Insurance Company Government – To strengthen the insurance sector and match it with the goals listed in the Law no. 4 of 2023 (often referred to as omnibus financial law) and the Government Regulation no. 14. 2018. Amended by the Government Regulation no. 3 of 2020 (which regulates insurance property in insurance, and the Obranciacion report of the Institutional Institutional, from 23 of the 23 years of 23 from 23 years of age, and is rented in companies, and OJK in the OJK Regulation, no.
Regulation 23/2023 consists of 162 articles, deployed in 22 chapters. In force of 22 December 2023. Regulation 23/2023 replaces the OJK Regulation no. 67/POJK.05/2016 and its amendments and change certain articles in the following regulations:
Insurance Company Government
It is significant that the 23/2023 Regulation accepts the same approach to the insurance industry as those adopted in the banking industry. Like the OJK Regulation no. 12/POJK.03/2020, regulating commercial banks consolidation, Regulation 23/2023 allows insurance companies to engage in strategic measures, namely merging, acquisitions or formation of business groups to meet minimum capital requirements. In the banking sector, by the end of 2023, most banks successfully fulfilled minimum capital requests in accordance with the OJK Regulation no. 12/POJK.03/2020 through merging, acquisitions or formation of a banking business group. Of course, the expectation is that the insurance companies will also be included in similar measures by issuing a Decree 23/2023.
A Logo Sign Outside Of The Headquarters Of The Government Employees Insurance Company (geico) In Chevy Chase, Maryland On May 9, 2020 Stock Photo
For this client update, we will focus our discussion on increased minimum capital requirements, consolidation and creating a corporate business group and foreign ownership. We will also slightly touch the base on other notable provisions in the 23/2023 Regulation.
Regulation 23/2023 increases the minimum paid capital and reinsurance capital, regardless of their categories (conventional VS sharia and insurance and insurance compared to reinsurance). Increases are significant (which is an increase of between 400 billion IDR at 1.7 trillion and in the entire board). In light of this, the prospect of consolidation becomes particularly tempting. Indeed, the insurance sector is mature with consolidation opportunities, especially with only 39 out of 124 conventional insurance companies that have capital that exceeds and a bilium (since 2022). Among them are 22 life insurance companies, and 17 are general insurance companies. [1]
Increased capital requirements are also applied to the existing insurance and reinsurance company, which must gradually increase their minimum capital before the prescribed deadlines. Seemingly into practical aspects of implementation, OJK divided the capital increase into two stages. Dual deadlines also provide a structured time frame and flexibility with insurance and reinsurance societies in meeting capital requirements:
In the meantime, companies whose capital is still below the amount determined by the 23/2023 regulation must submit a plan to fulfill the Capital of OJK within six months of December 22, 2023, if not, they may result in an administrative sanction (ie a warning and/or reduction of the company sound level) and a fine to IDR100 million. Also, if the company does not meet the minimum requirements for capital, it may be subject to administrative sanctions in the form of written warnings and/or reducing the total level of the company’s sound.
The Global Forum For Sustainable Resilience (gfsr) In Indonesia
One of the ways in which the insurance company can meet the minimum capital request is consolidation with other insurance companies. According to Regulation 23/2023, consolidation can occur with conventional methods, such as merging and acquisition. Alternatively, corporate business group or
(“Cup”) can be established. The Cup must also be established if the merger does not increase the significant increase in the insurance company’s business scale.
In the structure of the Party Kupa, the Holding Society must establish. Here, the insurance company may take the lead as a holding, controlling other insurance companies as its branch. Alternatively, can play the role of “Holding Company Administrator” or
Under the Holding Company without insurance, where the insurance company is a branch of an insecure holding holding along with other insurance companies in Kupa.
New Health Insurance Scheme, 2016 Government Order
This concept of administrator was newly introduced in the 23/2023 Regulation and there is no similar concept in the Law on Indonesian Companies (Law No. 40 of 2007, as it was amended). According to the Regulation of 23/2023, the responsibility of the administrators are to ensure that companies within the Cup -fill the minimum capital thresholds and submit documentation for the establishment of the OJK Cup. Although the current frame suggests a certain scope, the analogy should be drawn to the OJK Regulation no. 45/Pojk.03/2020 on financial conglomerates. In their practical administration of the duty of the administrator, they can be expanded outside those stated in the 23/2023 Regulation. Furthermore, individual members of the administrator administration must also carefully walk and consider their fiduciary duties under the Indonesian Company Act. In any case, we anticipate certain changes to the provisions in the regulation of OJK no. 45/POJK.03/2020 to match it in accordance with the concept of Kupa and administrator in this Regulation.
OJK maintains 80% of foreign ownership limit in the insurance and reinsurance company in accordance with the Government Regulations no. 14 of 2018 on foreign ownership in insurance companies. At the same time, the 23/2023 regulation enters several new requests for a foreign company that directly or indirectly owns 25% or more of the Indonesian insurance company, namely:
In addition to the provisions discussed in this client update, we thought it was worth highlighting several other provisions in the 23/2023 Regulation:
In conclusion, the 23/2023 Regulation marked the first step of transformation of landscapes of the nation insurance. By imposing minimal capital requirements and facilitating strategic measures such as the formation of a Cup, the Regulation opens ways to cooperate, innovation and the risk division between insurance companies, basically expanding life in the insurance industry to encourage more resistant and healthier ecosystem in Indonesia.
United India Insurance Company Limited Uiicl Recruitment 2023 For Administrative Officers
This proactive approach is mirrored by measures adopted in the banking sector, and hopes that the insurance industry will experience the same success as the banking industry. Overall, the 23/2023 Regulation is the game exchanger.
[1] According to the 2023–2027 indomovies’ development and strengthening folder, as stated at https://finansial.bisnis.com/read/20231120/215/1715946/ojk-39-39-39-asuras–Assarans–Assaransi–Assarans – -Asarans
Lorem ipsum dolor sit amet, conscetur adistern elit, sevent to eiusmod temporary incididunt ut labore et dolore magna aliqua. Ut -AD AD MINIMUM VENIAM, QUIS NOSTRUD Exercise ULLAMCO LABORATORS YOU’RE NOT UT ALIQUIP EX EA Commodo consequence. Duis auto irure dolor in repoehendeit in voluptus verit Esse cillum dolore eu fugiat nulla Pariatur. Essedeur sint occeecat cupidatat non -Proedent, Sunt at Culpa Qui Officer osrunt Mollit Anim ID est labora.
Our attention belonged to that there are incidents where there are people who seek to falsely represent lawyers from the company in Rajah & Tann Asia’s network to falsely deceive victims and make them transfer payments, including virtual currencies or cash, on the register. There may also be false Facebook pages that look like from one or more companies in the Rajah & Tann Asia network. Keep in mind that law companies in our network do not maintain any Facebook page and have nothing to do with such incidents.
Us Government Calls For Insurance Companies To Make Advanced Payments Following Cyberattack Disruption
If you are contacted by any person claiming that you are a lawyer or staff from any law firm in Rajah & Tann Asia, asking you to take any action that seems strange or suspicious (including any discussion beyond another chat platform or the payment of payment directly to that person or an unknown account), please determine the fact that the law is found. Also do not try to come or contact any staff from our law companies through Facebook because we do not maintain any Facebook page. For any assistance to check the identity of the staff that may have contacted you, please contact *protected E -Post *in the future, only Eds will have the right to CMD in PSGIC. While CMDs are treated equivalent to the site of an additional secretary at DFS, they have yet to be appointed Ed’s, they are likely to be treated in comparison with common secretaries
The Cabinet Appointment Committee (ACC), led by Prime Minister Narendra Modi, finally approved the proposal of the Financial Services Department to frame the guidelines for appointing EDS in all public sector insurance companies.
A much delayed interview to fill in six director directors in the General Industry will happen as soon as the Banking Sector of the dog will now resolve the move to appoint executive directors instead of General Manger & Directors (GMDS) in General Re/Insurance Company.
Unlike the GMD, which continued with the same salary he was drawing as General Manger, the ED company of the General Insurance Society will now receive a higher salary, which the Government has yet to be repaired.
Fortune Life Insurance Co., Inc. V. Coa, G.r. No. 213525
Therefore, we will soon have two EDs at GIC Re, New India Assurance (NIA), the National Insurance Company Limited (NIC), Oriental Insurance Society (OIC), insurance company United India (UIIC) and agriculture insurance company that are members of GIPSA, official coordinating agencies for all these six companies.
Although a proposal for converting a post GMD in ED
