Here is a list of POJK and SEOJK that Insurance Brokers and Re-insurance Brokers Need to Follow

Article 6

1. Insurance Brokerage Companies must have Paid-in Capital at the time of establishment of at least IDR 3,000,000,000.00 (three billion rupiah)
2. Reinsurance Broker Companies must have Paid-in Capital at the time of establishment of at least IDR 5,000,000,000.00 (five billion rupiah).

Article 14

1. Members of the Board of Directors of Insurance Brokerage Companies and Reinsurance Brokerage Companies are required to have a brokerage certificate with a level of at least 1 (one) level below the highest qualification from the Professional Certification Institute in the insurance sector.
2. Members of the Board of Directors of an Insurance Loss Appraisal Company are required to have an insurance loss appraisal expert certificate with a level of at least 1 (one) level below the highest qualification from the Professional Certification Institute in the insurance sector.
3. Further provisions regarding certification for

members of the Board of Directors as referred to in paragraph (1) and paragraph (2) are regulated in the OJK Circular Letter.

1. Insurance Broker Companies are obliged to hand over premiums or contributions received from policy holders, insureds or participants to Insurance Companies or Sharia Insurance Companies no later than 30 (thirty) working days from the time the premiums or contributions are received or according to the premium or contribution payment period specified in The relevant insurance policy, whichever is shorter.
2. In the event that the Insurance Broker Company has not submitted premium payments or contributions to the Insurance Company or Sharia Insurance Company after the end of the period as intended in paragraph (1), the Insurance Broker Company must be responsible for the payment of claims or benefits that arise.
3. In the event that the Insurance Broker Company 3 submits premiums or contributions to the Insurance Company or Sharia Insurance Company after the period as intended in paragraph (1) ends and there is no cancellation from the Insurance Company or Sharia Insurance Company within a period of 3 (three) working days, it is the responsibility Responsibility for payment of claims or benefits that arise is transferred from the Insurance Broker Company to the Insurance Company or Sharia Insurance Company since the premium or contribution is received by the Insurance Company or Sharia Insurance Company.

Reinsurance Brokers are divided into the following report types:

a. Semester Report; And

b. Annual report.

1. Insurance Brokerage Companies and Reinsurance Brokerage Companies are required to have at least 2 (two) members of the Board of Directors
2. Insurance Brokerage Companies and Reinsurance Brokerage Companies are required to have at least 2 (two) members of the Board of Commissioners.
3. Members of the Board of Directors of an Insurance Company are prohibited from holding concurrent positions in other companies except as members of the Board of Commissioners in 1 (one) other Insurance Company which has a different business field. Do not include holding concurrent positions as intended in paragraph (1) if members of the Board of Directors other than the main director are responsible regarding supervision of investments in subsidiaries, carrying out functional duties as a member of the Board of Commissioners in subsidiaries controlled by the Insurance Company, as long as the dual position does not result in the person concerned neglecting the implementation of their duties and authority as a member of the Board of Directors of the Insurance Company

Without reducing the criminal provisions as regulated in Article 53 and Article 54 of Law Number 21 of 2011 concerning the Financial Services Authority, OJK has the authority to determine administrative sanctions against

parties who violate the provisions in Article 3 of this OJK Regulation are:

1. written warning;
2. restrictions on business activities, for some or all business activities;
3. prohibition on marketing insurance products or sharia insurance products for certain business lines;
4. revocation of business license;
5. cancellation of registration statements for insurance brokers, reinsurance brokers, insurance agents, actuarial consultants, public accountants, appraisers, or other parties who provide services to Insurance Companies;
6. cancellation of approval for mediation institutions or associations; and/or
7. Prohibition from being a shareholder, controller, director, board of commissioners, sharia supervisory board, or holding an executive position under the board of directors for a maximum of 10 (ten) years in an insurance company.

1. PJK is obliged to implement APU and PPT programs.
2. In order to implement the APU and PPT program as intended in paragraph (1), PJK is required to have guidelines for implementing the APU and PPT program.
3. The APU and PPT programs are part of the overall implementation of PJK risk management.
4. The implementation of the APU and PPT program as intended in paragraph (1) includes at least:

1. active supervision of the Board of Directors and Board of Commissioners;
2. policies and procedures;
3. internal control;
4. management information System; And
5. human resources and training.

1. Insurance Companies are obliged to implement the principles of Good Corporate Governance as intended in Article 2, in all their business activities at all levels or levels of the organization.
2. Implementation of the principles of Good Corporate Governance as intended in paragraph (1) must at least be realized in:

1. implementation of the duties and responsibilities of the Board of Directors and Board of Commissioners;
2. implementation of the duties of work units and committees that carry out the internal control function of the Insurance Company;
3. implementation of compliance functions, internal auditors and external auditors;
4. implementation of risk management, including internal control systems;
5.  implementation of remuneration policies;
6. Insurance Company strategic plans;
7. transparency of the insurance company’s financial and non-financial conditions.

1. A fit and proper test is carried out by OJK on parties who manage, supervise, and/or have significant influence on Insurance Companies, Pension Funds, Financing Companies, or Guarantee Companies.
2. The parties as intended in paragraph (1), hereinafter referred to as the Main Party, include:

1. member of the Board of Directors;
2. members of the Board of Commissioners;
3. member of the Sharia Supervisory Board;
4. members of the Member Representative Body;
5. Operating Shareholders;
6. Member Energy; or
7. Foreign Workforce.

1. Periodic Reports of Insurance Brokers and Companies
2. Reinsurance Brokers consist of:

1. Semester Report; And
2. Annual report.

1. Insurance Loss Appraisal Company Periodic Report in the form of an Annual Report.

Annual Report as intended in number 1 letter b for Insurance Broker Companies and Reinsurance Broker Companies and Annual Report as intended in number 2 for

The Insurance Loss Assessment Company consists of:

1. financial aspect; And
2.  management aspect

Licensing and Approval documents that have been submitted via

Financial Services Authority data communication network system during

These permits and approvals are still valid.

2. The company must store documents in hard-copy form

Reporting documents that have been submitted via the network system

Financial Services Authority data communications within the longest period of time

short 5 (five) years from the Reporting date.

3. The Financial Services Authority can carry out verification and/or

validation of the truth and fairness of documents in printed form

(hard copy) application for Licensing, Approval and Reporting

has been delivered by the Company via a network system

Financial Services Authority data communications.

1. Companies are required to prepare a report on the implementation of Good Corporate Governance at the end of each financial year.
2. The report on the implementation of Good Corporate Governance as referred to in number 1 consists of at least:

1. transparency in the implementation of Good Corporate Governance;
2. self-assessment regarding the implementation of Good Corporate Governance; And
3. action plan