In order to simplify the approval process for insurance products (collectively referred to as “ Products ”) while prioritizing various prudential aspects and good market conduct, the Financial Services Authority (Otoritas Jasa Keuangan– “ OJK ”) recently issued Regulation of the OJK No. 8 of 2024 on Insurance Products and Marketing Channels for Products (“ Regulation 8/2024 ”). [1] This new framework is set to come into force on 29 October 2024 and will simultaneously repeal and replace the following legal frameworks: [2]
Organizing Digital Insurance System: Insurance Companies Must Register as PSE
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