The Financial Services Authority (Otoritas Jasa Keuangan– “ OJK ”) recently issued Regulation No. 7 of 2023 (“ Regulation 7/2023 ”) on the Governance and Organization of Joint-Enterprise Insurance Companies (“ Companies ”), which has been in force since 11 May 2023. This regulation has been issued in order to satisfy the mandate originally set under Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector (“ Law 4/2023 ”).
RUA Memberships Now Categorized as Controllers of Joint-Enterprise Insurance Companies
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