Detailed Procedures for Assessments of Insurance and Reinsurance Company Soundness Levels Finally Introduced

In an attempt to implement the various provisions originally set out under Regulation of the Financial Services Authority (Otoritas Jasa Keuangan– “ OJK ”) No. 28/POJK.05/2020 on Assessments of the Soundness Levels of Non-Bank Financial Service Agencies (“ Regulation 28/2020 ”), [1] the OJK recently issued Circular No. 1/SEOJK.05/2021 on Assessments of the Soundness Levels of Insurance Companies, Sharia Insurance Companies, Reinsurance Companies and Sharia Reinsurance Companies (“ Circular 1/2021 ”).