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Report Title

Governance, Risk and Compliance - The Indonesian Insurance Industry

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Governance, Risk and Compliance - The Indonesian Insurance Industry


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Governance, Risk and Compliance - The Indonesian Insurance Industry

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Governance, Risk and Compliance - The Indonesian Insurance Industry



Executive Summary

Governance, Risk and Compliance-The Indonesian Insurance Industry

 

Summary

 

GlobalData'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 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 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.

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 Regulation

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

2.4.3 Liability for ships with respect to oil pollution

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 Regulation

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 Type 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 margin

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 (ADR)

3 APPENDIX

3.1 Methodology

3.2 Contact GlobalData

3.3 About GlobalData

3.4 GlobalData's Services

3.5 Disclaimer

To know more information on Purchase by Section, please send a mail to sales@kenresearch.com

List of Figures

Figure 1: Indonesia-Insurance Supervision and Control at Various Levels

Figure 2: Indonesia-Insurance Regulatory Frameworks for Company Registration and Operation

List of Tables

Table 1: Insurance Industry Definitions

Table 2: Indonesia-Insurance Regulatory Framework Key Features

Table 3: Indonesia-Minimum Amount of Automatic Reinsurance Support (Treaty Reinsurance)

Table 4: Indonesia-Minimum Amount of Automatic Reinsurance Support (Facultative Reinsurance)

Table 5: Indonesia-Minimum Retention Limits

Table 6: Indonesia-Life Insurance Regulatory Framework

Table 7: Indonesia-Property Insurance Regulatory Framework

Table 8: Indonesia-Tariff Rates for Earthquake Insurance (Per Mille of Sum Insured)

Table 9: Indonesia-Tariff Rates for Flood Insurance (% of Sum Insured)

Table 10: Indonesia-Tariff Rates for Business Interruption Insurance

Table 11: Indonesia-Tariff Rates for Earthquake Insurance (Per Mille of Sum Insured)

Table 12: Indonesia-Tariff Rates for Earthquake Insurance (Per Mille of Sum Insured)

Table 13: Indonesia-Motor Insurance Regulatory Framework

Table 14: Indonesia-Comprehensive Motor Insurance Tariff Rates (% of Sum Insured)

Table 15: Indonesia-Total Loss Motor Insurance Tariff Rates (% of Sum Insured)

Table 16: Indonesia-Earthquake Insurance Tariff Rates for Motor Vehicles

Table 17: Indonesia-Flood Insurance Tariff Rates for Motor Vehicles

Table 18: Indonesia-Liability Insurance Regulatory Framework

Table 19: Indonesia-Corporation Tax Rates for the Financial Year 2018

Single User License:
Report can be used by individual purchaser only

Site License:
Report can be shared by unlimited users within one corporate location, e.g. a regional office

Corporate User License:
Report can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

Insurance, Governance, risk and compliance, Regulatory framework, Life insurance, Property insurance, Motor insurance, Liability insurance, Marine, aviation and transit insurance, Personal accident and health insurance, Compulsory insurance, Licensing requirements, Minimum capital requirements, Solvency requirements, Non-admitted insurance, Reserve requirements, Investment regulations, Licensing fee, Authorization fee, Risk-based capital framework, Accounting standards, Returns requirement, Consumer protection, Law, Regulation, Act, Tax, Insurance premium tax, Corporate tax, VAT, Legal system, Court system


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