Provisions on Foreign Ownership of Insurance-Related Companies Amended

In an effort to support and maintain the development of Indonesia’s insurance industry, while also taking domestic capital capacity into consideration, the government recently issued Regulation of the Government No. 3 of 2020 (“ Amendment ”) which is an amendment of Regulation of the Government No. 14 of 2018 on the Foreign Ownership of Insurance Companies [1] (“ Regulation 14/2018 ”). [2] Several changes have now been introduced under the Amendment, specifically to foreign-ownership caps regarding: