ENHANCING OJK REGULATION ON LICENSING, GOOD COORPORATE GOVERNANCE, AND FAIR COMPETITION IN NATIONAL INSURANCE POLICY
|
|
- Rosa Carson
- 6 years ago
- Views:
Transcription
1 ENHANCING OJK REGULATION ON LICENSING, GOOD COORPORATE GOVERNANCE, AND FAIR COMPETITION IN NATIONAL INSURANCE POLICY Edy Setiadi Deputy Commissioner of Non Bank Financial Institution Supervision I Financial Services Authority Bali, October 2016
2 Outline Outline Background Legal and Regulatory Framework Methodology or Business Process Integrated Bancassurance Licensing Final Results Comparisons with Existing Fit and Proper Test Insurance Premium Tariff 2
3 Integrated Bancassurance Licensing 3
4 Integrated Bancassurance Licensing Background 1. Improvement of Licensing Process Transforming existing business process from manual to electronic based Improvement the substances of licensing requirement Background 2. Changing the Mindset Utilisation of e-docs to fulfill licensing requirements Original document (hardcopy) is kept and be the applicant s responsibility 3. Optimization of coordination Supervisors will use all data that OJK already had so they won t recul to ask the same data 4. Transparency of Licensing Process Opening access of licensing processed so the applicants could know its progress 4
5 Integrated Bancassurance Licensing Legal and Regulatory Framework SEOJK NO 32/SEOJK.05/2016 ABOUT DISTRIBUTION CHANNEL OF INSURANCE PRODUCT THROUGH PARTNERSHIP WITH BANKS (BANCASSURANCE) Consumer Protection Aspect: Insurer must make sure the prospective policyholders, the insured, or the participant has obtained a full description of the insurance products that being offered. Model of distribution partnership and integrated product benefits and costs PAYDI benefits, costs, and risks Enterprise Risk Management in Bancassurance Insurer has authority of underwriting and claim decision, also ensure that Bank operated in Bancassurance comply with regulation regarding the Application of Risk Management for Bank Legal and Regulatory Framework Requirement of Insurer that will market Insurance Product through Bancassurance : Meet the Financial soundness Not subject to admistration sanction Incorporate bancassurance work plan in corporate business plan Obtain bancassurance registration from OJK Application Procedure of Bancassurance Registration: Submit documents (by online) & upload the documents to SPRINT (Licensing and Registration Electronic System)
6 Integrated Bancassurance Licensing Approval Scheme of Bancassurance bank insurance 2 working days approval 19 working days rejection 6
7 Integrated Licensing of Bancassurance Comparisons with Existing Before Integration There are redundancies of analysis activity doing by the Banking Supervisor and the IKNB (Non Bank Financial Institution) Supervisor. Example: analysis of the level of financial health insurance companies analysis of rights and obligations of each parties analysis of marketer requirements Many documents required by the Banking Supervisor and the IKNB (Non Bank Financial Institution) Supervisor are the same Example: Cooperation Agreement Marketing kit There are sequential processing stages. Compliance check conducted by the Banking Supervisor and the IKNB (Non Bank Financial Institution) Supervisor. Total processing time, maximum 101 days After Integration Redundancy is eliminated, using joint working paper. Joint working paper is entered by the Banking Supervisor and the IKNB (Non Bank Financial Institution) Supervisor in accordance with their respective authorities. Documents are given once through a single window. The processing application is performed in parallel. Applicant make self assessment to complete and to check documents. Total processing time, maximum 19 days. 7
8 Fit and Proper Test (FPT) 8
9 Fit and Proper Test (FPT) Background Background 1. Creating a healthy insurance industry aside from improving financial condition 2. Alignment of regulations concerning fit and proper test that applies for the Financial Companies in banking, capital market, and non bank financial institution in order to avoid regulatory arbitrage and inconsistencies in the implementation of the fit and proper test at the Financial Companies which are regulated and supervised by OJK. 3. Granting of licensing services for the management and shareholder of Financial Services Institutions which are faster, more precise, easier, and more transparent 4. Obligation of Financial Services Institutions manager, which act as the Lead Entity, has the authority to manage the Lead Entity and other Financial Services Institutions in their financial conglomerates. 9
10 Fit and Proper Test (FPT) Legal and Regulatory Framework (1) Legal and Regulatory Framework (1) No. Legal Basis Setting Date 1 POJK 4 year 2013 aside from Article 3 paragraph (2) point a (in nominated time of FPT), Article 3 paragraph (2) point b (in expiry time of FPT), and Article 18 paragraph (4) 2 POJK No. 27/POJK.03/2016 concerning Fit and Proper Test for Financial Services Institutions Key Persons 3 SEOJK Nomor 31/SEOJK.05/2016 concerning Fit and Proper Test for the Institutions Non-Bank Financial Services Key Persons November, 21 st 2013 July, 22 nd 2016 August, 30 th
11 Fit and Proper Test (FPT) Legal and Regulatory Framework (2) Legal and Regulatory Framework (POJK 27/2016 and SEOJK 31/2016) 1. Controlling shareholder of insurer (although they already has shares), member of the Board of Directors; member of the Board of Commissioners; and Sharia Supervisory Board (although have approval and appointed by the AGM) and Corporate Internal Auditors and Actuaries must obtain approval from the FSA prior to conduct business. 2. FPT Assessment Factors, namely : a. integrity and financial soundness and solvency candidate of controlling shareholder (PSP) that own share in company. b. integrity and financial soundness controlling candidate that don t own share in company. c. integrity, financial soundness and competence except controlling shareholders candidate or controlling candidates. 3. FPT Procedures a. Application submissions to the FSA with the administrative requirements document b. Administrative assessment conducted through presentation/explanation controlling shareholders and controlling candidate, conducted by administrative assessment preceded by self-assessment except controlling shareholder and controlling candidates. 4. Fit and Proper Test results : a. Duration of the assessment results 30 working days after the documents complete. b. FPT Results APPROVED / DENIED c. Assesment result written by the FSA and could be notified to the other party. 11
12 Fit and Proper Test (FPT) Legal and Regulatory Framework (3) Legal and Regulatory Framework (POJK 27/2016 and SEOJK 31/2016) 5. Consequences of the FTP s results that will not be approved by FSA: a. For PSP candidate, that own shares required to shift, do not exercise their control, and to restrict their shareholder rights. b. For Board candidates, Board of Commissioner candidate and / or member of the Sharia Supervisory Board who have been appointed in the General Meeting of Shareholders required to held General Meeting of Shareholders s regarding revocation of appointment. 6. The period for resubmit FPT a. Minimum of 6 months from the date of rejection; or b. < 6 months with the condition they are not approved for the competency requirements and propose to other positions (equivalent or lower, the same as the previous positions with lower complexity or other financial institutions). 7. Cancellation FPT approval by the FSA: a. Submission of information and documents that are incorect; and / or b. There is information obtained from other authorities that resulted the parties which has been approved becoming ineligible. 8. FTP-related sanctions against violations include : written warnings; downgrading; annulment of the fit and proper test results; restrictions on business activities; management replacement orders; Putting Management in the banned list of key persons; cancellation of approval, registration and attestation; and / or revocation of business licenses. 12
13 Fit and Proper Test (FPT) The difference from the previous regulation (1) Criteria Required parties ruled by FPT Assessment factor in FPT assessment procedure Previous Regulation (POJK 4 year 2013) board of directors board of commissioners member of sharia supervisory board member of representative board member controlling shareholders Experts expatriate Competence Integrity Financial reputation administrative review interview Verification of data and information New Regulation (POJK 27/2016) controling shareholders board of directors board of commissioners member of sharia supervisory board internal auditor Actuary Competence Integrity Financial soundness Financial solvency administrative assesment through presentation and explanation Requirement for company to do self assessment prior to administrative assessment 13
14 Fit and Proper Test (FPT) The difference from the previous regulation (2) Criteria Term of the determination results Previous Regulation (POJK 4 year 2013) 60 working days after complete application documents are received New Regulation (POJK 27/2016) 30 working days after complete application documents are received sanctions Ending term of FPT result written warnings Suspension of business activities revocation of business licenses 5 (five) years as of the date of stipulation by the OJK written warnings Downgrading cancellation of the fit and proper test results restrictions on business activities management replacement orders Putting Management in the list of barred key person cancellation of approval, registration and attestation revocation of business licenses. - 14
15 PREMI TARIFF OF INSURANCE 15
16 AMANDMENT PLAN OF SEOJK 21/2015 Background Background 1. The Premium must be set at the adequate level, not-overpriced, and non discriminatively applied (Article 20 Paragraph (1) of Government Regulation No. 72 Year 1992) 2. Determination of premium insurance level must be based on well risk analysis calculation (Article 21 of Government Regulation No. 73 Year 1992) 3. Insurance company that markets property insurance and/or motor vehicle Insurance must set premium or contribution rates, determined by OJK (Article 5 POJK Number 2 Year 2015) 4. There is changes in risk and loss profile of vehicle and property insurance so that the existing premium rate doesn t reflect the new risk profile 5. Support the fair business practice competition to be healthier among non-life insurance company in Indonesia 16
17 AMANDMENT PLAN OF SEOJK 21/2015 Methodology of Premium Rate Determination (1) Methodology of Premium Rate Determination Step 1. Data Collection General insurance companies submit Insurance Risk Data Report, i.e for the motor vehicle and property insurance (last 5 years data) 17
18 AMANDEMENT PLAN OF SEOJK 21/2015 Methodology of Premium Rate Determination (2) 2. Vehicle & Property Flow Modeling Flow Chart Raw Data Cleansing Data Descriptive Statistics Proposed Modelling Calculating E(N), E(X), and Premium Rate Selecting Distribution Testing Goddness of Fit Estimating Parameter Distribution 18
19 AMENDMENT OF PLAN SEOJK 21/2015 Determination Of Premium Rates Methodology (5) Step 3 Smoothing Process and Legal Drafting Premium rates which are produced by statistical approaches, are then processed by using smoothing activities to produce premium rates motor vehicle insurance and possessions which are more reflects the risk profile, and more workable. Team which is in charge of carrying out the smoothing process, consists of element: OJK General Insurance Association of Indonesia (AAUI) Data Center Management Agency National Insurance (BPPDAN) Actuary PT Asuransi MAIPARK Indonesia Risk Engineer 19
20 AMANDEMENT PLAN OF SEOJK 21/2015 Arrangement Plan of Premium Rate (1) No. Uraian Rencana Pengaturan 1 Changes in motor vehicle insurance premium rates (TLO and Comprehensive) 2 Changing of Property Insurance Premium Rate There are increases in insurance premium rates for certain categories and regions that reach ±50% (TLO) and ±100% (Comprehensive) There are decreases in insurance premium rates for certain categories and regions that reach ±15% (TLO) and ±25% (Comperhensive) There is no not increase/decreas in insurance premium rates for certain categories and regions (TLO & Comprehensive) There is an increment in insurance premium rates with certain occupation code that reaches ±20% There is a decrease in insurance premium rates with certain occupational code that reaches ±5% There is no increment / reduction in premium rates for some specific occupational code 3 The new occupation code There rise new occupation code reaching ±86 occupation code There redefenition for certain occupational code. example: occupational code 213 Bricks and tile works SEOJK 21/2015 be Brick and Structural Clay Tile, and structural Clay products. There is the elimination of certain occupational code 20
21 AMANDMENT PLAN OF SEOJK 21/2015 Arrangement Plan of Premium Rate (2) No. Description Arrangement Plan 4 Acquisition Cost Re-arrangement concept, criteria, and the amount of acquisition cost 5 Premium rate of vehicle insurance for the expansion of law responsibility to the third party Progressively Calculated as well as tax calculation 6 Premium Rate Discount Re-arrangement of discounted premium rate at property insurance based on sum insurance (without earthquake risk) for some sum insurance (1 location and multilocation) 7 Coverage for property insurance for one location and multiple locations 8 Discounted rates for motor vehicle insurance premiums above 100 units The assertion that the insurance coverage for one location and multi-location does not include a risk for earthquakes Elimination of the requirement that would require policy renewal to be able to get discount 21
22 THANK YOU 22
UNOFFICIAL TRANSLATION
COPY FINANCIAL SERVICES AUTHORITY REGULATION NUMBER 10/POJK.05/2014 CONCERNING RISK LEVEL ASSESSMENT OF NON-BANK FINANCIAL SERVICES INSTITUTIONS FINANCIAL SERVICES AUTHORITY REGULATION NUMBER 10/POJK.05/2014
More informationUNOFFICIAL TRANSLATION
FINANCIAL SERVICES AUTHORITY OF THE REPUBLIC OF INDONESIA COPY REGULATION OF THE FINANCIAL SERVICES AUTHORITY NUMBER 23/PFSA.05/2015 CONCERNING INSURANCE PRODUCT AND INSURANCE PRODUCT DISTRIBUTION BY THE
More informationFINANCIAL SERVICES AUTHORITY OF THE REPUBLIC OF INDONESIA COPY REGULATION OF THE FINANCIAL SERVICES AUTHORITY NUMBER: 4/POJK.
FINANCIAL SERVICES AUTHORITY OF THE REPUBLIC OF INDONESIA COPY REGULATION OF THE FINANCIAL SERVICES AUTHORITY NUMBER: 4/POJK.05/2013 CONCERNING FIT AND PROPER TEST OF KEY PERSONS IN INSURANCE COMPANIES,
More informationUNOFFICIAL TRANSLATION
UNOFFICIAL TRANSLATION FINANCIAL SERVICES AUTHORITY REGULATION NUMBER 11/POJK.05/2014 CONCERNING ON SITE EXAMINATION OF NON-BANK FINANCIAL SERVICES INSTITUTIONS FINANCIAL SERVICES AUTHORITY REGULATION
More informationINTRODUCTION TO INDONESIA FINANCIAL SERVICES AUTHORITY (OJK) Japan, October 2018
1 INTRODUCTION TO INDONESIA FINANCIAL SERVICES AUTHORITY (OJK) Japan, October 2018 2 Outline Indonesia Financial Services Authority (OJK) Non-Bank Financial Institutions (NBFI) NBFI - Insurance Background
More informationThe Japan Financial Services Agency
The Japan Financial Services Agency at 18 th INDONESIA RENDEZVOUS 2012 (Oct 5 th 2012, Bali) Akie OBA Deputy Director for International Affairs Financial Services Agency, Japan 1 Japan FSA as an integrated
More informationSEPTEMBER 2017 LEGAL ALERT. general. agrarian affairs and spatial planning
LEGAL ALERT SEPTEMBER 2017 SSEK Legal Alert is a monthly publication of SSEK, Indonesian Legal Consultants. SSEK s lawyers, advisors and associates provide a wide range of legal services to Indonesian
More informationPRESS RELEASE IMPLEMENTING REGULATION ON OJK LEVY
PRESS RELEASE NO. 01/DKHI/OJK/4/2014 PRESS RELEASE IMPLEMENTING REGULATION ON OJK LEVY (Jakarta, April 3 rd, 2014) - The Financial Services Authority (OJK) has issued regulation and circular letter regarding
More informationThe Financial Services Authority. of The Republic of Indonesia A COPY OF THE FINANCIAL SERVICES AUTHORITY REGULATION NUMBER 17/POJK.
The Financial Services Authority of The Republic of Indonesia A COPY OF THE FINANCIAL SERVICES AUTHORITY REGULATION NUMBER 17/POJK.03/2014 CONCERNING THE IMPLEMENTATION OF INTEGRATED RISK MANAGEMENT FOR
More informationTHE ANNUAL REPORT ON THE IMPLEMENTATION OF INTEGRATED GOVERNANCE FOR THE FINANCIAL CONGLOMERATE OF SUMITOMO MITSUI BANKING CORPORATION GROUP 2017
THE ANNUAL REPORT ON THE IMPLEMENTATION OF INTEGRATED GOVERNANCE FOR THE FINANCIAL CONGLOMERATE OF SUMITOMO MITSUI BANKING CORPORATION GROUP 2017 PT Bank Sumitomo Mitsui Indonesia PT Bank Tabungan Pensiunan
More informationBANK INDONESIA REGULATION NUMBER 11/33/PBI/2009 CONCERNING
REGULATION NUMBER 11/33/PBI/2009 CONCERNING THE IMPLEMENTATION OF GOOD CORPORATE GOVERNANCE BY ISLAMIC COMMERCIAL BANKS AND ISLAMIC BUSINESS UNITS BY THE GRACE OF THE ALMIGHTY GOD, THE GOVERNOR OF, Considering:
More informationClient Alert. Indonesia s New Insurance Law. Contacts: Introduction. Notable Aspects of the New Insurance Law. October 2014
October 2014 Indonesia s New Insurance Law Authors: Mita Djajadiredja and Putra Nugraha Introduction On 23 September 2014, Indonesia s parliament (the DPR ) passed the insurance bill into law (the New
More informationIndonesia Financial Services Authority Brahma Setyowibowo
Indonesia Financial Services Authority Brahma Setyowibowo Any views, expressed in this presentation are those of the author, and are not the official views of the Indonesian FSA 1 Scheme of Presentation
More informationTHE ANNUAL REPORT ON THE IMPLEMENTATION OF INTEGRATED GOVERNANCE FOR THE FINANCIAL CONGLOMERATE OF SUMITOMO MITSUI BANKING CORPORATION GROUP 2016
THE ANNUAL REPORT ON THE IMPLEMENTATION OF INTEGRATED GOVERNANCE FOR THE FINANCIAL CONGLOMERATE OF SUMITOMO MITSUI BANKING CORPORATION GROUP 2016 PT Bank Sumitomo Mitsui Indonesia PT Bank Tabungan Pensiunan
More informationMEETING MATERIALS OF THE ANNUAL GENERAL MEETING OF SHAREHOLDERS 2018 PT. BANK TABUNGAN NEGARA (PERSERO) Tbk
MEETING MATERIALS OF THE ANNUAL GENERAL MEETING OF SHAREHOLDERS 2018 PT. BANK TABUNGAN NEGARA (PERSERO) Tbk Schedule Day, Date : Friday, March 23 rd, 2018 Venue Time : Menara BTN Building, 6 th floor :
More informationAnnual Report of Good Corporate Governance Implementation
PT ACE JAYA PROTEKSI Annual Report of Good Corporate Governance Implementation Year 2014 Report of Good Corporate Governance Implementation Page 1 of 7 INTRODUCTION This Good Corporate Governance Report
More informationTHE ANNUAL REPORT ON THE IMPLEMENTATION OF INTEGRATED GOVERNANCE FOR THE FINANCIAL CONGLOMERATE OF SUMITOMO MITSUI BANKING CORPORATION GROUP 2015
THE ANNUAL REPORT ON THE IMPLEMENTATION OF INTEGRATED GOVERNANCE FOR THE FINANCIAL CONGLOMERATE OF SUMITOMO MITSUI BANKING CORPORATION GROUP 2015 PT Bank Sumitomo Mitsui Indonesia PT Bank Tabungan Pensiunan
More informationDECISION OF THE BOARD OF DIRECTORS OF THE INDONESIA STOCK EXCHANGE INC.
DECISION OF THE BOARD OF DIRECTORS OF THE INDONESIA STOCK EXCHANGE INC. Number : Kep-00113/BEI/11-2015 Regarding : Rule Number I-R concerning Listing of Asset-Backed Securities in the Form of Participatory
More informationPT Bank Central Asia Tbk Annual Report
274 PT Bank Central Asia Tbk - 2017 Annual Report BCA believes that the implementation of GCG can serve to direct and control the Bank so as to satisfy the expectations of all stakeholders, in accordance
More informationOF THE REPUBLIC OF INDONESIA COPY FINANCIAL SERVICES AUTHORITY NUMBER: 3/POJK.05/2013 CONCERNING MONTHLY REPORTS FROM
FINANCIAL SERVICES AUTHORITY OF THE REPUBLIC OF INDONESIA COPY FINANCIAL SERVICES AUTHORITY NUMBER: 3/POJK.05/2013 CONCERNING MONTHLY REPORTS FROM NON-BANK FINANCIAL SERVICE INSTITUTIONS BY THE GRACE OF
More informationAnnual General Meeting of Shareholders Agenda Fiscal Year PT BANK PEMBANGUNAN DAERAH JAWA TIMUR Tbk
Annual General Meeting of Shareholders Agenda Fiscal Year 2016 PT BANK PEMBANGUNAN DAERAH JAWA TIMUR Tbk First Agenda: Approval of the Annual Report with regards to the state and the course of the Company
More informationFINANCIAL SERVICES AUTHORITY REGULATION NUMBER 36/POJK.04/2014 CONCERNING SHELF REGISTRATION
FINANCIAL SERVICES AUTHORITY REPUBLIC OF INDONESIA FINANCIAL SERVICES AUTHORITY REGULATION NUMBER 36/POJK.04/2014 CONCERNING SHELF REGISTRATION BY THE GRACE OF GOD ALMIGHTY BOARD OF COMMISSIONERS OF FINANCIAL
More informationDECREE OF THE MINISTER OF FINANCE OF THE REPUBLIC OF INDONESIA NO. 426/KM K.06/2003
DECREE OF THE MINISTER OF FINANCE OF THE REPUBLIC OF INDONESIA NO. 426/KM K.06/2003 CONCERNING LICENSING AND INSTITUTION OF INSURANCE AND REINSURANCE COMPANIES THE MINISTER OF FINANCE Considering : a.
More informationPRESIDENT OF THE REPUBLIC OF INDONESIA LAW OF THE REPUBLIC OF INDONESIA NUMBER 40 YEAR 2014 INSURANCE BY THE GRACE OF ALMIGHTY GOD
PRESIDENT OF THE REPUBLIC OF INDONESIA LAW OF THE REPUBLIC OF INDONESIA NUMBER 40 YEAR 2014 ON INSURANCE BY THE GRACE OF ALMIGHTY GOD PRESIDENT OF THE REPUBLIC OF INDONESIA, CHAPTER I GENERAL PROVISIONS
More informationOJK: Foreign capital in insurance industry complies with the law
OJK: Foreign capital in insurance industry complies with the law Discussion with the Supervising Deputy Commissioner of the Non-Bank Financial Industry (NBFI) of the Financial Service Authority, Edy Setiadi.
More informationBANK OF GREECE EUROSYSTEM. EXECUTIVE COMMITTEE ACT No. 86/ Subject: Code of Conduct for (Re)insurance Intermediaries
BANK OF GREECE EUROSYSTEM THE EXECUTIVE COMMITTEE EXECUTIVE COMMITTEE ACT No. 86/05.04.2016 Subject: Code of Conduct for (Re)insurance Intermediaries THE EXECUTIVE COMMITTEE OF THE BANK OF GREECE, having
More informationLooking back, looking forward. Indonesia Law Year in Review 2017 and Year to Come 2018 January 2018
Looking back, looking forward. Indonesia Law Year in Review 2017 and Year to Come 2018 January 2018 Year in Review - Indonesia Law in 2017 Gross split production sharing contract: Upstream petroleum operations
More informationExcellence is a Habit Not An Act (Aristotle) 156. Management Reports. Danamon s Highlights. Company Profile
Danamon s Highlights Reports Excellence is a Habit Not An Act (Aristotle) 156 PT Bank Danamon Indonesia, Tbk. 2016 Annual Report Company Profile Discussion & Analysis Social Responsibility Data Financial
More informationOJK SUPERVISION RELATED TO FRAUD
OJK SUPERVISION RELATED TO FRAUD Ahmad Nasrullah Director Of Insurance and BPJS Kesehatan Supervision Bali, 13 Oktober 2017 FRAUD IN INSURANCE Fraud means a deviating act or purposeful neglect undertaken
More informationProposal for a Directive on Reinsurance Supervision Frequently Asked Questions (see also IP/04/513)
MEMO/04/90 Brussels, 21 April 2004 Proposal for a Directive on Reinsurance Supervision Frequently Asked Questions (see also IP/04/513) What are the main objectives of the proposal? The proposed Directive
More informationCS L3 Administrative Detail Policy NOMINATION POLICY OF MEMBER OF BOC, BOD, SSB, AND BOC COMMITEE CS L3. INTERNAL Page 1/23
NOMINATION POLICY FOR MEMBER OF THE BOARD OF COMMISSIONERS, THE BOARD OF DIRECTORS, SHARIA SUPERVISORY BOARD AND COMMITTEE OF THE BOARD OF COMMISSIONERS Administrative Detail Policy Policy Owner Corporate
More informationMaterial Transactions and the Alteration of Business Activities
blp.co.id BUDIARTO Law Partnership is recognised in the IFLR1000 NEWSLETTER Issue 64 February 2019 Material Transactions and the Alteration of Business Activities by A.A.A. Reditha Saras On 14 December
More informationKNOW YOUR BENEFICIAL OWNER: A NEW OBLIGATION UNDER INDONESIAN LAW
KNOW YOUR BENEFICIAL OWNER: A NEW OBLIGATION UNDER INDONESIAN LAW Corporations could be used as a means, either directly or indirectly, by a beneficial owner who conducts money laundering and terrorism
More informationBANK INDONESIA REGULATION NUMBER: 7/52/PBI/2005 CONCERNING OPERATION OF CARD-BASED PAYMENT INSTRUMENT ACTIVITIES THE GOVERNOR OF BANK INDONESIA,
Unofficial translation BANK INDONESIA REGULATION NUMBER: 7/52/PBI/2005 CONCERNING OPERATION OF CARD-BASED PAYMENT INSTRUMENT ACTIVITIES THE GOVERNOR OF BANK INDONESIA, Considering : a. whereas the public
More informationDECEMBER 2017 LEGAL ALERT. general. agrarian affairs and spatial planning
LEGAL ALERT DECEMBER 2017 SSEK Legal Alert is a monthly publication of SSEK, Indonesian Legal Consultants. SSEK s lawyers, advisors and associates provide a wide range of legal services to Indonesian and
More informationFINANCIAL SERVICES AUTHORITY REPUBLIC OF INDONESIA FINANCIAL SERVICES AUTHORITY REGULATION NUMBER 26/POJK.04/2014 CONCERNING
FINANCIAL SERVICES AUTHORITY REPUBLIC OF INDONESIA FINANCIAL SERVICES AUTHORITY REGULATION NUMBER 26/POJK.04/2014 CONCERNING SECURITIES EXCHANGE TRANSACTION SETTLEMENT GUARANTEE WITH THE BLESSINGS OF GOD
More informationREGULATION OF KSEI NUMBER I-C REGARDING SECURITIES SUB-ACCOUNT
REGULATION OF KSEI NUMBER I-C REGARDING SECURITIES SUB-ACCOUNT 1. DEFINITIONS In this regulation, referred to as: 1.1. Securities Sub-Account shall be the Securities Account under the name of the client
More informationStandard 1.4. Assessment of fitness and propriety. Regulations and guidelines
Standard 1.4 Assessment of fitness and propriety Regulations and guidelines How to read a standard A standard is a collection of subject-specific regulations and guidelines which both obliges and guides
More informationTHE BOARD OF COMMISSIONERS CHARTER
THE BOARD OF COMMISSIONERS Administrative Detail Policy Policy Owner Corporate Secretary Function Policy Custodian - Corporate Secretary Function - Enterprise Policy & Portfolio Management Division Version
More information2. General licence requirements for credit institutions
POLICY RULE BANKING LICENCE REQUIREMENTS AND ADMISSION REQUIREMENTS FOR CREDIT INSTITUTIONS OPERATING IN OR FROM ARUBA Preamble This document which replaces the 2009 policy rule banking licence requirements
More informationBank of Indonesia Finalizes Electronic Money Regulation
blp.co.id Issue 7 MAY 2014 Bank of Indonesia Finalizes Electronic Money Regulation By: Lie Yessica Susanto The Bank of Indonesia ( BI ) has improved the regulation of electronic money by way of the Governor
More informationFAQS. Prime Contractor Fulfilling Your Health and Safety Obligations. What is the definition of Prime Contractor of a multi-employer workplace?
FAQS Prime Contractor Fulfilling Your Health and Safety Obligations OVERVIEW What is the definition of Prime Contractor of a multi-employer workplace? The Prime Contractor is defined in section 118(1)
More informationGOVERNMENT REGULATION OF THE REPUBLIC OF INDONESIA NUMBER 39 YEAR 2008
GOVERNMENT REGULATION OF THE REPUBLIC OF INDONESIA NUMBER 39 YEAR 2008 CONCERNING SECOND AMENDMENT TO GOVERNMENT REGULATION NUMBER 73 YEAR 1992 CONCERNING INSURANCE BUSINESS CONDUCT BY THE GRACE OF GOD
More informationBahan Mata Acara RUPSLB Tahun 2017
Bahan Mata Acara RUPSLB Tahun 2017 PT BANK PEMBANGUNAN DAERAH JAWA TIMUR Tbk PT BANK PEMBANGUNAN DAERAH JAWA TIMUR Tbk First Agenda: Approval of the Annual Report with regards to the state and the course
More informationFINANCIAL SERVICES AUTHORITY REPUBLIC OF INDONESIA
FINANCIAL SERVICES AUTHORITY REPUBLIC OF INDONESIA COPY OF FINANCIAL SERVICES AUTHORITY REGULATION NUMBER 26/POJK.03/2015 CONCERNING INTEGRATED MINIMUM CAPITAL ADEQUACY REQUIREMENT FOR FINANCIAL CONGLOMERATES
More informationPRESIDENT OF THE REPUBLIC OF INDONESIA LAW OF THE REPUBLIC OF INDONESIA NUMBER 24 OF 2011 CONCERNING THE SOCIAL SECURITY ADMINISTRATIVE BODY
PRESIDENT OF THE REPUBLIC OF INDONESIA LAW OF THE REPUBLIC OF INDONESIA NUMBER 24 OF 2011 CONCERNING THE SOCIAL SECURITY ADMINISTRATIVE BODY BY THE GRACE OF GOD ALMIGHTY, PRESIDENT OF THE REPUBLIC OF INDONESIA
More informationJFSA s Supervision in the time of Globalization and Market Integration -Past, Present and Future-
JFSA s Supervision in the time of Globalization and Market Integration -Past, Present and Future- Motonobu Matsuo Deputy Director-General (Credit & Insurance System) Planning and Coordination Bureau Financial
More informationFINANCIAL SERVICES AUTHORITY REGULATION NUMBER 38/POJK.04/2014 CONCERNING CAPITAL INCREASES WITHOUT PRE-EMPTIVE RIGHTS FOR PUBLIC COMPANIES
FINANCIAL SERVICES AUTHORITY REPUBLIC OF INDONESIA FINANCIAL SERVICES AUTHORITY REGULATION NUMBER 38/POJK.04/2014 CONCERNING CAPITAL INCREASES WITHOUT PRE-EMPTIVE RIGHTS FOR PUBLIC COMPANIES BY THE GRACE
More informationBERMUDA MONETARY AUTHORITY INSURANCE DEPARTMENT GUIDANCE NOTE #9 FIT AND PROPER CRITERIA AND APPROVAL PROCESS FOR APPROVED ACTUARY
BERMUDA MONETARY AUTHORITY INSURANCE DEPARTMENT GUIDANCE NOTE #9 FIT AND PROPER CRITERIA AND APPROVAL PROCESS FOR APPROVED ACTUARY MARCH 2005 March, 2005 Page 1 of 6 GUIDANCE NOTE: FIT AND PROPER CRITERIA
More informationOECD Guidelines on Insurer Governance
OECD Guidelines on Insurer Governance OECD-SVS Seminar on Risk-based Capital Regulation and Corporate Governance in the Insurance Sector (13 December 2011, Santiago, Chile) Background Establishment of
More information44 NJR 2(2) February 21, 2012 Filed January 26, Proposed New Rules: N.J.A.C. 11:2-28.7A through 28.7D, 28.13, 28.
INSURANCE 44 NJR 2(2) February 21, 2012 Filed January 26, 2012 DEPARTMENT OF BANKING AND INSURANCE OFFICE OF SOLVENCY REGULATION Credit for Reinsurance Proposed New Rules: N.J.A.C. 11:2-28.7A through 28.7D,
More informationUnofficial consolidated text 1
Unofficial consolidated text 1 Pursuant to Article 158-s item 1) and with respect to Article 66 paragraph (2) and Article 129 paragraphs (2), (3) and (4) of the Law on Insurance Supervision revised text
More informationCAPTIVE BEST PRACTICE GUIDELINES
CAPTIVE BEST PRACTICE GUIDELINES Version 01:01/11 1 Table of Contents 1. Introduction... 3 2. General Governance Requirements... 4 3. Risk Management System... 5 4. Actuarial Function... 7 5. Outsourcing...
More informationLAW OF THE REPUBLIC OF INDONESIA NUMBER 21 OF 2011 ON FINANCIAL SERVICES AUTHORITY BY THE BLESSINGS OF ALMIGHTY GOD
LAW OF THE REPUBLIC OF INDONESIA NUMBER 21 OF 2011 ON FINANCIAL SERVICES AUTHORITY BY THE BLESSINGS OF ALMIGHTY GOD THE PRESIDENT OF THE REPUBLIC OF INDONESIA, Considering : a. that to realize the national
More informationUnofficial translation
Unofficial translation BANK INDONESIA REGULATION NUMBER: 8/3/PBI/2006 CONCERNING CONVERSION OF BUSINESS OF CONVENTIONAL COMMERCIAL BANKS TO COMMERCIAL BANKS CONDUCTING BUSINESS BASED ON SHARIA PRINCIPLES
More information13. What banking business in foreign currency is permitted to use foreign currency?
FREQUENTLY ASKED QUESTIONS BANK INDONESIA CIRCULAR NO. 17/11/DKSP /DKSP DATED 1 JUNE 2015 CONCERNING MANDATORY USE OF RUPIAH WITHIN THE TERRITORY OF THE REPUBLIC OF INDONESIA A. GENERAL REVIEW 1. What
More informationCREDIT FOR REINSURANCE MODEL LAW
Adopted by the Reinsurance (E) Task Force and Financial Condition (E) Committee 1/6/2016 Adopted by the Executive (EX) Committee and Plenary 1/8/2016 Revisions to the Credit for Reinsurance Model Law #785
More informationDelegations will find below the fourth Presidency compromise on the abovementioned proposal.
Council of the European Union Brussels, 26 September 2014 (OR. en) Interinstitutional File: 2012/0175 (COD) 13635/14 ECOFIN 851 CODEC 1888 SURE 33 EF 241 NOTE From: To: Subject: Presidency Delegations
More informationWITH THE BLESSING OF GOD ALMIGHTY THE BOARD OF COMMISSIONERS OF FINANCIAL SERVICES AUTHORITY,
UNOFFICIAL TRANSLATION Disclaimer: this document is an unofficial English translation of the original Indonesian text of Financial Services Authority Regulation Number 13/POJK.03/2017 concerning The Use
More informationBasel III Reforms. Strategic Initiatives of the Risk Management Implementation in Risk and its Management Profiles
630 Basel III Reforms In order to improve the 's ability to manage risk due to interest rate movements affecting income and capital (interest Rate Risk in Banking Book/IRRBB), Bank Mandiri has made preparations
More informationCIRCULAR NO. IRDA/NL/CIR/CRE/205/12/2010, DATED Insurance : IRDA's Guidelines on trade credit insurance
CIRCULAR NO. IRDA/NL/CIR/CRE/205/12/2010, DATED 13-12-2010 Insurance : IRDA's Guidelines on trade credit insurance Introduction The Authority has reviewed the credit insurance products being offered by
More informationCouncil of the European Union Brussels, 30 November 2015 (OR. en) Mr Jeppe TRANHOLM-MIKKELSEN, Secretary-General of the Council of the European Union
Council of the European Union Brussels, 30 November 2015 (OR. en) 14766/15 COVER NOTE From: date of receipt: 26 November 2015 To: No. Cion doc.: Subject: EF 219 ECOFIN 941 DELACT 163 SURE 45 Secretary-General
More informationKEYNOTE SPEECH BUILDING A COMMON SUPERVISORY CULTURE. 2 nd IVASS CONFERENCE SOLVENCY II AND SMALL AND MEDIUM-SIZED INSURERS
KEYNOTE SPEECH Gabriel Bernardino Chairman European Insurance and Occupational Pensions Authority (EIOPA) BUILDING A COMMON SUPERVISORY CULTURE 2 nd IVASS CONFERENCE SOLVENCY II AND SMALL AND MEDIUM-SIZED
More informationBritish Virgin Islands. Financial Services Commission
British Virgin Islands Financial Services Commission Insurance Guidelines Approved by the Board of Commissioners. 20th September, 2016 Issued by the Financial Services Commission.. September, 2016 Published...
More informationOPTIMISTIC. Operational Review. Sub Contents. 148 Risk Management 234 Human Resources 244 Information Technology 249 Operations
Danamon s Highlights Reports Company Profile Discussion & Analysis OPTIMISTIC Operational Sub Contents 148 Risk 234 Human Resources 244 Information Technology 249 Operations 146 PT Bank Danamon Indonesia,
More informationGeneral Provisions 2. Disclosure of Information 4. Other Information Subject to Disclosure by Issuer 8. Handling of Inside Information 14
CONTENTS General Provisions 2 Disclosure of Information 4 Other Information Subject to Disclosure by Issuer 8 Handling of Inside Information 14 Financial Reports 16 Changes in Issuer s Business 21 Special
More informationWHITE PAPER. Solvency II Compliance and beyond: Title The essential steps for insurance firms
WHITE PAPER Solvency II Compliance and beyond: Title The essential steps for insurance firms ii Contents Introduction... 1 Step 1 Data Management... 1 Step 2 Risk Calculations... 3 Solvency Capital Requirement
More informationFinal report on public consultation No. 14/051 on the implementing. technical standards with regard to. procedures for the application of
EIOPA-Bos-15/123 30 October 2015 Final report on public consultation No. 14/051 on the implementing technical standards with regard to procedures for the application of the transitional measure for the
More informationUNDERWRITING BYELAW. Purpose
UNDERWRITING BYELAW Purpose The purpose of this Byelaw is to implement the proposals of the Chairman s Strategy Group so as to provide the basis for the new Lloyd s market supervision framework for underwriting
More informationCh. 161 QUALIFIED AND CERTIFIED REINSURERS CHAPTER 161. REQUIREMENTS FOR QUALIFIED AND CERTIFIED REINSURERS
Ch. 161 QUALIFIED AND CERTIFIED REINSURERS 31 161.1 CHAPTER 161. REQUIREMENTS FOR QUALIFIED AND CERTIFIED REINSURERS Sec. 161.1. Purpose. 161.2. Definitions. 161.3. Credit for reinsurance. 161.3a. Requirements
More informationEstablishing Appropriate Reserve Requirements for Variable Annuities in Japan
Establishing Appropriate Reserve Requirements for Variable Annuities in Japan 1. Summary Joint Proposal of the American Council of Life Insurers, the European Business Community, and the Canadian Life
More informationPreface to Credit for Reinsurance Models
Preface to Credit for Reinsurance Models The amendments to the NAIC Credit for Reinsurance Model Law (#785) & Regulation (#786) are part of a larger effort to modernize reinsurance regulation in the United
More informationInsurance Chapter ALABAMA DEPARTMENT OF INSURANCE INSURANCE REGULATION ADMINISTRATIVE CODE CHAPTER CREDIT FOR REINSURANCE
Insurance Chapter 482-1-156 ALABAMA DEPARTMENT OF INSURANCE INSURANCE REGULATION ADMINISTRATIVE CODE CHAPTER 482-1-156 CREDIT FOR REINSURANCE TABLE OF CONTENTS 482-1-156-.01 Authority 482-1-156-.02 Purpose
More informationMICRO INSURANCE IN INDONESIA: DEVELOPMENT AND ROLE OF REGULATOR
MICRO INSURANCE IN INDONESIA: DEVELOPMENT AND ROLE OF REGULATOR Presented by Commissioner of Non Bank Financial Institutions, Indonesia FSA, on the on the Parallel Session 5, 9th International Microinsurance
More informationOECD GUIDELINES ON INSURER GOVERNANCE
OECD GUIDELINES ON INSURER GOVERNANCE Edition 2017 OECD Guidelines on Insurer Governance 2017 Edition FOREWORD Foreword As financial institutions whose business is the acceptance and management of risk,
More informationSERBIA LAW ON INVESTMENT FUNDS 46/2006
SERBIA LAW ON INVESTMENT FUNDS 46/2006 Important Disclaimer This translation has been generously provided by the Securities Commission of the Republic of Serbia. This does not constitute an official translation
More informationCEIOPS-DOC-06/06. November 2006
CEIOPS-DOC-06/06 Advice to the European Commission in the framework of the Solvency II project on insurance undertakings Internal Risk and Capital Assessment requirements, supervisors evaluation procedures
More informationRegulation of the Insurance Industry in the Caribbean Trinidad and Tobago
Regulation of the Insurance Industry in the Caribbean Trinidad and Tobago Presented by: Marcia Tam-Marks, FSA 16 th Annual Conference Caribbean Actuarial Association Paramaribo, Suriname Dec 7-8, 2006
More informationFinal score of the self-assessment of Bank National Clearing Centre (Joint-stock company), March 2015
Disclosure under the Principles for FMIs imposed by CPSS-IOSCO (Committee on Payment and Settlement Systems Technical Committee of the International Organization of Securities Commissions Principles for
More informationOrdinance No. 20. (title amended; Darjaven Vestnik, issue 40 of 2014) Subject
Ordinance No. 20 1 Ordinance No. 20 of 28 April 2009 on the Issuance of Approvals to the Members of the Management Board (Board of Directors) and Supervisory Board of a Credit Institution and Requirements
More informationSTAFF VACANCIES 1427SNE9
STAFF VACANCIES 1427SNE9 28 May 2014 The European Insurance and Occupational Pensions Authority (EIOPA) is currently inviting applications for a position as Seconded National Expert on Solvency II Processes
More information(only the Italian version is authentic)
(only the Italian version is authentic) IVASS REGULATION NO. 10 OF 22 DECEMBER 2015 REGULATION CONCERNING THE TREATMENT OF THE PARTICIPATIONS ACQUIRED BY INSURANCE AND REINSURANCE UNDERTAKINGS, AS WELL
More informationBANK INDONESIA REGULATION NUMBER: 5/ 8 /PBI/2003 CONCERNING APPLICATION OF RISK MANAGEMENT FOR COMMERCIAL BANKS THE GOVERNOR OF BANK INDONESIA,
BANK INDONESIA REGULATION NUMBER: 5/ 8 /PBI/2003 CONCERNING APPLICATION OF RISK MANAGEMENT FOR COMMERCIAL BANKS THE GOVERNOR OF BANK INDONESIA, Considering: a. whereas the situation in the external and
More informationINSURANCE BOARD GOVERNMENT OF THE FEDERATED STATES OF MICRONESIA
INSURANCE BOARD GOVERNMENT OF THE FEDERATED STATES OF MICRONESIA FSM Insurance Board P.O. Box K-2980 Kolonia Pohnpei, FM 96941 Phone: (691) 320-3423/5426 Fax: (691) 320-1523 www.fsminsuranceboard.com REGISTRATION
More informationRisk-based capital and governance in Asia-Pacific: emerging regulations
Risk-based capital and governance in Asia-Pacific: emerging regulations 1 Changing regulations in a changing market Across the Asia-Pacific region, countries are reviewing their approach to regulation
More informationBANK INDONESIA REGULATION NUMBER 8/22/PBI/2006 CONCERNING MINIMUM CAPITAL ADEQUACY REQUIREMENT OF SHARIA RURAL BANKS THE GOVERNOR OF BANK INDONESIA,
Unofficial Translation BANK INDONESIA REGULATION NUMBER 8/22/PBI/2006 CONCERNING MINIMUM CAPITAL ADEQUACY REQUIREMENT OF SHARIA RURAL BANKS THE GOVERNOR OF BANK INDONESIA, Considering: a. whereas the efforts
More informationVILLAGE OF NEW HAVEN REQUEST FOR PROPOSALS FOR PROFESSIONAL AUDITING SERVICES
VILLAGE OF NEW HAVEN REQUEST FOR PROPOSALS FOR PROFESSIONAL AUDITING SERVICES The Village of New Haven, is requesting proposals from qualified firms of certified public accountants, in accordance with
More informationGeneral Provisions 2. Listing Procedure 3. Listing Application 10. Listing Prespectus 13. General Requirements for Listing of Securities 16
CONTENTS General Provisions 2 Listing Procedure 3 Listing Application 10 Listing Prespectus 13 General Requirements for Listing of Securities 16 Special Requirements for Listing Shares 19 Special Requirements
More informationA (personal) view. Philip Whittingham, European Chief Enterprise Risk Officer. 22 March 2010
The role of the risk profession in a Solvency II world A (personal) view Philip Whittingham, European Chief Enterprise Risk Officer XL Group plc 22 March 2010 Session Aims Successful Solvency II implementation
More informationCONSULTATION DOCUMENT
CONSULTATION DOCUMENT CONSULTATION ON THE PROPOSED AMENDMENTS TO THE INSURANCE INTERMEDIARIES ACT AND THE INSURANCE BUSINESS ACT [MFSA REF: 04-2017] 3 rd July 2017 Closing Date: 1 st August 2017 Note:
More informationAN ACT IN THE COUNCIL OF THE DISTRICT OF COLUMBIA
AN ACT Codification District of Columbia Code 2001 Supp. IN THE COUNCIL OF THE DISTRICT OF COLUMBIA To permit the chartering and operation of captive insurance companies in the District of Columbia; to
More informationTerms of Reference for the Solvency II Project of the Groupe Consultatif
Terms of Reference for the Solvency II Project of the Groupe Consultatif 1. Project Overview At its meetings of 2 October 2003 and 25 March 2004, the Insurance Committee of the Groupe Consultatif has established
More informationMINISTER OF FINANCE NUMBER 74/PMK.012/2006 CONCERNING IMPLEMENTATION OF KNOW-YOUR CUSTOMER PRINCIPLES FOR NON-BANK FINANCIAL INSTITUTIONS
MINISTER OF FINANCE NUMBER 74/PMK.012/2006 CONCERNING IMPLEMENTATION OF KNOW-YOUR CUSTOMER PRINCIPLES FOR NON-BANK FINANCIAL INSTITUTIONS THE MINISTER OF FINANCE, Considering: a. that in the framework
More informationDOUGLAS-CHEROKEE ECONOMIC AUTHORITY REQUEST FOR PROPOSALS FOR AUDITING SERVICES
DOUGLAS-CHEROKEE ECONOMIC AUTHORITY REQUEST FOR PROPOSALS FOR AUDITING SERVICES June 30, 2017 1 Douglas-Cherokee Economic Authority REQUEST FOR PROPOSALS FOR AUDITING SERVICES TABLE OF CONTENTS I. INTRODUCTION
More informationBY GRACE OF THE GOD ALMIGHTY THE GOVERNOR OF BANK INDONESIA,
BANK INDONESIA REGULATION NUMBER 19/ 10 /PBI/2017 CONCERNING IMPLEMENTATION OF ANTI-MONEY LAUNDERING AND PREVENTION OF TERRORISM FINANCING FOR NON-BANK PAYMENT SYSTEM SERVICE PROVIDER AND NON-BANK MONEY
More information14791/14 IL,SS/mmf 1 DGG 1B
Council of the European Union Brussels, 28 October 2014 (OR. en) Interinstitutional File: 2012/0175 (COD) 14791/14 ECOFIN 985 CODEC 2114 SURE 37 EF 283 NOTE From: To: Subject: Presidency Delegations Proposal
More informationOperational Review. Sub Contents
Operational Review Sub Contents 168 Risk 249 Evaluation on Risk Effectiveness 250 Risk Activities Plan in 2016 252 Human Resources 260 Information Technology 263 Operations 167 Highlights Reports Company
More informationGuidelines on Good Corporate Governance. PT Semen Indonesia (Persero) Tbk.
Guidelines on Good Corporate Governance PT Semen Indonesia (Persero) Tbk. TABLE OF CONTENT CHAPTER I INTRODUCTION... 1 1.1. BACKGROUND... 1 1.2 PURPOSE AND OBJECTIVE... 1 1.3 SCOPE... 2 1.4 LEGAL BASIS
More informationDelegations will find below a Presidency compromise text on the above Commission proposal, to be discussed at the 28 February 2011 meeting.
COUNCIL OF THE EUROPEAN UNION Brussels, 21 February 2011 6460/11 Interinstitutional File: 2011/0006 (COD) NOTE from: to: Subject: EF 16 ECOFIN 69 SURE 4 CODEC 220 Presidency Delegations Proposal for a
More informationThe Bank of England, Prudential Regulation Authority
Consultation Paper CP12/39 Financial Services Authority The Bank of England, Prudential Regulation Authority The PRA s approach to enforcement: consultation on proposed statutory statements of policy and
More information