Insurance Company Obligation to Designate Compliance Directors Amended

In order to harmonize compliance functions between conventional and sharia insurance/reinsurance companies, as well as between insurance/reinsurance broker companies and insurance loss appraisal companies (collectively referred to as “ Insurance Companies ”) and the compliance functions which apply to other financial service institutions, the Financial Services Authority (Otoritas Jasa Keuangan– “ OJK ”) recently issued Regulation No. 43/POJK.05/2019 (“ Amendment ”), which amends Regulation of the OJK No. 73/POJK.05/2016 on Good Corporate Governance for Insurance Companies (“ Regulation 73/2016 ”). [1]