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

Labour market access

The OJK regulation does introduce new limitations as to the type of work that foreigners can perform in financial institutions. Previous regulation 28/POJK.05/2014 (cf. Related state acts) already restricted the list of jobs to:

  • actuary;
  • expert one level below the Board of Directors;
  • consultant.

However, this regulation introduces limitations as to the tasks that may be performed by foreigners at the insurance company. These are limited to:

  • underwriting;
  • actuary;
  • marketing;
  • information systems. (art. 50(3)).

Furthermore, the foreigners working as "experts one level below the Board of Directors" may only perform the task for up to five years. (art.50(4)a)

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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