Check-up Time for Health Insurance Products: Auto-Renewal Policies Must Be Brought into Line with New Standards by December 2026

In 2024, the Financial Services Authority (Otoritas Jasa Keuangan– “ OJK ”) introduced Regulation No. 36 of 2024 (“ Regulation 36/2024 ”) as the most recent amendment to Regulation of the OJK No. 69/POJK.05/2016 on the Organization of Insurance Companies, Sharia Insurance Companies, Reinsurance Companies and Sharia Reinsurance Companies (“ Regulation 69/2016 ”). The various adjustments to Regulation 69/2016 that feature under Regulation 36/2024 include the mandate for conventional and sharia insurance companies, as well as sharia business units that operate within conventional insurance companies (collectively referred to as “ Companies ”) and that organize health insurance, to apply prudential principles and adequate risk management. [1]