OJK Regulates Anti-Fraud Policy for Insurance Companies

The Financial Services Authority (“OJK”) has issued Circular No. 46/SEOJK.05/2017 on Fraud Control, Implementation of Anti-Fraud Strategy and Anti-Fraud Strategy Report for Insurance Companies, Sharia Insurance Companies, Re-Insurance Companies, Sharia Re-Insurance Companies, or Sharia Units (“Regulation 46/2017”), as mandated under Article 72 (5) of OJK Regulation No. 69/POJK.5/2016 [1] on the Business Organization of Insurance Companies, Sharia Insurance Companies, Re-Insurance Companies and Sharia Re-Insurance Companies.Regulation 46/2017 essentially stipulates three major provisions which pertain to fraud policy for insurance, sharia insurance, reinsurance, sharia reinsurance companies and sharia insurance units (“Insurance Companies”), as described below: