News Regulations03 Apr 2018

Indonesia:Regulator drafting InsurTech regulations

| 03 Apr 2018

The Financial Services Authority (OJK) is currently preparing and discussing technical regulations covering digital insurance.

The rules will serve as the guidelines for the implementation of the marketing of insurance products digitally or electronically.

Mr Riswinandi, Executive Head of Non-Bank Financial Institutions Supervision at the OJK, said that the regulator would not be arbitrary in formulating the InsurTech rules because, otherwise, the move would affect the standards that have been set for insurance companies so far.

Noting that although InsurTech regulations have yet to be issued, several insurers already are engaged in digital operations, Mr Riswinandi said that the OJK would monitor such operations.

He said that while technological intervention in the financial industry is a necessity, there are still rules and standards that have to be upheld for consumer protection.


 

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