Licensing, Approvals and Reporting for Conventional and Sharia Insurance Companies via Electronic Means

The Financial Services Authority (Otoritas Jasa Keuangan– “ OJK ”) has issued Circular No. 10/SEOJK.05/2018 on Applications for Licenses, Approvals and Reporting for Insurance Companies, Sharia Insurance Companies, Reinsurance Companies and Sharia Reinsurance Companies via Electronic Means (“ Circular 10/2018 ”), which serves as an implementation of Regulation of the OJK No. 67/POJK.05/2016 on Business Licenses and Institutions for Insurance Companies, Sharia Insurance Companies, Reinsurance Companies and Sharia Reinsurance Companies (“ Regulation 67/2016 ”). [1] In essence, Circular 10/2018 addresses procedures for and the formatting of electronic applications for licenses, approvals and reporting (e-licensing) for Insurance Companies, Sharia Insurance Companies, Reinsurance Companies and Sharia Reinsurance Companies (“ Insurance Companies ”) and addresses the following matters: