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
OJK regulation 67/POJK.05/2016 (in Bahasa Indonesia)
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:
However, this regulation introduces limitations as to the tasks that may be performed by foreigners at the insurance company. These are limited to:
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.