in the Appendix which is an integral part of this OJK Regulation by attaching documents:
a. photocopies of brokerage certificates for Reinsurance Brokers with a level at least 2 (two) levels below the highest qualification from the Professional Certification Institution or foreign certificates after first obtaining recognition from the Professional Certification Institution; b. proof of work experience in brokerage technical and/or insurance technical fields for a minimum of 3 (three) years;
c. proof of membership in the Reinsurance Broker Association in Indonesia;
d. photocopies of identification cards in the form of resident identity cards (KTP) or valid passports; e. photocopies of tax identification numbers (NPWP); f. resumes completed with the latest 4 x 6 cm color passport photos; and g. statements from the concerned parties stating:

have never been sentenced for committing criminal acts in the field of financial service and/or economic businesses based on court decisions that have permanent legal force within the last 5 (five) years;
have never been sentenced for committing criminal acts based on court decisions that have permanent legal force within the last 5 (five) years; and
have never been declared bankrupt or guilty causing a corporation/company to be declared bankrupt based on court decisions that have permanent legal force within the last 5 (five) years.

Article 29
(1) OJK provides approval, requests for document completeness, or rejection of registration applications as referred to in Article 28 paragraph (2) within a maximum period of 20 (twenty) working days from the date the registration application is received. (2) Applicants must submit complete documents as referred to in paragraph (1) for a maximum of 20 (twenty) working days from the date of the letter requesting document completeness from OJK. (3) In the event that applicants have submitted complete documents as referred to in paragraph (2), OJK provides approval or rejection according to the provisions as referred to in paragraph (1). (4) In order to process registration applications as referred to in paragraph (1), OJK conducts research on the completeness of application documents. (5) If within 20 (twenty) working days from the date of the letter requesting document completeness as referred to in paragraph (1), OJK has not received a response to the request for document completeness, the applicant is considered to have canceled the registration application. (6) In the event that registration applications as referred to in paragraph (1) are approved, OJK issues registration letters to the applicants. (7) In the event that OJK rejects registration applications as referred to in paragraph (1), the rejection must be done in writing accompanied by the reasons.

Article 30
Registration letters for Reinsurance Brokers as referred to in Article 29 paragraph (6) can be canceled in the event that Reinsurance Brokers:
a. no longer become members of the Reinsurance Broker Association; b. are declared to have violated codes of ethics and practice standards by the relevant Reinsurance Broker Association;
c. have their professional titles revoked by the Association that issued the title; or
d. commit disgraceful acts in the field of insurance businesses.

Article 31
(1) Reinsurance Broker Companies must report the appointment and/or termination of Reinsurance Brokers within a maximum period of 15 (fifteen) working days from the date of appointment or termination. (2) Reports on appointments as referred to in paragraph (1) must be submitted by the Board of Directors to OJK according to Format 8 as stated in the Appendix which is an integral part of this OJK Regulation by attaching documents in the form of registration letters for Reinsurance Brokers employed. (3) Reports on the termination of Reinsurance Brokers as referred to in paragraph (1) must be submitted by the Board of Directors to OJK using Format 9 as stated in the Appendix which is an integral part of this OJK Regulation.

CHAPTER VIII
EXPERT WORKERS
First Section
Expert Workers of Insurance Broker Companies

Article 32
(1) Insurance Broker Companies must employ at least 1 (one) Expert Worker of Insurance Broker Companies on a full-time basis.
(2) Expert Workers of Insurance Broker Companies as referred to in paragraph (1) must meet the following requirements:
a. have insurance broker expert certificates with the highest level from the Professional Certification Institution in the insurance field; b. have work experience in brokerage technical and/or insurance technical fields for a minimum of 3 (three) years; and
c. be members of professional Associations in Indonesia.

Article 33
(1) Insurance Broker Companies must adjust Expert Workers in sufficient numbers according to the volume and complexity of the Company's business.
(2) Expert Workers of Insurance Broker Companies as referred to in paragraph (1) must meet the following requirements:
a. have Insurance Broker expert certificates with a level at least 1 (one) level below the highest qualification from the Professional Certification Institution in the insurance field; b. have work experience in brokerage technical and/or insurance technical fields for a minimum of 3 (three) years; and
c. be members of professional Associations in Indonesia.
(3) Expert Workers of Insurance Broker Companies as referred to in paragraph (1) are placed in units responsible for the brokerage technical function.
(4) Further regulations regarding the adjustment of the number of Expert Workers as referred to in paragraph (1) and the requirements of Expert Workers as referred to in paragraph (2) are regulated in OJK Circular Letters.

Article 34
(1) Insurance Broker Companies must report the appointment and/or termination of Expert Workers of Insurance Broker Companies for a maximum of 20 (twenty) working days from the date of appointment and/or termination of Expert Workers of Insurance Broker Companies. (2) Reports on the appointment of Expert Workers as referred to in paragraph (1) must be submitted by the Board of Directors to OJK according to Format 10 as stated in the Appendix which is an integral part of this OJK Regulation. (3) Reports on the termination of Expert Workers as referred to in paragraph (1) must be submitted by the Board of Directors to OJK using Format 11 as stated in the Appendix which is an integral part of this OJK Regulation.

Second Section
Expert Workers of Reinsurance Broker Companies

Article 35
(1) Reinsurance Broker Companies must employ at least 1 (one) Expert Worker of Reinsurance Broker Companies on a full-time basis.
(2) Expert Workers of Reinsurance Broker Companies as referred to in paragraph (1) must meet the following requirements:
a. have Reinsurance Broker expert certificates with the highest qualification from the Professional Certification Institution in the insurance field; b. have work experience in risk management fields for a minimum of 3 (three) years; and
c. be members of professional Associations in Indonesia.

Article 36
(1) Reinsurance Broker Companies must adjust Expert Workers in sufficient numbers according to the volume and complexity of the Company's business.
(2) Expert Workers of Reinsurance Broker Companies as referred to in paragraph (1) must meet the following requirements:
a. have Reinsurance Broker expert certificates with qualifications at least 1 (one) level below the highest qualification from the Professional Certification Institution in the insurance field; b. have work experience in brokerage technical and/or insurance technical fields for a minimum of 3 (three) years; and
c. be members of professional Associations in Indonesia.
(3) Expert Workers of Reinsurance Broker Companies as referred to in paragraph (1) are placed in units responsible for the brokerage technical function.
(4) Further regulations regarding the adjustment of the number of Expert Workers as referred to in paragraph (1) and the requirements of Expert Workers as referred to in paragraph (2) are regulated in OJK Circular Letters.

Article 37
(1) Reinsurance Broker Companies must report the appointment and/or termination of Expert Workers of Reinsurance Broker Companies within a maximum period of 20 (twenty) working days from the date of appointment and/or termination of Expert Workers of Reinsurance Broker Companies. (2) Reports on the appointment of Expert Workers as referred to in paragraph (1) must be submitted by the Board of Directors to OJK according to Format 12 as stated in the Appendix which is an integral part of this OJK Regulation.

(3) The reporting of the dismissal of Experts as referred to in paragraph (1) must be submitted by the Board of Directors to the OJK using Format 13 as stated in the Appendix which is an integral part of this OJK Regulation.

Third Section
Experts of Insurance Loss Assessment Companies

Article 38
(1) Insurance Loss Assessment Companies are required to employ at least 1 (one) full-time Insurance Loss Assessment Company Expert.
(2) The Insurance Loss Assessment Company Expert as referred to in paragraph (1) must meet the following requirements:
a. possess an insurance loss assessment expert certificate with the highest qualification from the Professional Certification Body in the insurance field; b. have work experience in loss assessment for at least 3 (three) years; and
c. be a member of a professional association in Indonesia.

Article 39
(1) Insurance Loss Assessment Companies are required to adjust the number of Experts to be sufficient in accordance with the volume and complexity of the Company's business. (2) The Insurance Loss Assessment Company Expert as referred to in paragraph (1) must meet the following requirements:
a. possess an insurance loss assessment expert certificate with a qualification at least 1 (one) level below the highest qualification from the Professional Certification Body in the insurance field; b. have work experience in loss assessment for at least 3 (three) years; and
c. be a member of a professional association in Indonesia.
(3) The Insurance Loss Assessment Company Expert as referred to in paragraph (1) must be placed in a unit responsible for the technical function of loss assessment. (4) Further provisions regarding the adjustment of the number of Experts as referred to in paragraph (1) and the requirements for Experts as referred to in paragraph (2) are regulated in an OJK Circular Letter.

Article 40
(1) Insurance Loss Assessment Companies are required to report the appointment and/or dismissal of Insurance Loss Assessment Company Experts within a maximum period of 20 (twenty) working days from the date of appointment and/or dismissal of the Insurance Loss Assessment Company Expert. (2) The reporting of the appointment of Experts as referred to in paragraph (1) must be submitted by the Board of Directors to the OJK according to Format 14 as stated in the Appendix which is an integral part of this OJK Regulation. (3) The reporting of the dismissal of Experts as referred to in paragraph (1) must be submitted by the Board of Directors to the OJK using Format 15 as stated in the Appendix which is an integral part of this OJK Regulation.

CHAPTER IX
OFFICES OUTSIDE THE HEAD OFFICE

Article 41
(1) Companies may open offices outside the head office within or outside the country.
(2) Companies are fully responsible for every office owned or managed by them, or whose owner or manager is permitted to use the name of the respective Company.

Article 42
(1) Companies are required to report every opening and/or closing of offices outside the head office to the OJK.
(2) The reporting of the opening of offices outside the head office as referred to in paragraph (1) must be reported by the Company's Board of Directors within a maximum of 20 (twenty) working days after the office has operated using Format 16 as stated in the Appendix which is an integral part of this OJK Regulation. (3) The reporting of the opening of offices outside the head office as referred to in paragraph (2) must be accompanied by:
a. the name of the office and the function of the office; b. the address of the office supported by a letter of statement from the relevant party stating at least the name of the Company;
c. the name of the office head accompanied by a list of resumes; and
d. the duties and authority of the office head.

Article 43
(1) Companies intending to close offices outside the head office must first notify policyholders, insured parties, or participants regarding:
a. the plan to close offices outside the head office; and b. procedures for settling rights and obligations.
(2) Procedures for settling rights and obligations as referred to in paragraph (1) letter b must be carried out based on applicable statutory regulations and taking into account the interests of policyholders, insured parties, or participants.

Article 44
(1) Companies are required to report the closing of offices outside the head office in writing by the Company's Board of Directors to the OJK within a maximum of 10 (ten) working days calculated from the date of closing of offices outside the head office. (2) The reporting of the closing of offices outside the head office as referred to in paragraph (1) must be submitted by the Company's Board of Directors to the OJK using Format 17 as stated in the Appendix which is an integral part of this OJK Regulation, accompanied by:
a. proof of notification of the plan to close offices outside the head office as referred to in Article 43 paragraph (1) letter a; and b. proof of the transfer of services from the closed offices outside the head office to the head office or the nearest offices outside the head office.

CHAPTER X
MEMBERSHIP IN ASSOCIATIONS

Article 45
(1) Every Company is required to become a member of one of the Associations appropriate to the type of its business.
(2) Associations as referred to in paragraph (1) must obtain written approval from the OJK.
(3) To obtain approval as referred to in paragraph (2), Associations must submit a written application to the OJK accompanied by documents:
a. photocopy of the articles of association or house rules; and b. organizational structure.

CHAPTER XI
CHANGE OF OWNERSHIP

Article 46
(1) Every change of ownership of Companies must first obtain approval from the OJK.
(2) In the event that the change of ownership as referred to in paragraph (1) is caused by the addition of Paid-up Capital, the addition of capital may only be carried out in the form of:
a. cash deposits; b. transfer of retained earnings;
c. transfer of loans; and/or
d. stock dividends.
(3) To obtain approval as referred to in paragraph (1), prospective shareholders through the Company's Board of Directors must submit an application for approval to the OJK using Format 18 as stated in the Appendix which is an integral part of this OJK Regulation, accompanied by:
a. a plan for the list of ownership; b. data of prospective shareholders or members other than Controllers as referred to in Article 9 paragraph (2) letter e, if there are new shareholders;
c. draft minutes of the General Meeting of Shareholders (GMS);
d. draft minutes of the transfer of share rights; e. photocopy of tax notification letters (SPT) for the last 2 (two) years and other documents showing financial capability and sources of funds for individual shareholders; f. photocopy of the Company's financial statements audited by public accountants before the addition of Paid-up Capital, in the event that the change of ownership is caused by the addition of Paid-up Capital and will be carried out in the form of transfer of retained earnings, transfer of loans, and/or stock dividends; and g. photocopy of cooperation agreements between foreign legal entity shareholders and Indonesian shareholders as referred to in Article 9 paragraph (2) letter n number 8 for reporting changes in ownership involving new shareholders in the form of foreign legal entities. (4) The OJK provides approval, requests for document completeness, or rejection of the approval application as referred to in paragraph (1) within a maximum period of 20 (twenty) working days from the date the approval application is received. (5) In order to provide approval or rejection as referred to in paragraph (4), the OJK conducts:
a. examination of document completeness as referred to in paragraph (3); b. feasibility analysis of the proposed change of ownership;
c. assessment of capability and propriety regarding prospective Controllers, in the event that the change of ownership causes a change in Controllers; and
d. analysis of compliance with statutory regulations in the insurance field.
(6) Applicants must submit complete documents as referred to in paragraph (4) within a maximum of 20 (twenty) days from the date of the letter requesting document completeness from the OJK. (7) In the event that applicants have submitted complete documents as referred to in paragraph (6), the OJK provides approval or rejection in accordance with the provisions as referred to in paragraph (4). (8) If within 20 (twenty) working days from the date of the letter requesting document completeness as referred to in paragraph (4), the OJK has not received a response to the request for document completeness, the applicant is deemed to have cancelled the approval application. (9) In the event that the business license application is approved as referred to in paragraph (4), the OJK establishes a decision granting approval to the applicant. (10) In the event that the OJK rejects the approval application as referred to in paragraph (4), the rejection must be done in writing accompanied by the reasons.

Article 47
(1) Companies are required to report the implementation of changes in ownership as referred to in Article 46 paragraph (1) to the OJK within a maximum of 15 (fifteen) working days from the date of receiving proof of approval and/or proof of receipt of notification from the competent authority. (2) The reporting of changes in ownership as referred to in paragraph (1) must be submitted by the Company's Board of Directors to the OJK using Format 19 as stated in the Appendix which is an integral part of this OJK Regulation, accompanied by:
a. photocopy of the articles of association amendment accompanied by proof of approval and/or proof of receipt of notification from the competent authority; b. photocopy of the minutes of the transfer of share rights in the event of a transfer of share rights;
c. proof of capital addition in the form of photocopy of proof of settlement of Paid-up Capital in the form of cash deposits and photocopy of proof of placement of Paid-up Capital in one of the general banks or sharia general banks legalized by the receiving bank in the event that the change of ownership results in the addition of Paid-up Capital;
d. photocopy of government regulations regarding state capital participation, in the event that the change of ownership is due to the addition of Paid-up Capital from central government shareholders; and/or e. photocopy of regional regulations regarding regional capital participation in the event that the change of ownership is due to the addition of Paid-up Capital from regional government shareholders.

CHAPTER XII
REPORTING

First Section
Reporting of Changes to Articles of Association

Article 48
(1) Companies are required to report to the OJK changes to the articles of association including:
a. changes to the Company's name; b. changes to the location of the Company's head office;
c. reduction of Paid-up Capital for Companies in the form of limited liability companies;
d. addition of Paid-up Capital for Companies in the form of limited liability companies; and/or e. changes to the status of Companies from closed to open or vice versa, within a maximum of 15 (fifteen) working days from the date of approval or receipt of notification, or legalization from the competent authority. (2) The reporting of changes to the Company's name as referred to in paragraph (1) letter a must be submitted by the Company's Board of Directors to the OJK using Format 20 as stated in the Appendix which is an integral part of this OJK Regulation and accompanied by documents:
a. photocopy of the articles of association amendment accompanied by approval from the competent authority for Companies in the form of limited liability companies; and b. photocopy of the tax identification number (NPWP) under the new name of the Company. (3) The reporting of changes to the location of the Company's head office as referred to in paragraph (1) letter b must be submitted by the Company's Board of Directors to the OJK using Format 21 as stated in the Appendix which is an integral part of this OJK Regulation, accompanied by documents:
a. photocopy of the articles of association amendment accompanied by proof of approval from the competent authority for Companies in the form of limited liability companies; and b. photocopy of the tax identification number (NPWP) under the new location of the Company. (4) The reduction of Paid-up Capital as referred to in paragraph (1) letter c may be implemented by Companies while still paying attention to the fulfillment of minimum Paid-up Capital provisions and/or the fulfillment of minimum equity provisions for Companies. (5) The reporting of the reduction of Paid-up Capital for Companies in the form of limited liability companies as referred to in paragraph (1) letter c must be submitted by the Company's Board of Directors to the OJK using Format 22 as stated in the Appendix which is an integral part of this OJK Regulation and accompanied by documents photocopy of the articles of association amendment accompanied by proof of approval from the competent authority. (6) The addition of Paid-up Capital as referred to in paragraph (1) letter d may only be carried out in the form of:
a. cash deposits; b. transfer of retained earnings;
c. transfer of loans; and/or
d. stock dividends.
(7) The reporting of the addition of Paid-up Capital for Companies as referred to in paragraph (1) letter d must be submitted by the Company's Board of Directors to the OJK using Format 23 as stated in the Appendix which is an integral part of this OJK Regulation, accompanied by documents:
a. photocopy of the articles of association amendment accompanied by proof of receipt of notification from the competent authority for Companies in the form of limited liability companies; b. proof of addition of Paid-up Capital, namely:

photocopy of proof of capital deposit in one of the general banks or sharia general banks in Indonesia and legalized by the receiving bank, in the event that the addition of Paid-up Capital is carried out in the form of cash; or
the Company's financial statements audited by public accountants before the addition of capital, in the event that the addition of Paid-up Capital is carried out in the form of transfer of loans and/or retained earnings for Companies in the form of limited liability companies;
c. photocopy of a statement letter from shareholders or cooperative members stating that capital deposits do not come from loans, money laundering activities, and financial crimes in the event that capital addition is carried out in the form of cash as referred to in letter b number 1;
d. photocopy of tax notification letters (SPT) for the last 2 (two) years and other documents showing the financial capability and sources of funds for prospective individual shareholders; and e. financial statements of shareholders audited by public accountants and/or the latest financial statements, in the event that shareholders are legal entities. (8) The reporting of changes to the status of Companies from closed to open or vice versa as referred to in paragraph (1) letter e must be submitted by the Company's Board of Directors to the OJK using Format 24 as stated in the Appendix which is an integral part of this OJK Regulation, accompanied by documents photocopy of the articles of association amendment accompanied by proof of approval from the competent authority.

Second Section
Reporting of Changes to Board of Directors and/or Board of Commissioners Members

Article 49
(1) Companies that make changes to:
a. members of the Board of Directors; and/or b. members of the Board of Commissioners, are required to report to the OJK within a maximum of 15 (fifteen) working days calculated from the date of recording changes to members of the Board of Directors and/or members of the Board of Commissioners in the company register, or approved by the general meeting. (2) The reporting of changes to members of the Board of Directors and/or members of the Board of Commissioners of Companies as referred to in paragraph (1) must be submitted by the Company's Board of Directors to the OJK using Format 25 as stated in the Appendix which is an integral part of this OJK Regulation and accompanied by documents:
a. photocopy of the minutes of the general meeting for Companies in the form of cooperative legal entities; or b. minutes of the General Meeting of Shareholders (GMS) for Companies in the form of limited liability companies.

Third Section
Reporting of Address Changes

Article 50
(1) Companies are required to report changes to the address of the head office and/or offices outside the head office to the OJK within a maximum of 15 (fifteen) working days calculated from the date of the change. (2) The reporting of changes to the address of the head office and/or offices outside the head office as referred to in paragraph (1) must be submitted by the Company's Board of Directors to the OJK using Format 26 as stated in the Appendix which is an integral part of this OJK Regulation, accompanied by data regarding the office address supported by a letter of statement from the relevant party stating at least the name of the Company.

CHAPTER XIII
REVOCATION OF BUSINESS LICENSES

Article 51
(1) The revocation of Companies' business licenses is carried out by the OJK.
(2) The revocation of business licenses as referred to in paragraph (1) is carried out in the event that Companies:
a. are subject to sanctions as referred to in this OJK Regulation; b. go bankrupt; or
c. cease business activities.

Article 52
(1) Companies declared bankrupt as referred to in Article 51 paragraph (2) letter b are required to submit a report to the OJK within a maximum of 20 (twenty) working days from the date of the court's declaration of bankruptcy. (2) The report as referred to in paragraph (1) must be submitted by the Company's Board of Directors to the OJK using Format 27 as stated in the Appendix which is an integral part of this OJK Regulation, accompanied by:
a. photocopy of documents serving as the basis for the bankruptcy declaration; and b. original copy of the decision regarding the granting of the Company's business license or, if the original copy is lost, accompanied by a photocopy of the legalized copy of the decision regarding the granting of the Company's business license and a statement letter from the Board of Directors that the original copy of the decision is lost. (3) Based on the report as referred to in paragraph (1), the OJK carries out the revocation of the business license.

Article 53
(1) Companies intending to cease their business activities as referred to in Article 51 paragraph (2) letter c must first obtain approval from the OJK.
(2) To obtain approval as referred to in paragraph (1), the Company's Board of Directors must submit an application for approval of the plan to cease business activities to the OJK containing at least the following matters:
a. reasons for ceasing business activities; b. an explanation of the Company's condition, including data on the number of in-force policies, number of policyholders, insured parties, or participants, number of the Company's obligations to policyholders, insured parties, or participants, and other obligations;
c. a plan to settle the Company's obligations to all creditors; and
d. a plan for dissolution or other plans after the Company has settled its obligations to all creditors and the Company's business license has been revoked by the OJK. (3) The application for approval of the plan to cease business activities as referred to in paragraph (2) must be submitted using Format 28 as stated in the Appendix which is an integral part of this OJK Regulation accompanied by documents as follows:
a. original copy of the decision regarding the granting of the Company's business license or, if the original copy is lost, accompanied by a photocopy of the legalized copy of the decision regarding the granting of the Company's business license and a statement letter from the Board of Directors that the original copy of the decision is lost; b. photocopy of the GMS decision regarding approval of the plan to cease the Company's business activities;
c. the Company's latest financial statements;
d. proof of tax settlement and other obligations to the state; and e. proof of settlement of OJK levies and outstanding administrative fines.

Article 54
(1) The OJK conducts an examination of the application for approval of the plan to cease business activities submitted by the Board of Directors as referred to in Article 53 paragraph (2). (2) Based on the results of the examination as referred to in paragraph (1), within a maximum period of 20 (twenty) working days from the date of receiving the complete application for approval of the plan to cease business activities, the OJK provides approval or rejection of the plan to cease business activities. (3) In the event that the OJK provides approval as referred to in paragraph (2), Companies are required to:
a. cease all business activities of the Company; b. announce the plan to cease business activities and the plan to settle the Company's obligations in newspapers for 3 (three) consecutive days within a maximum of 10 (ten) days from the date of the letter approving the plan to cease business activities;
c. settle all of the Company's obligations within a maximum period of 4 (four) months from the date of the letter approving the plan to cease business activities; and
d. appoint public accountants to prepare the final balance sheet including conducting verification to ensure the settlement of all of the Company's obligations. (4) Procedures for settling all obligations as referred to in paragraph (3) letter c must be carried out based on applicable statutory regulations.

Article 55
After all of the Company's obligations as referred to in Article 54 paragraph (3) have been settled, the Board of Directors is required to submit a report to the OJK containing at least:
a. the implementation of the cessation of the Company's business activities as referred to in Article 54 paragraph (3) letter a; b. the implementation of announcements as referred to in Article 54 paragraph (3) letter b;
c. the implementation of the settlement of the Company's obligations as referred to in Article 54 paragraph (3) letter c;
d. the Company's final balance sheet audited by independent auditors; and e. a statement letter from shareholders or those equivalent to shareholders in legal entities in the form of cooperatives stating that all of the Company's obligations have been settled and if claims arise in the future, they become the responsibility of shareholders or those equivalent to shareholders in legal entities in the form of cooperatives.

Article 56
(1) The OJK conducts an examination of the report submitted by the Board of Directors as referred to in Article 55.
(2) Based on the results of the examination as referred to in paragraph (1), within a maximum period of 30 (thirty) working days from the date of receiving the complete report, the OJK issues a decision regarding the revocation of the Company's business license. (3) Companies whose business licenses are revoked are required to cease their business activities.

Article 57
Since the date of revocation of the Company's business license as referred to in Article 56 paragraph (2), if obligations of the Company that have not been settled emerge in the future, shareholders or those equivalent to shareholders in legal entities in the form of cooperatives are responsible for such obligations.

CHAPTER XIV
SANCTIONS

Article 58
(1) Companies that do not fulfill the provisions as referred to in Article 3 paragraph (1), Article 4 paragraph

(1), paragraph (3), paragraph (4), paragraph (5), and paragraph (9), Article 5 paragraph (3), Article 6 paragraph (4), Article 7 paragraph (6), Article 8 paragraph (1), Article 11 paragraph (1) and paragraph (2), Article 13 paragraph (1), paragraph (2), paragraph (3), paragraph (5), and paragraph (6), Article 14 paragraph (1) and paragraph (2), Article 15 paragraph (3), paragraph (4), paragraph (5), and paragraph (6), Article 16 paragraph (1), Article 17 paragraph (1), Article 18 paragraph (1), Article 19, Article 20, Article 22 paragraph (1), Article 25 paragraph (1), Article 26, Article 28 paragraph (1), Article 31 paragraph (1), Article 32 paragraph (1), Article 33 paragraph (1), Article 34 paragraph (1), Article 35 paragraph (1), Article 36 paragraph (1), Article 37 paragraph (1), Article 38 paragraph (1), Article 39 paragraph (1), Article 40 paragraph (1), Article 42 paragraph (1) and paragraph (2), Article 43, Article 44 paragraph (1), Article 45 paragraph (1), Article 46 paragraph (1) and paragraph (2), Article 47 paragraph (1), Article 48 paragraph (1) and paragraph (6), Article 49 paragraph (1), Article 50 paragraph (1), Article 52 paragraph (1), Article 53 paragraph (1), Article 54 paragraph (3) and paragraph (4), Article 55, and Article 56 paragraph (3) of this Financial Services Authority Regulation are subject to administrative sanctions consisting of:
a. written warning; b. restriction of business activities, for part or all of the business activities; or
c. revocation of the business license.
(2) Administrative sanctions as referred to in paragraph (1) are imposed progressively.
(3) In addition to administrative sanctions as referred to in paragraph (1), the Financial Services Authority may impose additional sanctions in the form of a prohibition from becoming a shareholder, Controller, Board of Directors, Board of Commissioners, or equivalent to shareholders, Controllers, Board of Directors, and Board of Commissioners, or holding an executive position below the Board of Directors, or equivalent to an executive position below the Board of Directors, in an Insurance Company. (4) Procedures and methods for the imposition of sanctions are regulated in a Financial Services Authority Regulation regarding procedures and methods for the imposition of administrative sanctions.

CHAPTER XV
OTHER PROVISIONS
Article 59
(1) In the event that the Financial Services Authority has provided an electronic service system (e-licensing), then applications for licensing, approval, or reporting as referred to in Article 9 paragraph (1), Article 11 paragraph (3), Article 16 paragraph (2), Article 17 paragraph (2) and paragraph (3), Article 22 paragraph (2), Article 25 paragraph (2) and paragraph (3), Article 28 paragraph (2), Article 31 paragraph (2) and paragraph (3), Article 34 paragraph (2) and paragraph (3), Article 37 paragraph (2) and paragraph (3), Article 40 paragraph (2) and paragraph (3), Article 42 paragraph (2), Article 44 paragraph (2), Article 46 paragraph (3), Article 47 paragraph (2), Article 48 paragraph (2), paragraph (3), paragraph (5), paragraph (7), and paragraph (8), Article 49 paragraph (2), Article 50 paragraph (2), Article 52 paragraph (2), and Article 53 paragraph (2) are submitted to the Financial Services Authority online through the Financial Services Authority's data communication network system. (2) Further provisions regarding electronic services (e-licensing) as referred to in paragraph (1) will be regulated further in a Financial Services Authority Circular.

Article 60
(1) Professional Certification Bodies must be registered with the Financial Services Authority.
(2) To be registered with the Financial Services Authority, the Professional Certification Body as referred to in paragraph (1) must submit an application to the Financial Services Authority accompanied by:
a. proof of the Professional Certification Body's license from the National Professional Certification Body or other institutions designated based on statutory regulations; and b. a photocopy of the Articles of Association of the Professional Certification Body.

CHAPTER XVI
TRANSITIONAL PROVISIONS
Article 61
Companies that submit applications for business licenses to the Financial Services Authority before this Financial Services Authority Regulation is promulgated and have not yet submitted complete application documents for business licenses are subject to the provisions of this Financial Services Authority Regulation.

Article 62
Companies that have obtained business licenses at the time this Financial Services Authority Regulation is promulgated are exempted from the obligations as referred to in Article 5 paragraph (1) provided that they do not change the Company's name.

Article 63
Companies that have obtained business licenses before this Financial Services Authority Regulation is promulgated and have not yet met the provisions regarding Expert Personnel as referred to in Article 32 paragraph (1), Article 35 paragraph (1), and Article 38 paragraph (1) must adjust to these provisions within a maximum period of 3 (three) years from the date this Financial Services Authority Regulation is promulgated.

Article 64
Certificates obtained from Associations or institutions, both domestic and foreign, that have conducted certification in the field of Insurance before this Financial Services Authority Regulation is promulgated, are declared valid and effective.

Article 65
Associations or institutions that have conducted certification in the field of Insurance at the time this Financial Services Authority Regulation is promulgated are required to meet the provisions as a Professional Certification Body within a maximum period of 3 (three) years from the date this Financial Services Authority Regulation is promulgated.

Article 66
(1) Every administrative sanction that has been imposed on Companies based on the Decision of the Minister of Finance of the Republic of Indonesia Number 425/KMK.06/2003 concerning Licensing and Conduct of Business Activities of Insurance Support Companies is declared valid and effective. (2) Companies that have not been able to overcome the causes of the imposition of administrative sanctions as referred to in paragraph (1) are subject to further sanctions in accordance with this Financial Services Authority Regulation.

CHAPTER XVII
CLOSING PROVISIONS
Article 67
At the time this Financial Services Authority Regulation takes effect, provisions regarding business licensing and institutional requirements for Companies are subject to this Financial Services Authority Regulation.

Article 68
This Financial Services Authority Regulation takes effect on the date of promulgation.

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. Determined in Jakarta on December 23, 2016 CHAIRMAN OF THE BOARD OF COMMISSIONERS FINANCIAL SERVICES AUTHORITY, signed MULIAMAN D. HADAD Promulgated in Jakarta on December 28, 2016 MINISTER OF LAW AND HUMAN RIGHTS REPUBLIC OF INDONESIA, signed YASONNA H. LAOLY STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2016 NUMBER 301 Copy in accordance with the original Legal Director 1 Ministry of Law signed Yuliana

EXPLANATION
OF
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 68 /POJK.05/2016
CONCERNING
BUSINESS LICENSING AND INSTITUTIONAL REQUIREMENTS FOR INSURANCE BROKERAGE COMPANIES, REINSURANCE BROKERAGE COMPANIES, AND INSURANCE LOSS ASSESSING COMPANIES

I. GENERAL
The Financial Services Authority Regulation on Business Licensing and Institutional Requirements for Insurance Brokerage Companies, Reinsurance Brokerage Companies, and Insurance Loss Assessing Companies is an implementing regulation mandated by Law Number 40 of 2014 concerning Insurance. The role of Insurance Brokerage Companies, Reinsurance Brokerage Companies, and Insurance Loss Assessing Companies in the development of the Insurance Industry is very significant. Companies and industry players play an important role in creating a healthier, reliable, trustworthy, and competitive insurance industry. The culmination of all these efforts is the growth of the national economy, which ultimately creates national welfare as an effort to realize the nation's ideals. This Financial Services Authority Regulation is an improvement to the Decision of the Minister of Finance of the Republic of Indonesia Number 425/KMK.06/2003 concerning Licensing and Conduct of Business Activities of Insurance Support Companies. As an improvement effort, this Financial Services Authority Regulation adopts mandates that must be regulated in a Financial Services Authority Regulation, namely:
a. requirements and procedures for licensing; b. requirements and procedures for registration of Insurance Brokers, Reinsurance Brokers, and Insurance Loss Assessors;
c. procedures and requirements for changes in Company ownership; and
d. procedures for adjusting ownership and sanctions for Companies that do not adjust ownership.
In addition to these materials, efforts are also made to improve the material in the previously applicable regulations, such as licensing, reporting, opening offices outside the head office, up to the application of sanctions. These efforts are aimed at meeting the legal needs of the insurance industry.

II. ARTICLE BY ARTICLE
Article 1
Clear enough.

Article 2
Clear enough.

Article 3
Clear enough.

Article 4
Paragraph (1)
Letter a
What is meant by transferring its share ownership to Indonesian citizens is that the Company's shareholders transfer share ownership in the Company to Indonesian citizens and/or Indonesian legal entities that are directly or indirectly wholly owned by Indonesian citizens.

Letter b
What is meant by changing ownership through a public offering mechanism (initial public offering) is that the Company conducts a public offering (initial public offering).

Paragraph (2)
What is meant by efforts to transfer share ownership to Indonesian citizens includes, among others, shareholders conducting limited offerings (private placement) to Indonesian citizens and/or Indonesian legal entities that are directly or indirectly wholly owned by Indonesian citizens.

Paragraph (3)
Clear enough.

Paragraph (4)
Clear enough.

Paragraph (5)
Clear enough.

Paragraph (6)
Clear enough.

Paragraph (7)
Clear enough.

Paragraph (8)
Clear enough.

Paragraph (9)
Clear enough.

Article 5
Clear enough.

Article 6
Clear enough.

Article 7
Clear enough.

Article 8
Clear enough.

Article 9
Clear enough.

Article 10
Paragraph (1)
Clear enough.

Paragraph (2)
Letter a
What is meant by research on document completeness includes the correspondence of documents with the requirements stipulated in statutory regulations.

Letter b
Verification of capital deposits can be carried out, among others, by verifying the receipt of capital deposits by the Company and verifying financial transactions related to capital deposits sourced from intra-group transactions.

Letter c
Clear enough.

Letter d
Clear enough.

Letter e
Clear enough.

Paragraph (3)
Clear enough.

Paragraph (4)
Clear enough.

Paragraph (5)
Clear enough.

Paragraph (6)
In the event that the Company is considered to have canceled the business license, the business license documents that have been submitted cannot be requested back by the applicant.

Paragraph (7)
Clear enough.

Paragraph (8)
Clear enough.

Article 11
Clear enough.

Article 12
Clear enough.

Article 13
Paragraph (1)
Letter a
Service functions include, among others, consultation functions, consumer protection education functions, marketing functions, and claim settlement functions.

Letter b
Technical brokerage functions include, among others, risk analysis and mitigation, insurance placement, and reinsurance.

Letter c
Clear enough.

Paragraph (2)
Letter a
Clear enough.

Letter b
Technical loss assessment functions include, among others, survey execution functions, loss assessment functions, preparation of calculation reports, or assessment of losses.

Letter c
Clear enough.

Paragraph (3)
Clear enough.

Paragraph (4)
Good internal control is indicated, among others, by the division of duties that allows mutual supervision (cross check) and hierarchical review of work between functions.

Paragraph (5)
Clear enough.

Paragraph (6)
Clear enough.

Article 14
Clear enough.

Article 15
Clear enough.

Article 16
Clear enough.

Article 17
Clear enough.

Article 18
Clear enough.

Article 19
Clear enough.

Article 20
What is meant by full-time is an Insurance Broker who binds themselves to one Insurance Brokerage Company and does not work for other companies.

Article 21
Clear enough.

Article 22
Clear enough.

Article 23
Clear enough.

Article 24
Clear enough.

Article 25
Clear enough.

Article 26
What is meant by full-time is a Reinsurance Broker who binds themselves to one Reinsurance Brokerage Company and does not work for other companies.

Article 27
Clear enough.

Article 28
Clear enough.

Article 29
Clear enough.

Article 30
Clear enough.

Article 31
Clear enough.

Article 32
Paragraph (1)
What is meant by full-time is an Expert Personnel of an Insurance Brokerage Company who binds themselves to one Insurance Brokerage Company and does not work for other companies.

Paragraph (2)
Clear enough.

Article 33
Clear enough.

Article 34
Clear enough.

Article 35
Paragraph (1)
What is meant by full-time is an Expert Personnel of a Reinsurance Brokerage Company who binds themselves to one Reinsurance Brokerage Company and does not work for other companies.

Paragraph (2)
Clear enough.

Article 36
Clear enough.

Article 37
Clear enough.

Article 38
Paragraph (1)
What is meant by full-time is an Expert Personnel of an Insurance Loss Assessing Company who binds themselves to one Insurance Loss Assessing Company and does not work for other companies.

Paragraph (2)
Clear enough.

Article 39
Clear enough.

Article 40
Clear enough.

Article 41
Clear enough.

Article 42
Clear enough.

Article 43
Paragraph (1)
Clear enough.

Paragraph (2)
What is meant by considering the interests of the insured is the settlement of rights and obligations in accordance with the contents of the policy agreement.

Article 44
Clear enough.

Article 45
Clear enough.

Article 46
Paragraph (1)
Changes in ownership include, among others, changes in share composition, takeovers, and the addition of new shareholders.

Paragraph (2)
Clear enough.

Paragraph (3)
Clear enough.

Paragraph (4)
Clear enough.

Paragraph (5)
Clear enough.

Paragraph (6)
Clear enough.

Paragraph (7)
Clear enough.

Paragraph (8)
Clear enough.

Paragraph (9)
Clear enough.

Paragraph (10)
Clear enough.

Article 47
Clear enough.

Article 48
Paragraph (1)
Clear enough.

Paragraph (2)
Clear enough.

Paragraph (3)
Clear enough.

Paragraph (4)
Reporting of Paid-up Capital reduction is carried out by the Company in the event that the reduction of Paid-up Capital does not result in:
a. changes in share composition; b. takeovers; and/or
c. addition of new shareholders.

Paragraph (5)
Clear enough.

Paragraph (6)
Reporting of Paid-up Capital addition is carried out by the Company in the event that the addition of Paid-up Capital does not result in:
a. changes in share composition; b. takeovers; and/or
c. addition of new shareholders.

Paragraph (7)
Clear enough.

Paragraph (8)
Clear enough.

Article 49
Clear enough.

Article 50
Clear enough.

Article 51
Clear enough.

Article 52
Clear enough.

Article 53
Clear enough.

Article 54
Clear enough.

Article 55
Clear enough.

Article 56
Clear enough.

Article 57
Clear enough.

Article 58
Clear enough.

Article 59
Clear enough.

Article 60
Clear enough.

Article 61
Clear enough.

Article 62
Clear enough.

Article 63
Clear enough.

Article 64
Clear enough.

Article 65
Clear enough.

Article 66
Clear enough.

Article 67
Clear enough.

Article 68
Clear enough.

SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 5991

FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA
APPENDIX
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 68 /POJK.05/2016
CONCERNING
BUSINESS LICENSING AND INSTITUTIONAL REQUIREMENTS FOR INSURANCE BROKERAGE COMPANIES, REINSURANCE BROKERAGE COMPANIES, AND INSURANCE LOSS ASSESSING COMPANIES

EXAMPLE FORMAT 1 APPLICATION FOR BUSINESS LICENSE FOR INSURANCE BROKERAGE COMPANIES, REINSURANCE BROKERAGE COMPANIES, AND INSURANCE LOSS ASSESSING COMPANIES COMPANY LETTERHEAD To the Honorable, Head of Executive Supervisor for Insurance, Pensions, Financing Institutions, and Other Financial Service Institutions u.p. Director of IKNB Support Services Menara Merdeka Building Jl. Budi Kemuliaan I No. 2 Jakarta 10110 Referring to the Financial Services Authority Regulation Number .../POJK.05/2016 concerning Business Licensing and Institutional Requirements for Insurance Brokerage Companies, Reinsurance Brokerage Companies, and Insurance Loss Assessing Companies, we hereby:
Name : PT/Cooperative*) .....
Address : .....
City .....
Province .....
Phone/Fax No. : .....
Email : .....
submit an application to obtain a business license as an Insurance Brokerage Company/Reinsurance Brokerage Company/Insurance Loss Assessing Company*).
To complete the aforementioned application, we hereby submit the following documents:
a. photocopy of the Articles of Incorporation of PT/Cooperative*) ....., including photocopy of the deed of amendment to the Articles of Association (if any) accompanied by photocopy of proof of approval and/or proof of receipt of notification from the competent authority; b. organizational structure completed with descriptions of duties, authorities, responsibilities, and work procedures;
c. photocopy of proof of paid-up capital settlement in the form of time deposits and/or current accounts in the name of the Company;
d. ownership list, consisting of:
e. data on shareholders/members other than Controllers*):
f. list of Controllers along with information regarding the form of control; g. proof of employing Expert Personnel; h. work plan for the first 3 (three) years which at least contains:
i. photocopy of the Company's risk management guidelines;
j. photocopy of agreements with other parties (if any) and policies for transferring part of the functions in the conduct of business; k. administration system and data management infrastructure;
l. confirmation from the supervisory authority in the country of origin of the Foreign Party, in the event of direct participation from a Foreign Party;
m. proof of payment of licensing fees; and n. photocopy of the initial/opening financial position report of the Company; o. proof of operational readiness; p. proof of having a valid professional indemnity policy with an insurance sum insured of at least equal to the Paid-up Capital; q. personnel plan including human resource development plan for at least the first 3 (three) years; r. photocopy of guidelines for the implementation of anti-money laundering and counter-terrorism financing programs; s. photocopy of good corporate governance guidelines; t. photocopy of investment governance guidelines; u. photocopy of cooperation agreements between foreign legal entity shareholders and Indonesian shareholders, for Companies that have participation from foreign legal entities. We would like to inform that for the purposes of this business license application, you may contact Mr./Ms. ..., via email ... or phone number ... This is our application, and we thank you for your attention, Sir/Madam*).

Board of Directors
PT/Cooperative*) ....................
………………………………
*) strike out what is not needed

EXAMPLE FORMAT 2 REPORT ON THE CONDUCT OF BUSINESS ACTIVITIES FOR INSURANCE BROKERAGE COMPANIES, REINSURANCE BROKERAGE COMPANIES, AND INSURANCE LOSS ASSESSING COMPANIES COMPANY LETTERHEAD To the Honorable, Head of Executive Supervisor for Insurance, Pensions, Financing Institutions, and Other Financial Service Institutions u.p. Director of IKNB Support Services Menara Merdeka Building Jl. Budi Kemuliaan I No. 2 Jakarta 10110 Referring to the Financial Services Authority Regulation Number .../POJK.05/2016 concerning Business Licensing and Institutional Requirements for Insurance Brokerage Companies, Reinsurance Brokerage Companies, and Insurance Loss Assessing Companies, we hereby:
Name : PT/Cooperative*) .....
Address : .....
City .....
Province .....
Phone/Fax No. : .....
Email : .....
report that we have commenced business activities as insurance broker/reinsurance broker/insurance loss assessor*) on date .....
As additional data, we hereby submit:

proof of insurance placement for Insurance Brokerage Companies, proof of reinsurance placement for Reinsurance Brokerage Companies, or proof of work order letters for Insurance Loss Assessing Companies; and
photocopy of residence permits and/or work permits for foreign workers issued by competent authorities, for members of the Board of Directors and/or Board of Commissioners who are foreign nationals.
We would like to inform that for the purposes of this reporting, you may contact Mr./Ms. ..., via email ... or phone number ...
This is our report, and we thank you for your attention, Sir/Madam*).

Board of Directors
PT/Cooperative*) ....................
………………………………
*) Strike out what is not needed

EXAMPLE FORMAT 3 REPORT ON THE PLAN TO EMPLOY FOREIGN WORKERS IN INSURANCE BROKERAGE COMPANIES, REINSURANCE BROKERAGE COMPANIES, AND INSURANCE LOSS ASSESSING COMPANIES COMPANY LETTERHEAD To the Honorable, Head of Executive Supervisor for Insurance, Pensions, Financing Institutions, and Other Financial Service Institutions u.p. Director of IKNB Support Services Menara Merdeka Building Jl. Budi Kemuliaan I No. 2 Jakarta 10110 Referring to the Financial Services Authority Regulation Number /POJK.05/2016 concerning Business Licensing and Institutional Requirements for Insurance Brokerage Companies, Reinsurance Brokerage Companies, and Insurance Loss Assessing Companies, we hereby:
Name : PT/Cooperative*) .....
Address : .....
City .....
Province .....
Phone/Fax No. : .....
Email : .....
report that we plan to appoint foreign workers as follows:
No. Name Position Country of Origin Duration of Employment etc.
As additional data, we hereby submit data on the aforementioned expert personnel:
a. list of resumes of employed foreign workers, accompanied by photocopy of documents reflecting their field of expertise; b. annual education and training program plan during the employment of the aforementioned foreign workers; and
c. placement plan and field of responsibility for foreign workers.
We would like to inform that for the purposes of this reporting, you may contact Mr./Ms. ..., via email ... or phone number ...
This is our report, and we thank you for your attention, Sir/Madam*).

Board of Directors
PT/Cooperative*) ....................
………………………………
*) Strike out what is not needed

EXAMPLE FORMAT 4 APPLICATION FOR REGISTRATION OF INSURANCE BROKERS COMPANY LETTERHEAD To the Honorable, Head of Executive Supervisor for Insurance, Pensions, Financing Institutions, and Other Financial Service Institutions u.p. Director of IKNB Support Services Menara Merdeka Building Jl. Budi Kemuliaan I No. 2 Jakarta 10110 Referring to the Financial Services Authority Regulation Number .../POJK.05/2016 concerning Business Licensing and Institutional Requirements for Insurance Brokerage Companies, Reinsurance Brokerage Companies, and Insurance Loss Assessing Companies, we hereby:
Name : PT/Cooperative*) .....
Address : .....
City .....
Province .....
Phone/Fax No. : .....
Email : .....
submit an application for the registration of insurance brokers in the name of .....
As additional data, we hereby submit:

photocopy of brokerage certificates for Insurance Brokers with a level at least 2 (two) levels below the highest qualification from the Professional Certification Body or brokerage certificates from abroad after having obtained recognition from the Professional Certification Body;
proof of work experience in technical brokerage and/or technical insurance fields of at least 3 (three) years;
proof of membership in the Insurance Broker Association in Indonesia;
photocopy of identification cards (KTP) or valid passports;
photocopy of tax identification numbers (NPWP);
list of resumes completed with the latest 4 x 6 cm color photos; and
statement letter.
We would like to inform that for the purposes of this reporting, you may contact Mr./Ms. ..., via email ... or phone number ...
This is our report, and we thank you for your attention, Sir/Madam*).

Board of Directors
PT/Cooperative*) ....................
………………………………
*) Strike out what is not needed

EXAMPLE FORMAT 5 REPORT ON THE APPOINTMENT OF INSURANCE BROKERS COMPANY LETTERHEAD To the Honorable, Head of Executive Supervisor for Insurance, Pensions, Financing Institutions, and Other Financial Service Institutions u.p. Director of IKNB Support Services Menara Merdeka Building Jl. Budi Kemuliaan I No. 2 Jakarta 10110 Referring to the Financial Services Authority Regulation Number /POJK.05/2016 concerning Business Licensing and Institutional Requirements for Insurance Brokerage Companies, Reinsurance Brokerage Companies, and Insurance Loss Assessing Companies, we hereby:
Name : PT/Cooperative*) .....
Address : .....
City .....
Province .....
Phone/Fax No. : .....
Email : .....
report that we have appointed Insurance Brokers ......... starting from date .... As additional data, we hereby attach the documents of the registered insurance broker appointment letters for the employed personnel. We would like to inform that for the purposes of this reporting, you may contact Mr./Ms. ..., via email ... or phone number ... This is our report, and we thank you for your attention, Sir/Madam*).

Board of Directors
PT/Cooperative*) ....................
………………………………
*) strike out what is not needed

EXAMPLE FORMAT 6 REPORT ON DISMISSAL OF INSURANCE BROKER

LETTERHEAD OF THE COMPANY

To the
Executive Head of Insurance, Pension Funds, Financing Institutions, and Other Financial Services Supervision u.p. Director of Financial Services Support IKNB Menara Merdeka Building Jl. Budi Kemuliaan I No. 2 Jakarta 10110

Referring to the Financial Services Authority Regulation Number .../POJK.05/2016 concerning Business Licensing and Institutional Aspects of Insurance Broker Companies, Reinsurance Broker Companies, and Insurance Loss Assessor Companies, we hereby:

Name : PT/Cooperative*) .....
Address : .....
City .....
Province .....
Telephone/fax No. : .....
Email : .....

report that we have dismissed Insurance Broker .........
starting from date ......

We would like to inform that for reporting purposes, you may contact Mr./Ms. ..., via email ... or telephone number ...

This report is submitted, and for your attention, Sir/Madam*), we express our gratitude.

Board of Directors
PT/Cooperative*) ....................
………………………………
*) strike out what is not needed

EXAMPLE FORMAT 7 APPLICATION FOR REGISTRATION OF REINSURANCE BROKER

LETTERHEAD OF THE COMPANY

Name : PT/Cooperative*) .....
Address : .....
City .....
Province .....
Telephone/fax No. : .....
Email : .....

submit an application for registration of reinsurance broker under the name ......

As supporting data, we hereby submit:

photocopy of brokerage certificate;
proof of work experience;
proof of membership in the Insurance Broker Association in Indonesia;
photocopy of identification card (ID card) or valid passport;
photocopy of tax identification number (NPWP);
curriculum vitae accompanied by the latest 4 x 6 cm color photo; and
statement letter.

We would like to inform that for reporting purposes, you may contact Mr./Ms. ..., via email ... or telephone number ...

This report is submitted, and for your attention, Sir/Madam*), we express our gratitude.

Board of Directors
PT/Cooperative*) ....................
………………………………
*) strike out what is not needed

EXAMPLE FORMAT 8 REPORT ON APPOINTMENT OF REINSURANCE BROKER

LETTERHEAD OF THE COMPANY

Name : PT/Cooperative*) .....
Address : .....
City .....
Province .....
Telephone/fax No. : .....
Email : .....

report that we have appointed Reinsurance Broker ......... starting
from date ......

As supporting data, we hereby enclose the document of the reinsurance broker registration certificate of the employee.

We would like to inform that for reporting purposes, you may contact Mr./Ms. ..., via email ... or telephone number ...

This report is submitted, and for your attention, Sir/Madam*), we express our gratitude.

Board of Directors
PT/Cooperative*) ....................
………………………………
*) strike out what is not needed

EXAMPLE FORMAT 9 REPORT ON DISMISSAL OF REINSURANCE BROKER

LETTERHEAD OF THE COMPANY

Name : PT/Cooperative*) .....
Address : .....
City .....
Province .....
Telephone/fax No. : .....
Email : .....

report that we have dismissed Reinsurance Broker .........
starting from date ......

We would like to inform that for reporting purposes, you may contact Mr./Ms. ..., via email ... or telephone number ...

This report is submitted, and for your attention, Sir/Madam*), we express our gratitude.

Board of Directors
PT/Cooperative*) ....................
………………………………
*) strike out what is not needed

EXAMPLE FORMAT 10 REPORT ON APPOINTMENT OF EXPERT STAFF OF INSURANCE BROKER COMPANY

LETTERHEAD OF THE COMPANY

Name : PT/Cooperative*) .....
Address : .....
City .....
Province .....
Telephone/fax No. : .....
Email : .....

report that we have appointed Expert Staff ......... starting from
date ......

We would like to inform that for reporting purposes, you may contact Mr./Ms. ..., via email ... or telephone number ...

This report is submitted, and for your attention, Sir/Madam*), we express our gratitude.

Board of Directors
PT/Cooperative*) ....................
………………………………
*) strike out what is not needed

EXAMPLE FORMAT 11 REPORT ON DISMISSAL OF EXPERT STAFF OF INSURANCE BROKER COMPANY

LETTERHEAD OF THE COMPANY

Name : PT/Cooperative*) .....
Address : .....
City .....
Province .....
Telephone/fax No. : .....
Email : .....

report that we have dismissed Expert Staff ......... starting
from date ......

We would like to inform that for reporting purposes, you may contact Mr./Ms. ..., via email ... or telephone number ...

This report is submitted, and for your attention, Sir/Madam*), we express our gratitude.

Board of Directors
PT/Cooperative*) ....................
………………………………
*) strike out what is not needed

EXAMPLE FORMAT 12 REPORT ON APPOINTMENT OF EXPERT STAFF OF REINSURANCE BROKER COMPANY

LETTERHEAD OF THE COMPANY

Name : PT/Cooperative*) .....
Address : .....
City .....
Province .....
Telephone/fax No. : .....
Email : .....

report that we have appointed Expert Staff ......... starting from
date ......

We would like to inform that for reporting purposes, you may contact Mr./Ms. ..., via email ... or telephone number ...

This report is submitted, and for your attention, Sir/Madam*), we express our gratitude.

Board of Directors
PT/Cooperative*) ....................
………………………………
*) strike out what is not needed

EXAMPLE FORMAT 13 REPORT ON DISMISSAL OF EXPERT STAFF OF REINSURANCE BROKER COMPANY

LETTERHEAD OF THE COMPANY

Name : PT/Cooperative*) .....
Address : .....
City .....
Province .....
Telephone/fax No. : .....
Email : .....

report that we have dismissed Expert Staff ......... starting
from date ......

We would like to inform that for reporting purposes, you may contact Mr./Ms. ..., via email ... or telephone number ...

This report is submitted, and for your attention, Sir/Madam*), we express our gratitude.

Board of Directors
PT/Cooperative*) ....................
………………………………
*) strike out what is not needed

EXAMPLE FORMAT 14 REPORT ON APPOINTMENT OF EXPERT STAFF OF INSURANCE LOSS ASSESSOR COMPANY

LETTERHEAD OF THE COMPANY

Name : PT/Cooperative*) .....
Address : .....
City .....
Province .....
Telephone/fax No. : .....
Email : .....

report that we have appointed Expert Staff ......... starting from
date ......

We would like to inform that for reporting purposes, you may contact Mr./Ms. ..., via email ... or telephone number ...

This report is submitted, and for your attention, Sir/Madam*), we express our gratitude.

Board of Directors
PT/Cooperative*) ....................
………………………………
*) strike out what is not needed

EXAMPLE FORMAT 15 REPORT ON DISMISSAL OF EXPERT STAFF OF INSURANCE LOSS ASSESSOR COMPANY

LETTERHEAD OF THE COMPANY

Name : PT/Cooperative*) .....
Address : .....
City .....
Province .....
Telephone/fax No. : .....
Email : .....

have dismissed Expert Staff ......... starting from date ......

We would like to inform that for reporting purposes, you may contact Mr./Ms. ..., via email ... or telephone number ...

This report is submitted, and for your attention, Sir/Madam*), we express our gratitude.

Board of Directors
PT/Cooperative*) ....................
………………………………
*) strike out what is not needed

EXAMPLE FORMAT 16 REPORT ON OPENING OF OFFICE OUTSIDE THE HEAD OFFICE OF INSURANCE BROKER COMPANY, REINSURANCE BROKER COMPANY, AND INSURANCE LOSS ASSESSOR COMPANY

LETTERHEAD OF THE COMPANY

Name : PT/Cooperative*) .....
Address : .....
City .....
Province .....
Telephone/fax No. : .....
Email : .....

have opened an office outside the head office with address on date ......

As supporting data, we hereby enclose the following documents:

office name and office function;
office address supported by a letter of statement from the relevant party stating at least the name of the Company;
name of the office head accompanied by a curriculum vitae; and
duties and authority of the office head;

We would like to inform that for reporting purposes, you may contact Mr./Ms. ..., via email ... or telephone number ...

This application is submitted, and for your attention, Sir/Madam*), we express our gratitude.

Board of Directors
PT/Cooperative*) ....................
………………………………
*) Strike out what is not needed

EXAMPLE FORMAT 17 REPORT ON CLOSING OF OFFICE OUTSIDE THE HEAD OFFICE OF INSURANCE BROKER COMPANY, REINSURANCE BROKER COMPANY, AND INSURANCE LOSS ASSESSOR COMPANY

LETTERHEAD OF THE COMPANY

Name : PT/Cooperative*) .....
Address : .....
City .....
Province .....
Telephone/fax No. : .....
Email : .....

have closed an office outside the head office with address on date ......

As supporting data, we hereby enclose the following documents:

proof of notification of the plan to close the office outside the head office; and
proof of transfer of services from the Office Outside the Head Office being closed to the head office or the nearest office outside the head office.

We would like to inform that for reporting purposes, you may contact Mr./Ms. ..., via email ... or telephone number ...

This application is submitted, and for your attention, Sir/Madam*), we express our gratitude.

Board of Directors
PT/Cooperative*) ....................
………………………………
*) Strike out what is not needed

EXAMPLE FORMAT 18 APPLICATION FOR APPROVAL OF CHANGE OF OWNERSHIP

LETTERHEAD OF THE COMPANY

To the
Executive Head of Insurance, Pension Funds, Financing Institutions, and Other Financial Services Supervision u.p. Director of Institutional and Product IKNB Director of Sharia IKNB*) Menara Merdeka Building Jl. Budi Kemuliaan I No. 2 Jakarta 10110

We hereby:

Name : PT/Cooperative/Joint Venture).......................................
Address : ...........................................

report that in accordance with the General Meeting of Shareholders/Meeting of Members dated ......................, a share ownership adjustment has been made, as follows:

Before Change After Change
Name of Shareholder Total Value of Shares (Rp) Name of Shareholder Total Value of Shares (Rp)

As supporting data, we hereby enclose:

draft ownership list;
data of prospective shareholders, if there are new shareholders;
draft minutes of the General Meeting of Shareholders/Meeting of Members);
draft deed of transfer of share rights;
photocopy of tax notification letter (SPT) for the last 2 (two) years and other documents showing financial capacity and funding sources of individual shareholders;
photocopy of the Company's financial statements audited by a public accountant before the addition of Paid-up Capital); and
photocopy of cooperation agreement between foreign legal entity shareholders and Indonesian shareholders).

We would like to inform that for this purpose, you may contact Mr./Ms. ..., via email ... or telephone number ...

This application is submitted, and for your attention, Sir/Madam), we express our gratitude.

Board of Directors
PT/Cooperative/Joint Venture .................
..............................
*)For Sharia Insurance Companies or Sharia Reinsurance Companies )Strike out what is not needed

EXAMPLE FORMAT 19 REPORT ON CHANGE OF OWNERSHIP OF INSURANCE BROKER COMPANY, REINSURANCE BROKER COMPANY, AND INSURANCE LOSS ASSESSOR COMPANY

LETTERHEAD OF THE COMPANY

Name : PT/Cooperative*) .....
Address : .....
City .....
Province .....
Telephone/fax No. : .....
Email : .....

report that in accordance with the General Meeting of Shareholders/Meeting of Members*) dated ...................a change of ownership from......... to...... has been made

As supporting data, we hereby enclose the following documents:

photocopy of the amendment to the Articles of Association accompanied by proof of approval and/or proof of notification receipt from the competent authority;
photocopy of the deed of transfer of share rights in case of transfer of share rights);
proof of capital increase in the form of photocopy of proof of settlement of Paid-up Capital in the form of cash deposits and photocopy of proof of placement of Paid-up Capital);
photocopy of Government Regulation regarding state capital participation (Republic of Indonesia); and/or
photocopy of Regional Regulation regarding capital participation).

We would like to inform that for reporting purposes, you may contact Mr./Ms. ..., via email ... or telephone number ...

This is submitted, and for your attention, Sir/Madam*), we express our gratitude.

Board of Directors
PT/Cooperative*) ....................
………………………………
*) Strike out what is not needed

EXAMPLE FORMAT 20 REPORT ON CHANGE OF NAME OF INSURANCE BROKER COMPANY, REINSURANCE BROKER COMPANY, AND INSURANCE LOSS ASSESSOR COMPANY

LETTERHEAD OF THE COMPANY

Name : PT/Cooperative*) .....
Address : .....
City .....
Province .....
Telephone/fax No. : .....
Email : .....

report that in accordance with the General Meeting of Shareholders/Meeting of Members*) dated ..................., an amendment to the company's Articles of Association regarding the name has been made, as follows:

Number and Date of Business License Decision
Insurance Broker Company/Reinsurance Broker Company/Insurance Loss Assessor Company Old Name New Name

As supporting data, we hereby enclose the following documents:
a. photocopy of the amendment to the Articles of Association accompanied by proof of approval from the competent authority for Companies in the form of a limited liability company; and b. photocopy of the tax identification number (NPWP) under the new name of the Company.

Regarding the above, we request
Sir/Madam*) to determine the change of OJK business license decision
from PT/Cooperative*) ......................... to PT/Cooperative*) ........................

We would like to inform that for reporting purposes, you may contact Mr./Ms. ..., via email ... or telephone number ...

This is submitted, and for your attention, Sir/Madam*), we express our gratitude.

Board of Directors
PT/Cooperative*) ....................
………………………………
*) strike out what is not needed

EXAMPLE FORMAT 21 REPORT ON CHANGE OF HEAD OFFICE LOCATION OF INSURANCE BROKER COMPANY, REINSURANCE BROKER COMPANY, AND INSURANCE LOSS ASSESSOR COMPANY

LETTERHEAD OF THE COMPANY

Name : PT/Cooperative*) .....
Address : .....
City .....
Province .....
Telephone/fax No. : .....
Email : .....

Number and Date of Business License Decision
Insurance Broker Company/Reinsurance Broker Company/Insurance Loss Assessor Company Old Location New Location

Regarding the above, we request
Sir/Madam*) to determine the change of OJK business license decision
from PT/Cooperative*) ......................... to PT/Cooperative*) ........................

We would like to inform that for reporting purposes, you may contact Mr./Ms. ..., via email ... or telephone number ...

This is submitted, and for your attention, Sir/Madam*), we express our gratitude.

Board of Directors
PT/Cooperative*) ....................
………………………………
*) strike out what is not needed

EXAMPLE FORMAT 22 REPORT ON REDUCTION OF PAID-UP CAPITAL OF INSURANCE BROKER COMPANY, REINSURANCE BROKER COMPANY, AND INSURANCE LOSS ASSESSOR COMPANY

LETTERHEAD OF THE COMPANY

Name : PT/Cooperative*) .....
Address : .....
City .....
Province .....
Telephone/fax No. : .....
Email : .....

report that in accordance with the General Meeting of Shareholders/Meeting of Members*) dated .................., an amendment to the Articles of Association of the limited liability company regarding capital reduction has been made, as follows:

Capital Before Change After Change

Basic Capital
Paid-up Capital
with the composition of shareholders as follows:
No. Name of Shareholder Total Value of Shares Before Change (Rp) Total Value of Shares After Change (Rp) 1.
...

The reason for the capital reduction is
……………………….

As supporting data, we hereby enclose the amendment to the Articles of Association accompanied by the documents of the amendment to the Articles of Association accompanied by proof of approval from the competent authority, which approval we received on date ……..... .

We would like to inform that for reporting purposes, you may contact Mr./Ms. ..., via telephone number ...

This report is submitted, and for your attention, Sir/Madam*), we express our gratitude.

Board of Directors
PT....................
………………………………
*) strike out what is not needed

EXAMPLE FORMAT 23 REPORT ON ADDITIONAL PAID-IN CAPITAL FOR COMPANIES IN THE LEGAL FORM OF A LIMITED LIABILITY COMPANY

[Company Letterhead]
To:
Executive Head of Insurance, Pension Fund, Financing Institution, and Other Financial Service Institution Supervision u.p. Director of IKNB Support Services Menara Merdeka Building Jl. Budi Kemuliaan I No. 2 Jakarta 10110

Referring to the Financial Services Authority Regulation Number .../POJK.05/2016 concerning Business Licensing and Institutional Aspects of Insurance Brokerage Companies, Reinsurance Brokerage Companies, and Insurance Loss Assessment Companies, we hereby:

Name : PT/Cooperative*) .....
Address : .....
City .....
Province .....
Telephone/Fax No. : .....
Email : .....

report that in accordance with the General Meeting of Shareholders/Members Meeting*) dated .................., a change has been made to the company's Articles of Association in the form of a limited liability company regarding the addition of paid-in and placed capital, as follows:

Capital Before Change
After Change

Authorized Capital
Placed Capital with the following composition of shareholders):
No. Name of Shareholder
Total Value of Shares
Before Change
(Rp)
Total Value of Shares
After Change (Rp)

...

The reason for the capital addition is
……………………….

As supporting data, we hereby submit the Articles of Association amendment accompanied by the following documents:
a. photocopy of the deed of amendment of the Articles of Association accompanied by proof of receipt of notification from the competent authority for Companies in the form of a limited liability company*); b. proof of addition of Paid-in Capital, namely:

photocopy of proof of capital deposit; or
the Company's financial statements that have been audited by a public accountant before the capital addition*);
c. photocopy of the statement of shareholders or cooperative members;
d. photocopy of tax notification for the last 2 (two) years and other documents showing the financial capacity and source of funds of individual prospective shareholders; and e. financial statements of shareholders audited by a public accountant and/or the latest financial statements, in the event that shareholders are in the form of a legal entity*).
whose approval we received on date .............

We can be contacted for the purposes of this report by contacting Mr./Ms. ..., via email ... or telephone number ...

This report is submitted, and we thank you for your attention, Sir/Madam*).

Board of Directors
PT....................
………………………………
*) delete what is not necessary

EXAMPLE FORMAT 24 REPORT ON CHANGE OF COMPANY STATUS FROM CLOSED LIMITED LIABILITY COMPANY TO OPEN LIMITED LIABILITY COMPANY OR VICE VERSA

Name : PT/Cooperative*) .....
Address : .....
City .....
Province .....
Telephone/Fax No. : .....
Email : .....

report that in accordance with the General Meeting of Shareholders dated .................., a change has been made to the Company's Articles of Association regarding the status of the closed/open limited liability company*), as follows:

Article Content of Article (Before Change)
Content of Article (After Change)

As supporting data, we hereby submit the photocopy of the deed of amendment of the Articles of Association accompanied by proof of approval from the competent authority, whose approval we received on date …….....….

We can be contacted for the purposes of this report by contacting Mr./Ms. ..., via email ... or telephone number ...

This application is submitted, and we thank you for your attention, Sir/Madam*).

Board of Directors
PT ............
……………………
*) Delete what is not necessary

EXAMPLE FORMAT 25 REPORT ON CHANGE OF BOARD OF DIRECTORS MEMBERS AND/OR BOARD OF COMMISSIONERS MEMBERS OF INSURANCE BROKERAGE COMPANIES, REINSURANCE BROKERAGE COMPANIES, AND INSURANCE LOSS ASSESSMENT COMPANIES

Referring to the Financial Services Authority Regulation Number /POJK.05/2016 concerning Business Licensing and Institutional Aspects of Insurance Brokerage Companies, Reinsurance Brokerage Companies, and Insurance Loss Assessment Companies, we hereby:

Name : PT/Cooperative*) .....
Address : .....
City .....
Province .....
Telephone/Fax No. : .....
Email : .....

report that in accordance with the General Meeting of Shareholders/Members Meeting*) dated .............., a change has been made to the company's Articles of Association regarding the members of the Board of Directors and/or Board of Commissioners*) namely:

Before Change After Change
Commissioner
Director

As supporting data, we hereby submit:

photocopy of the minutes of the members' meeting for Companies in the form of a cooperative legal entity*); or
photocopy of the amendment of the Articles of Association accompanied by proof of receipt of notification from the competent authority for Companies in the form of a limited liability company*).

We can be contacted for the purposes of this report by contacting Mr./Ms. ..., via email ... or telephone number ...

This report is submitted, and we thank you for your attention, Sir/Madam*).

Board of Directors
PT/Cooperative*) ....................
………………………………
*) delete what is not necessary

EXAMPLE FORMAT 26 REPORT ON CHANGE OF HEAD OFFICE ADDRESS AND/OR OFFICES OUTSIDE THE HEAD OFFICE

Name : PT/Cooperative*) .....
Address : .....
City .....
Province .....
Telephone/Fax No. : .....
Email : .....

report that our head office/office outside the head office at .....
has been relocated with the following data:
Old Address : .....
Telephone : .....
New Address : .....
Telephone : .....
Date of relocation : .....

As supporting data, we hereby submit the amendment of the Articles of Association accompanied by the following documents:
a. complete address data of the head office and/or offices outside the head office; and b. office address supported by a statement letter from the relevant party stating at least the name of the Company.

We can be contacted for the purposes of this report by contacting Mr./Ms. ..., via email ... or telephone number ...

This report is submitted, and we thank you for your attention, Sir/Madam*).

Board of Directors
PT/Cooperative*) ....................
………………………………

*) delete what is not necessary

EXAMPLE FORMAT 27 REPORT ON REVOCATION OF BUSINESS LICENSE FOR COMPANIES DECLARED BANKRUPT

Name : PT/Cooperative*) .....
Address : .....
City .....
Province .....
Telephone/Fax No. : .....
Email : .....

report that our company is applying for revocation of the business license because it has been declared bankrupt. As supporting data, we hereby submit the amendment of the Articles of Association accompanied by the following documents:
a. photocopy of documents serving as the basis for the determination of the bankruptcy ruling; and b. original copy of the decision regarding the issuance of the Company's business license/photocopy of the legalized copy of the decision regarding the issuance of the business license and a statement from the Board of Directors that the original copy of the decision is lost*).

We can be contacted for the purposes of this report by contacting Mr./Ms. ..., via email ... or telephone number ...

This report is submitted, and we thank you for your attention, Sir/Madam*).

Board of Directors
PT/Cooperative*) ....................
………………………………
*) delete what is not necessary

EXAMPLE FORMAT 28 REPORT ON REVOCATION OF BUSINESS LICENSE FOR COMPANIES CEASING BUSINESS OPERATIONS

Name : PT/Cooperative*) .....
Address : .....
City .....
Province .....
Telephone/Fax No. : .....
Email : .....

report that our company is applying for revocation of the business license because it is ceasing business operations. As supporting data, we hereby submit the amendment of the Articles of Association accompanied by the following documents:
a. original copy of the decision regarding the issuance of the Company's business license/photocopy of the legalized copy of the decision regarding the issuance of the business license and a statement from the Board of Directors that the original copy of the decision is lost*); b. photocopy of the GMS decision regarding approval of the plan to cease the Company's business operations;
c. the Company's latest financial statements;
d. proof of settlement of taxes and other obligations to the State; and e. proof of settlement of OJK levies and outstanding administrative fines.

We can be contacted for the purposes of this report by contacting Mr./Ms. ..., via email ... or telephone number ...

This report is submitted, and we thank you for your attention, Sir/Madam*).

Board of Directors
PT/Cooperative*) ....................
………………………………
*) delete what is not necessary

Determined in Jakarta on date 23 December 2016 CHAIRMAN OF THE BOARD OF COMMISSIONERS FINANCIAL SERVICES AUTHORITY,

MULIAMAN D. HADAD signed
Copy in accordance with the original
Director of Law 1
Legal Department signed
Yuliana

POJK on Business Licensing and Institutional Requirements for Insurance Brokerage Companies, Reinsurance Brokerage Companies, and Insurance Loss Adjusting Companies

Lineage: Amended

Timeline