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Indonesia Insurance Industry - Governance, Risk and Compliance

Publisher GlobalData
Published Nov 23, 2023
Length 148 Pages
SKU # GBDT18475313

Description

Indonesia Insurance Industry - Governance, Risk and Compliance


Summary

GlobalData’s ‘Indonesia Insurance Industry - Governance, Risk and Compliance’ 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 GlobalData’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.

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 the country.
  • 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.
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  • The Insurance Law 1992 was repealed and replaced by the new Insurance Law 2014.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
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
  • Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
  • 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.

Table of Contents

148 Pages
INDONESIA
Legislation Overview8
Supervision and Control
Legislation
Compulsory Insurance
Non-Admitted Insurance Regulations
Company Registration and Operation
License
Foreign Direct Investment / Ownership
Minimum Capital Requirements
Solvency Margins
Reserve Requirements
Statutory Return Requirements
Fee Structure
Taxation
Tax on Insurance Premium
Corporate Income Tax
Corporate Capital Gains Tax
Value Added Tax
Legal System
Policy Practice
About GlobalData
Contact Us
List of Tables
Table 1: Indonesia – Comprehensive Motor Insurance Tariff Rates (Sum Insured)
Table 2: Indonesia – Total Loss Motor Insurance Tariff Rates (Sum Insured)
Table 3: Indonesia – Earthquake Insurance Tariff Rates for Motor Vehicles
Table 4: Indonesia – Flood Insurance Tariff Rates for Motor Vehicles
Table 5: Indonesia – Motor Insurance Premium and Sum Insured for Additional Covers
Table 6: Indonesia – Temporary disability benefits
Table 7: Indonesia – Corporation Tax Rates for the Financial Year 2023
Table 8: Indonesia – Temporary disability benefits(Employers' Liability/workers compensation)
Table 9: Indonesia – Deductible Limits for Earthquake Insurance - Engineering
Table 10: Indonesia – Deductible Limits for Earthquake Insurance - Business Interruption
Table 11: Indonesia – Deductible Limits for Earthquake Insurance - Property
Table 12: Indonesia – Comprehensive Motor Insurance Tariff Rates (% of Sum Insured)
Table 13: Indonesia – Total Loss Motor Insurance Tariff Rates (% of Sum Insured)
Table 14: Indonesia – Earthquake Insurance Tariff Rates - Motor Vehicles
Table 15: Indonesia – Flood Insurance Tariff Rates - Motor Vehicles
Table 16: Indonesia – Motor Insurance Premium and Sum Insured - Additional Covers
Table 17: Indonesia – Tariff Rates for Earthquake Insurance (Per Mille of Sum Insured) - Engineering
Table 18: Indonesia – Tariff Rates for Earthquake Insurance (Per Mille of Sum Insured) - Construction
Table 19: Indonesia – Tariff Rates for Flood Insurance (% of Sum Insured) – Zone
Table 20: Indonesia – Tariff Rates for Business Interruption Insurance Zone
Table 21: Indonesia – Tariff Rates for Earthquake Insurance (Per Mille of Sum Insured) - Business Interruption
Table 22: Indonesia – Tariff Rates for Earthquake Insurance (Per Mille of Sum Insured) - Dwelling
Table 23: Indonesia – Tariff Rates for Flood Insurance (Sum Insured)
Table 24: Indonesia – Tariff Rates for Business Interruption Insurance by zones
Table 25: Indonesia – Tariff Rates for Earthquake Insurance (Per Mille of Sum Insured) - Property
Table 26: Indonesia – Tariff Rates for Earthquake Insurance (Per Mille of Sum Insured) – Dwelling House
Table 27: Indonesia – Tariff Rates for Flood Insurance for sum Insured
Table 28: Indonesia – Tariff Rates for Business Interruption Insurance
Table 29: Indonesia – Minimum Amount of Automatic Reinsurance Support (Treaty Reinsurance) - Property
Table 30: Indonesia – Minimum Amount of Automatic Reinsurance Support (Facultative Reinsurance) - Property
Table 31: Indonesia – Minimum Amount of Automatic Reinsurance Support (Treaty Reinsurance) Aviation
Table 32: Indonesia – Minimum Amount of Automatic Reinsurance Support (Facultative Reinsurance) - Aviation
Table 33: Indonesia – Minimum Amount of Automatic Reinsurance Support (Treaty Reinsurance) - Professional Risks
Table 34: Indonesia – Minimum Amount of Automatic Reinsurance Support (Facultative Reinsurance) - Professional Risks
Table 35: Indonesia – Minimum Amount of Automatic Reinsurance Support (Treaty Reinsurance) - Employers' Liability/workers compensation
Table 36: Indonesia – Minimum Amount of Automatic Reinsurance Support (Facultative Reinsurance) - Employers' Liability/workers compensation
Table 37: Indonesia – Minimum Amount of Automatic Reinsurance Support (Treaty Reinsurance) - Liability
Table 38: Indonesia – Minimum Amount of Automatic Reinsurance Support (Facultative Reinsurance) - Liability
Table 39: Indonesia – Minimum Amount of Automatic Reinsurance Support (Treaty Reinsurance) - Engineering
Table 40: Indonesia – Minimum Amount of Automatic Reinsurance Support (Facultative Reinsurance) - Engineering
Table 41: Indonesia – Minimum Amount of Automatic Reinsurance Support (Treaty Reinsurance) - Business Interruption
Table 42: Indonesia – Minimum Amount of Automatic Reinsurance Support (Facultative Reinsurance) - Business Interruption
Table 43: Indonesia – Minimum Amount of Automatic Reinsurance Support (Treaty Reinsurance)
Table 44: Indonesia – Minimum Amount of Automatic Reinsurance Support (Facultative Reinsurance)
Table 45: Indonesia – Minimum Retention Limits(Energy - Oil Rig)
Table 46: Indonesia – Minimum Retention Limits(Energy - Operational Energy)
Table 47: Indonesia – Minimum Retention Limits(Clinical Trials)
Table 48: Indonesia – Minimum Retention Limits(Transit)
Table 49: Indonesia – Minimum Retention Limits(Marine)
Table 50: Indonesia – Minimum Retention Limits(Professional Risks)
Table 51: Indonesia – Minimum Retention Limits(Employers' Liability/workers compensation)
Table 52: Indonesia – Minimum Retention Limits(Liability)
Table 53: Indonesia – Minimum Retention Limits(Engineering)
Table 54: Indonesia – Minimum Retention Limits(Business Interruption)
Table 55: Indonesia – Minimum Retention Limits(Property)
Table 56: Indonesia – Minimum Retention Limits(Motor)
Table 57: Indonesia – Minimum Retention Limits(Healthcare)
Table 58: Indonesia – Minimum Retention Limits(Personal Accident)
Table 59: Indonesia – Minimum Retention Limits(Group Life)
Table 60: Indonesia – Minimum Retention Limits(Individual Life)
Table 61: Indonesia – Minimum Retention Limits(Aviation)

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