Draft Government Regulation on the Foreign Ownership of Insurance Companies

The government is currently deliberating a new Draft Government Regulation on the Foreign Ownership of Insurance Companies (“ Draft Regulation ”), as mandated by Article 7 (3) of Law No. 40 of 2014 on Insurance (“ Insurance Law ”). [1] The Draft Regulation is expected to replace Government Regulation No. 73 of 1992 on the Organization of Insurance Businesses, as amended several times, most recently through the issuance of Government Regulation No. 81 of 2008 (collectively referred to as “ Regulation 73/1992 ”). [2] The Draft Regulation encompasses several provisions which pertain to the following matters: