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Governance, Risk and Compliance - The Indonesian Insurance Industry

Published: May 20, 2016 | Pages: 56 | Publisher: Timetric | Industry: Insurance | Report Format: Electronic (PDF)

Synopsis
Timetric's Governance, Risk and Compliance- The Indonesian Insurance Industry report is the result of extensive research into the insurance regulatory framework in Indonesia. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

Summary
The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Indonesia, including: An overview of the insurance regulatory framework in Indonesia. The latest key changes, and changes expected in the country's insurance regulatory framework. Key regulations and market practices related to different types of insurance product in the country. Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Indonesia. Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations. Details of the tax and legal systems in the country.
Scope
The report covers details of the insurance regulatory framework in Indonesia. The report contains details of the rules and regulations governing insurance products and insurance entities. The report lists and analyzes key trends and developments pertaining to the country's insurance regulatory framework. The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country. The report provides details of taxation imposed on insurance products and insurance companies.

Reasons To Buy
Gain insights into the insurance regulatory framework in Indonesia. Track the latest regulatory changes, and expected changes impacting the Indonesian insurance industry. Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country. Understand key regulations and market practices pertaining to various types of insurance product.

Key Highlights
The OJK is the government regulatory body supervising and regulating the insurance industry of Indonesia. The government permits 80% FDI in the Indonesian insurance industry. The Insurance Law 1992 was repealed and replaced by the new Insurance Law 2014. The placement of non-admitted insurance is not permitted in the Indonesian insurance industry. Composite insurance is not permitted in Indonesia.
 Table of Contents
1 Introduction 1.1 What is this Report About? 1.2 Definitions 2 Governance, Risk and Compliance 2.1 Legislation Overview and Historical Evolution 2.2 Latest Changes in Regulations 2.3 Legislation and Market Practice by Type of Insurance 2.3.1 Life insurance 2.3.2 Property insurance 2.3.3 Motor insurance 2.3.4 Liability insurance 2.3.5 Marine, aviation and transit insurance 2.3.6 Personal accident and health insurance 2.4 Compulsory Insurance 2.4.1 Workmen compensation insurance 2.4.2 Professional indemnity insurance for insurance brokers 2.5 Supervision and Control 2.5.1 International Association of Insurance Supervisors 2.5.2 Financial Services Authority 2.5.3 The General Insurance Association of Indonesia (Asosiasi Asuransi Umum Indonesia) 2.5.4 The Indonesian Life Insurance Association (Asosasi Asuransi Jiwa Indonesia) 2.5.5 The Indonesian Insurance Council (Dewan Asuransi Indonesia) 2.6 Non-Admitted Insurance Regulations 2.6.1 Overview 2.6.2 Intermediaries 2.6.3 Market practices 2.6.4 Fines and penalties 2.7 Company Registration and Operations 2.7.1 Types of insurance organization 2.7.2 Establishing a local company 2.7.3 Foreign ownership 2.7.4 Types of license 2.7.5 Capital requirements 2.7.6 Solvency margins 2.7.7 Reserve requirements 2.7.8 Investment regulations 2.7.9 Statutory return requirements 2.7.10 Fee structure 2.8 Taxation 2.8.1 Insurance premium or policy taxation 2.8.2 Withholding taxes on premium paid overseas 2.8.3 Corporate tax 2.8.4 VAT 2.8.5 Captives 2.9 Legal System 2.9.1 Introduction 2.9.2 Access to court 2.9.3 Alternative dispute resolution 3 Appendix 3.1 Methodology 3.2 Contact Timetric 3.3 About Timetric 3.4 Timetric's Services 3.5 Disclaimer
List of Tables
Table 1: Insurance Industry Definitions Table 2: Indonesia- Insurance Regulatory Framework Key Features Table 3: Indonesia- Life Insurance Regulatory Framework Table 4: Indonesia- Property Insurance Regulatory Framework Table 5: Indonesia- Tariff Rates for Earthquake Insurance (Per Mille of Sum Insured) Table 6: Indonesia- Tariff Rates for Flood Insurance (% of Sum Insured) Table 7: Indonesia- Tariff Rates for Business Interruption Insurance Table 8: Indonesia- Motor Insurance Regulatory Framework Table 9: Indonesia- Comprehensive Motor Insurance Tariff Rates (% of Sum Insured) Table 10: Indonesia- Total Loss Motor Insurance Tariff Rates (% of Sum Insured) Table 11: Indonesia- Earthquake Insurance Tariff Rates for Motor Vehicles Table 12: Indonesia- Flood Insurance Tariff Rates for Motor Vehicles Table 13: Indonesia- Liability Insurance Regulatory Framework Table 14: Indonesia- Corporation Tax Rates for the Financial Year 2016


List of Figures
Figure 1: Indonesia- Insurance Supervision and Control at Various Levels Figure 2: Indonesia- Insurance Regulatory Frameworks for Company Registration and Operation

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