Work Committee for Insurance Business Law Revision Is Established


The government and Commission XI of House of Representatives (DPR), agreed to establish work committee for Revision of Law number 2 of 1995 concerning Insurance Business. That there were several points to be discussed further between DPR and the government. This Draft Law is required to be the legal basis for insurance business management in Indonesia.

Work committee would be established immediately in order to discuss a number of Problem Inventory List (DIM) in more detail. There are 308 DIM agreed by both DPR and the government out of 556 DIM of Insurance Business Draft Law.

A number of main points to be discussed further are the position of insurance business in national economy, correlation with the Financial Services Authority (OJK), application of best practice standards, insurance business coverage, foreign ownership in insurance companies, capital matters, hybrid insurance products and agency.


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