GFIA comments on Chairman Otoritas Jasa Keuangan's draft regulation on the “own retention and domestic reinsurance support”


Date de parution : 01/26/2015
Personne(s)-ressource(s) : Janice Hilchie

To:
Dr. Muliaman D. Hadad
Chairman Otoritas Jasa Keuangan (OJK)
Menara Radius Prawiro Lantai 2
Kompleks Perkantoran
Bank Indonesia
J1. M.H. Thamrin No 2
Jakarta, Indonesia
pcs.yulita.riani@ojk.go.id; yuliana@ojk.go.id

Date:
26 January 2015

Subject:
GFIA Comments on OJK’s draft regulation on the “own retention and domestic reinsurance support”


Dear Mr. Chairman,

The Global Federation of Insurance Associations (GFIA), which through its 38 member associations represents insurers that account for around 87% or more than $4.0 trillion in total insurance premiums worldwide, would like to provide comments on the draft regulation regarding Own Retention and Domestic Reinsurance Support (as requested with the document number S-154/NB-112/2014).

For the reasons set out below, we believe OJK’s announced draft regulation will need careful analysis before implementation to avoid unintended, potentially harmful effects on Indonesia and its citizens...