Online Applications for Licensing, Approvals and Reporting for Insurance Companies

The Financial Services Authority (Otoritas Jasa Keuangan– “ OJK ”) has issued Circular No. 9/SEOJK.05/2018 on Applications for Licensing, Approval and Reporting for Insurance Broker Companies, Reinsurance Broker Companies and Insurance Loss-Appraisal Companies via Electronic Means (“ Circular 9/2018 ”), as an implementation of Article 59 of Regulation of the OJK No. 68/POJK.-05/2016 on Business Licenses and Institutions for Insurance Broker Companies, Reinsurance Broker Companies and Insurance Loss-Appraisal Companies (“ Regulation 68/2016 ”).Circular 9/2018 encompasses procedures for and the formatting of electronic applications for licensing, approvals and reporting (e-licensing) for Insurance Broker Companies, Reinsurance Broker Companies and Insurance Loss-Appraisal Companies (“ Companies ”) and addresses the following matters: