News Regulations23 Nov 2020

Indonesia:Regulator grants first licences to insurers to sell investment-related plans online

| 23 Nov 2020

The Financial Services Authority (OJK) has granted licences to nine insurance companies to sell investment-related products (PAYDI) online.

"Of the 14 companies that had submitted an application for a licence, nine companies have been approved to carry out sales without physical face to face interaction -- or virtually -- and we will continue to monitor this," said OJK's executive head of Non-Bank Financial Institution Supervision (IKNB), said Mr Riswinandi, last week.

In June this year, the OJK issued a circular which states that in the marketing of PAYDI and unit-linked products, interaction can be conducted through digital modes such as video conferencing, video calls or a combination of these media. At the same time, the OJK said that the wet signature of the prospective policyholder on insurance documents can be replaced with an electronic signature.

These developments followed a request in April by the Indonesian Life Insurance Association to the OJK to allow life insurers to market investment-related products where face-to-face meetings, between marketers and prospective customers, can be replaced by online interaction.




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