IMPLEMENTATION LEVEL

National

AFFECTED FLOW

Inflow

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

all

JUMBO

No

TARIFF PEAK

No
← back to the state act
Inception date: 28 Dec 2016 | Removal date: open ended
Still in force

Post-migration treatment

Articles 6(5) and 19(5) of the OJK regulation introduce a requirement for all Boards of Directors and Boards of Commissioners of Indonesian insurance companies (i.e. the majority of shares belonging to Indonesian entities) to consist exclusively of Indonesian nationals.

If the insurance company includes also foreign direct participation, the boards may also include foreign nationals. They must nonetheless also consist of Indonesian citizens (art. 6(6) & 19(6)).

The regulation also stipulates that insurance companies shall nominate an Independent Commissioner. The individual must be an Indonesian citizen as well (art. 31f).

The regulation came into force on 28 December 2016.

AFFECTED COUNTRIES

MAP
TABLE
EXPORT

AFFECTED SECTORS AND PRODUCTS

711 Financial, insurance & pension services, excl. investment banking

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