In order to enhance protections for insurance customers, Minister of Finance will soon replace Ministerial Decisions on Investigations of Insurance Companies No. 423/KMK.06/2003 with a new Regulation. The draft regulation will provide additional definitions for loss insurance, life insurance, and insurance brokers. Direct investigations of an insurance company under this Draft should be done with a prior notification to the Insurance Company and Capital Market and Financial Institutions Supervisory Agency. An indirect investigation is to be carried out by the insurance bureau. In addition, both direct and indirect investigation should be conducted periodically.
It is important to be noted by Insurance Company that under the draft regulation, matters relating to financial, operational, management, systems and procedure of the Company can be investigated having provided that these aspects are related to the object and purpose of the investigation.
Source: www.hukumonline.com, ILB 12/8/2009: Insurance- Draft Minister of Finance Regulation.
A New Cornerstone of Legal Services in Indonesia
Periodical Review of Indonesian Politics, Economy and Other Public Issues
LGS Newsletter on Various Legal and Business Issues
Government Officials and Prominent Business Actors in Indonesia
Important Addresses You Should Know
