Indonesia: OJK to tighten investments by insurers
Source: Asia Insurance Review | Feb 2020
The Financial Services Authority (OJK) plans to tighten investment practices in nonbank financial institutions (NBFIs), including insurers.
The plans follow the financial problems plaguing two state-run entities, Asuransi Jiwasraya and ASABRI. These have suffered huge investment losses.
OJK chairman Wimboh Santoso said that a review of investments by insurers would be conducted. If necessary, there will be a tightening of placements in stocks and mutual funds, local media reports say.
He added that some changes to regulations are also being planned, particularly regarding more detailed reporting by insurers.
Mr Wimboh said that the OJK does not supervise ASABRI which provides social insurance to members of the armed forces, the Ministry of Defence and the National Police. A