ANNOUNCEMENT 28 Dec 2016

On 28 December 2016, the Indonesian Financial Services Authority (OJK) issued regulation 67/POJK.05/2016 on business licenses and the organizational structure of insurance companies.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising
Inception date: 28 Dec 2016 | Removal date: open ended

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 SECTORS

 

AFFECTED PRODUCTS

 
N/A