OJK Harmonizes Bancassurance Provisions Through Regulation of Commercial Bank Products

The Financial Services Authority (Otoritas Jasa Keuangan– “ OJK ”) recently issued a set of updated provisions that address the marketing of insurance products through cooperation with banks (“ Bancassurance ”) through the issuance of Circular No. 31/SEOJK.05/2022 (“ Circular 31/2022 ”), which simultaneously repeals and replaces Circular of the OJK No. 32/SEOJK.05/2016 (“ Circular 32/2016 ”) [1] and which has been in force since 27 December 2022.