Financial Services

Licensing, Approvals and Reporting for Conventional and Sharia Insurance Companies via Electronic Means
The Financial Services Authority has issued Circular No. 10/SEOJK.05/2018 on Applications for Licenses, Approvals and Reporting for Insurance Companies, Sharia Insurance Companies, Reinsurance Companies and Sharia Reinsurance Companies via Electronic Means, which serves as an implementation of Regulation of the OJK No. 67/POJK.-05/2016 on Business Licenses and Institutions for Insurance Companies, Sharia Insurance Companies, Reinsurance Companies and Sharia Reinsurance Companies.
BI Updates Provisions on Licensing for Participants in Monetary Operations
Bank Indonesia just issued a new technical regulation on monetary operations, specifically Regulation of the Board of Governors of Bank Indonesia No. 20/7/PADG/2018 on Participation in Monetary Operations. Regulation 7/2018 is expected to improve the governance, standardization and compliance aspects of monetary operations.
BI Merges Conventional and Sharia Monetary Operations under Single Framework
Bank Indonesia has combined both conventional and sharia monetary operations through the issuance of Regulation of Bank Indonesia No. 20/5/PBI/2018 on Monetary Operations.
Online Applications for Licensing, Approvals and Reporting for Insurance Companies
The Financial Services Authority 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, 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.
BI Issues New Regulation on Electronic Money
Bank Indonesia has finally issued its long-awaited regulation on electronic money, specifically Regulation of BI No. 20/6/PBI/2018 on Electronic Money.
Technical Provisions for the Bank Indonesia - Scripless Securities Settlement System
Bank Indonesia recently updated its integrated system for the administration of securities via the BI - Scripless Securities Settlement System through the issuance of Regulation of the Board of Governors of Bank Indonesia No. 20/4/PADG/2018 on the Organization of the Administration of Securities through the Bank Indonesia - Scripless Securities Settlement System
Foreign Ownership of Insurance Companies Finally Regulated
The Government has finally issued Regulation No. 14 of 2018 on the Foreign Ownership of Insurance Companies, as an implementation Article 7 (3) of Law No. 40 of 2014 on Insurance.
OJK Regulates Secondary Housing Financing Company
In a bid to meet the need for decent housing for Indonesian citizens through the optimization of funding facilities via the secondary housing market, the Financial Services Authority has issued Regulation No. 4/POJK.05/2018 on the Secondary Housing Financing Company, which is aiming to develop as well as to regulate the Secondary Housing Financing Company.
New Regulation on Statutory Reserve Requirements for the Banking Sector
In bid to improve the effectiveness of Indonesia’s monetary policy, Bank Indonesia has decided to accelerate the implementation of its average statutory reserve requirements policy through the issuance of Regulation No. 20/3/PBI/2018 on Statutory Reserve Requirements in Rupiah and Foreign Currencies for Conventional Banks, Sharia Banks and Sharia Business Units.
OJK Regulates Gradual Public Offerings of Sukuk and Deductions of Sharia Duty by Issuers
The Financial Services Authority has issued Regulation No. 3/POJK.04/2018 on the Amendment to Regulation of the OJK No. 18/POJK.04/2015 on the Issuance of and Requirements for Sukuk in order to accommodate the implementation of gradual public offerings of sharia bonds (sukuk) and deductions of sharia duty (zakat).
© Copyright 2000 - 2018 PT Justika Siar Publika. All rights reserved.