REPUBLIC OF INDONESIA NEWS

No. 980, 2012 MINISTRY OF FINANCE. Governance. Perinsurance company.

REGULATION OF THE REPUBLIC OF INDONESIA FINANCE MINISTER

NUMBER 152 /PMK.010/ 2012

ABOUT

CORPORATE GOVERNANCE IS GOOD FOR

PERINSURANCE COMPANY

WITH THE GRACE OF THE ALMIGHTY GOD

FINANCE MINISTER OF THE REPUBLIC OF INDONESIA,

DRAW: that to implement the provisions of Article 3 paragraph (2) of the Government Regulation No. 73 of 1992 on the Statutory Warranties of Perinsurance, as it has been last modified by Government Regulation No. 81 of 2008, it is necessary to define The Finance Minister ' s Rule on Corporate Governance Is Good For The Perinsurance Company;

Given: 1. Act No. 2 of 1992 on the Perinsurance (Sheet Of State Of The Republic Of Indonesia In 1992 Number 13, Addition Of State Sheet Republic Indonesia Number 3467);

2. Government Regulation No. 73 of 1992 on the Organizing Efforts of the Perinsurance (sheet of State of the Republic of Indonesia in 1992 No. 120, Additional Gazette of the Republic of Indonesia No. 3506) as has been the last several times amended with the " Government Regulation No. 81 Of 2008 (sheet Of State Of The Republic Of Indonesia 2008 Number 212, Additional Gazette Of The Republic Of Indonesia Indonesia Number 4954);

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DECIDED:

SET: A FINANCE MINISTER ' S REGULATION ON GOOD CORPORATE GOVERNANCE FOR THE PERINSURANCE COMPANY.

BAB I

provisions of UMUM

Article 1

In this Minister Regulation, which is referred to:

1. The Perinsurance company is a perinsurance company as described in the legislation regarding the perinsurance efforts.

2. The Insurance Company is a loss insurance company or life insurance company as referred to in the perinsurance field.

3. The Insurance Corporation is a loss insurance company as intended in the perinsurance field.

4. The Life Insurance Company is a life insurance company as referred to in the perinsurance field.

5. The Reinsurance company is a company that provides services in a rebutting to the risks faced by the Insurance Company as referred to in the regulation in the field of insurance.

6. Insurance Business Insurance is an insurance venture support company, as referred to in the field of insurance.

7. Insurance agents are insurance agents as referred to in the legislation regarding the perinsurance efforts

8. Excellent corporate governance is the structure and process used and applied the Perinsurance Company's organs to increase the achievement of the goal objectives and optimize the company's value for all stakeholders in particular Policyholders, participants, and/or parties are entitled to the benefit, accountable and inordinate of the laws and ethical values.

9. The Perinsurance Company's organs are a general meeting of shareholders, directors, and board of commissioners including the sharia supervising board for the legal entity-shaped Perinsurance Corporation

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limited liability or equivalent to a general meeting of shareholders, directors, and board of commissioners for the Perinsurance Company in the form of a cooperative legal entity or joint effort.

10. Stakeholder is a party that has interests against the insurance company, whether directly or indirectly, among other shareholders, directors, board of commissioners, sharia supervisors, employees, policyholders, in charge, participants, the right parties benefit, creditors, service providers, and/or the government.

11. The Shareholders ' General Meeting, which is further abbreviated as RUPS, is a general meeting of the shareholders as referred to in the law on limited liability for the Perinsurance Company in the form of a limited or equivalent legal entity. with RUPS for the Perinsurance Company in the form of a cooperative legal entity or joint effort.

12. The Board of Directors is part of the Perinsurance Company's internal organs that perform the management functions as referred to in the invite-a limited liability for the insurance company in the form of a limited liability law entity or equivalent. with a board of directors for the Perinsurance Company in the form of a cooperative legal entity or a joint venture.

13. The Board of Commissioners is a part of the Perinsurance Corporation's Organ that performs the surveillance functions as referred to in the legislation on limited liability for the Perinsurance Company in the form of a limited liability law entity or that equivalent to the Board of the Commissioners for the Perinsurance Company in the form of a cooperative legal entity or joint effort.

14. The Independent Commissioner is a member of the Board of Commissioners who performs oversight functions to voice the interests of the policyholder.

15. The Board of Regents of Sharia is part of the Perinsurance Company's Organ, which performs a supervising function for the establishment of insurance and reinsurance efforts to conform to the principle of sharia.

16. Affiliates are affiliates as referred to in the legislation regarding the perinsurance efforts.

17. The Minister is the Finance Minister of the Republic of Indonesia.

18. The Chairman is Chairman of the Supervising Board of Capital Markets and Financial Instituts.

19. The head of the Bureau is the Chief of the Bureau of insurance, the Capital Market Supervising Board and the Financial Institutions.

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Section 2

The Corporate Governance Principles of Good Company include:

a. openness (transparency), i.e. openness in the process of decision making and openness in disclosure and the provision of relevant information regarding the company, which is easily accessible by the Interest in accordance with the regulations. laws in the field of insurance as well as the standards, principles, and practices of a healthy insurance company;

b. accountability (accountability), i.e. the clarity of the function and the execution of the Perinsurance Company Organ responsibility so that the company's performance can run transparently, reasonable, effective, and efficient;

c. accountability (responsibility), which is the suitability of the Perinsurance Company with laws in the field of insurance and ethical values as well as standards, principles, and practices of a healthy labor-insurance;

d. Independence (independence), which is the state of a self-managed and professional state-run Perinsurance Corporation and is free from the impact of interest and influence or pressure from any party that is not in compliance with the laws of the law. invitation in the field of insurance and ethical values as well as standards, principles, and practices of the host of healthy perinsurance efforts; and

e. equality and equities (fairness), i.e. equality, balance, and fairness in fulfilling the rights of the Interests arising under agreements, laws, and ethical values as well as standards, principles, and values. the practice of hosting a healthy insurance venture.

Article 3

The implementation of the Good Corporate Governance aims at:

a. optimizing the Perinsurance Company ' s value for the Stakeholders in particular the policyholders, liabilities, participants and/or parties entitled to benefit;

b. enhance the management of the Perinsurance Company professionally, transparent, effective, and efficient;

c. increase the Perinsurance Company's Organ compliance to make decisions and execute action on the ethics of which the IBM Business Administration is based on the IBM Insurance Company. high,

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d. Compliance with the laws in the field of insurance, and awareness of the insurance company's social responsibility towards the Interest and environmental sustainability of the environment;

e. embody a healthier, reliable, reliable, and competitive Perinsurance Company; and

f. enhance the Perinsurance Company's contribution to the national economy.

BAB II

APPLICATION OF GOOD CORPORATE GOVERNANCE

Article 4

The Perinsurance Company at any time is required to implement the Company's Governance Good based on this Ministerial Regulation.

BAB III

RUPS

Section 5

(1) The insurance company RUPS is required to be held under the provisions of the laws and operational standards of the Company procedure. The perinsurance is transparent and can be accounted for.

(2) In taking decision, the RUPS is mandatory to maintain the balance of the interests of all parties, in particular the interests of the minority shareholders, the interests of the policyholders, the responsibilities, participants, and/or the entitled parties to benefit.

BAB IV

DIRECTORS

Section 6

(1) The Insurance Company and Reinsurance Company must have at least 3 (three) people.

(2) At least half of the number of Insurance Companies and Reinsurance Companies must be have knowledge and experience in the field of risk management according to Enterprise Business.

(3) The Insurance Business Liability Insurance Company has at least 2 (two) people.

(4) The entire Board of Directors of the Insurance Company, Reinsurance Company, and the Effort Enterprise Insurance must

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has knowledge in accordance with the company's field of business relevant to its position.

Section 7

The Board of Perinsurance Corporation is required to be domiciled in Indonesia.

Article 8

Directors The Perinsurance company is required to ensure effective, precise, and fast decision making decisions, as well as being able to act independently, with no interest that can interfere with its ability to carry out tasks independently and critically.

Article 9

The mandatory directors are:

a. comply with the laws, the base budget, and the operational standards of the Perinsurance Company procedure in performing its duties;

b. manage the Perinsurance Company in accordance with its authority and responsibilities;

c. is responsible for the execution of its duties to shareholders through RUPS;

d. attempt to ensure that the Insurance Company is concerned with the interests of all parties, in particular the interests of the policyholders, liabilities, participants and/or parties entitled to the benefit;

e. ensuring that information about the Perinsurance Company is given to the Board of Commissioners and the Syariah Board of Supervising is timely and complete; and

f. help to meet the needs of the Syariah Board of Trusts in using members of the investment committee, corporate employees, and professional experts whose organizational structure is under the Board of Directors.

Article 10

(1) Company ' s Directors Insurance and Reinsurance Companies are required to form an investment committee.

(2) The member of the investment committee as referred to in paragraph (1), is at least composed of:

a. A member of the Board of Directors who is responsible for the investment management field; and

b. Corporate actuaries for the Life Insurance Company or corporate expert power for the Losses Insurance Company and Reinsurance Company.

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(3) The investment committee referred to in paragraph (1) is responsible for assisting the Board of Directors in formulating investment policy and monitoring the implementation of the established investment policy.

Article 11

Member Perinsurance Company's board of directors is prohibited from serving other companies except as a member of the Board of Commissioners at 1 (one) Another Perinsurance company.

Article 12

(1) Perinsurance companies are prohibited from lifting members up to the board. Directors who are from employees or active officials of the institution and supervisors of the business The insurance policy of the Capital Market and Financial Institutions.

(2) The insurance company is prohibited from appointing former employees or officials of the labor agency and the insurance business agency Modal Market and the Financial Institutions to be Members of the Board of Directors, if concerned, stop working from such institutions less than 1 (one) years.

Article 13

(1) The Insurance Corporation and Reinsurance Company are prohibited from appointing members of the Directors who have been members of the Board of Directors. directors, board members of the commissioner, or members of the sharia supervising board of a:

A. The Perinsurance company imposed restrictions on business activities within the term of 3 (three) years prior to the appointment;

b. the company in the field of financial services revoked its business permit for committing a breach within the term of 3 (three) years prior to the appointment;

c. the company in the field of financial services or in the field of non financial services stated pailit and has a fixed legal force within 5 (five) years prior to the appointment; and/or

d. Companies that have suffered losses due to errors or actions in the term of 5 (five) years prior to appointment.

(2) The Insurance Effort Enterprise is prohibited from lifting the members of the Directors who were ever members of the directors, board members of the commissioner, or a member of the sharia supervising board of a:

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a. The Perinsurance company imposed restrictions on business activities within the term of 3 (three) years prior to the appointment;

b. the company in the field of financial services revoked its business permit for committing a breach within the term of 3 (three) years prior to the appointment;

c. the company in the field of financial services or in the field of non financial services stated pailit and has a fixed legal force within 5 (five) years prior to the appointment; and/or

d. the company that suffered losses caused by error or negligence within 5 (five) years prior to the appointment.

Article 14

The Perinsurance Company is prohibited from lifting the members of the Board of Directors who have not been declared a pass Assessment of the capability and the solubility by the institution of tamper and insurance efforts of the Modal Market Supervisors and Financial Institutions.

Article 15

(1) The board of directors shall periodically convene at least 1 (one) Times in 1 (1) month.

(2) The results of the Directors meeting as referred to in paragraph (1) shall be required to be used in a comprehensive and well-documented treatise on the Board of Directors

(3) The difference of opinion (dissenting opinions) that occurs in the Board of Directors is required to be clearly listed in the Board of Directors meeting with reason. (dissenting opinions) of that.

(4) Members of the Directors present and who are not present in the Board of Directors are entitled to receive a copy of the Board of Directors meeting.

(5) The number of Directors meeting has been held and the number of attendance of each member of the Board of Directors must be contained in its own assessment results report (self assessment) for the application of the Good Company Governance.

Article 16

(1) The members of the Board of Directors are required to disclose about:

a. The ownership of the Cloud Service is subject to the terms of the IBM International Business Partner Engagement ("IBM"), and (2) the IBM International Business Partner ("IBM"), and (")" (")";

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b. financial ties and family relations with other members of the Board, members of the Board of Commissioners, members of the Syariah Board of Trusts, and/or the shareholders of the Insurance Company where the member of the Board of Directors is referred to in office;

c. to the Company The insurance on which the member of the Board of Directors is referred to as well as and the supervisors of the insurance business of the Modal Market and Financial Institutions.

(2) The obligation of disclosure as referred to in paragraph (1) is required to be delivered in the form of a report either at the start of the post or any changes.

Article 17

Members of the Board are prohibited:

a. conduct a transaction that has a clash of interests with the activities of the insurance company where the member of the Board of Directors is intended to be;

b. utilize his post on the Insurance Company where the member of the Board of Directors is intended to serve for personal, family, and/or other party interests that may harm or reduce the profits of the Perinsurance Company's premises. meant to take office;

c. take and/or receive personal gain from the Perinsurance Company where the members of the Directors are referred to in office other than remuneration and the facilities set under the RUPS decision; and

d. meet the shareholder request associated with the operational activities of the Perinsurance Company where the member of the Board of Directors is referred to in addition to the one that has been specified in the RUPS.

BAB V

BOARD COMMISSIONER

Article 18

(1) The Insurance Corporation and Reinsurance Company must have at least 3 (three) members of the Board of Commissioners.

(2) At least 1 (one) people of the number of members The Board of Commissioners of the Insurance Company as referred to in paragraph (1) above is the Independent Commissioner.

(3) The obligatory Insurance Effort has a member of the Board of Commissioners at least 2 (two) persons.

(4) All member of the Board of Commissioners of the Insurance Company, Reinsurance Company, and the Effort Company Insurance must

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has knowledge in accordance with the company's field of business relevant to its position.

(5) Independent Commissioners of the Insurance Company are conducted by RUPS and must be expressed clearly in the The notarized deed contains the RUPS decision on the appointment.

Article 19

At least half of the number of members of the Board of Commissioners of Perinsurance Corporation is required to be domiciled in Indonesia.

Article 20

Council The insurance company's commissioners are required to guarantee effective decision-making, right, and quickly and can act independently, having no interests that can interfere with its ability to carry out its duties independently and critically.

Article 21

The Board of Commissioners is mandatory:

a. carry out supervising duties and advise on the Directors;

b. oversee the Directors in maintaining balance of the interests of all parties, in particular the interests of the policyholders, liabilities, participants, and/or parties entitled to benefit;

c. monitor the effectiveness of the application of the Good Company Governance on the Perinsurance Company; and

d. help to meet the needs of the Syariah Board of Supervisers in using committee members whose organizational structure is under the Board of Commissioners.

Article 22

Members of the Board of Commissioners are entitled to obtain information from the Directors regarding The insurance company is timely and complete.

Article 23

(1) In order to support the effectiveness of the execution of the task and its responsibility, the Board of Commissioners of Insurance Companies and the Reinsurance Companies are required to form:

a. audit committee; and

b. Risk policy committee.

(2) One of the members of the committee as referred to in verse (1) is a member of the Board of Commissioners while standing as chair of the committee.

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(3) The audit committee as referred to in paragraph (1) the letter of duty assists the Board of Commissioners in monitoring and ensuring the effectiveness of the internal control system and the execution of the duties of the internal auditor and the auditors external by performing the monitoring and evaluation of the planning and execution of audits in order to assess internal control adequations including financial reporting processes.

(4) The risk policy committee as referred to in paragraph (1) letter b assist the Board of Commissioners in monitoring the execution of risk management which is compiled by the Directors as well as assessing the risk tolerance that may be taken by the Insurance Company or Reinsurance Company.

(5) In addition to the committee as referred to the paragraph (1), the Board of Commissioners of the Insurance Company and the Reinsurance Company may consider forming another committee to support the execution of the Board of Commissioners consisting of:

a. Nomination and remuneration committee; and/or

b. Corporate governance policy committee.

(6) The nomination and remuneration committee as referred to in paragraph (5) the letter a has the following duties and responsibilities as follows:

a. Drafting the selection criteria and nomination procedures for the members of the Board of Directors, members of the Board of Commissioners, members of the Syariah Board of Trusts, and other executives within the Insurance Company and the Reinsurance Company concerned;

b. create the assessment system and provide recommendations on the needs of the number of Directors, members of the Board of Commissioners, and members of the Supervising Board of Insurance Companies and the Reinsurance Companies concerned; and

c. help compose Payroll systems, benefits, benefits, and other facilities and monitor their implementation.

(7) The company governance policy committee as referred to in paragraph (5) the letter b is in charge of assisting the Board of Commissioners in reviewing and monitoring the implementation of the Company ' s All-Right Governance Set-up Board and assess the consistency of the application.

Article 24

Members of the Board of Commissioners of the Perinsurance Corporation are prohibited as members of the board, members of the board of commissioners, or members of the sharia supervisors board at more than 1 (one) another company.

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Article 25

(1) The insurance company is prohibited from lifting the members of the Board of Commissioners who are from employees or active officials of the labor agency and the insurance business of the Modal Market Supervisors. Financial institution.

(2) Perinsurance companies are prohibited from lifting former employees or officials of the police agency and the insurance business agency Modal Market Supervisors and Financial Institutions become a member of the Board of Commissioners if the concerned stopped working from the institution less than 6 (six) months.

Article 26

(1) The Insurance Company and Reinsurance Company are prohibited from appointing a member of the Board of Commissioners who was once a member of the board, a board member of the commissioner, or a member of the sharia supervising board of a:

a. The Perinsurance company imposed restrictions on business activities within the term of 3 (three) years prior to the appointment;

b. the company in the field of financial services revoked its business permit for committing a breach within the term of 3 (three) years prior to the appointment;

c. the company in the field of financial services or in the field of non financial services stated pailit and has a fixed legal force, within 5 (five) years prior to the appointment; and/or

d. A company that suffers losses due to its errors or actions within 5 (five) years prior to appointment.

(2) The Insurance Effort Enterprise is prohibited from appointing a member of the Board of Commissioners who has been board member, board member of the commissioner, or member of the sharia supervising board member of a:

a. The Perinsurance company imposed restrictions on business activities within the term of 3 (three) years prior to the appointment;

b. the company in the field of financial services revoked its business permit for committing a breach within the term of 3 (three) years prior to the appointment;

c. the company in the field of financial services or in the field of non financial services stated pailit and have a fixed legal force within 5 (five) years prior to the appointment; and/or

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d. the company that suffered losses caused by error or negligence within 5 (five) years prior to the appointment.

Article 27

The Perinsurance company is prohibited from appointing an undeclared member of the Board of Commissioners (1) The Council of the Commissioners must hold the Board of Commissioners at least 6.

(six) times in 1 (one) year.

(2) The results of the Board of Commissioners as In question, in a meeting of the Council of Commissioners, it is well documented.

(3) The difference of opinion (dissenting opinions) in the meeting of the Council of Commissioners, is required to be clearly listed in the The meeting of the Council of Commissioners is accompanied by grounds of dissent (dissenting opinions) of that.

(4) Members of the Board of Commissioners present and who are not present in the meeting of the Board of Commissioners are entitled to receive a copy of the meeting of the meeting of the Board of Commissioners.

(5) The number of Commissioners ' meetings Each member of the Board of Commissioners must be contained in a report of its own assessment results (self assessment) for the application of the Good Company Governance.

Article 29

(1) Members of the Board of Commissioners are required to disclose the following:

A. The ownership of its shares is 5% (five per hundred) or more on the insurance company where the Board of Commissioners is referred to and/or on other companies that are in and out of the country; and

b. financial ties and family relations with other Board of Commissioners, members of the Board of Directors, members of the Syariah Board of Trusts, and/or the shareholders of the Insurance Company where the Board of Commissioners is meant to serve;

c. to the Company The insurance policy in which the members of the Board of Commissioners is meant to serve as well as the labor agency and the insurance policy of the Modal Market Supervisors and Financial Institutions.

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(2) The obligation of disclosure as referred to in paragraph (1) is delivered in the form of a report either at the beginning of office and any change.

Article 30

Member of the Board of Commissioners is prohibited:

A. conduct a transaction that has a clash of interests with the activities of the insurance company where the Board of the Commissioners is meant to shake;

b. Capitalize on the insurance company where the members of the Board of Commissioners are meant to serve for personal, family, and/or other parties that may harm or reduce the profits of the Perinsurance Company's place in the Council. The Commissioner is in office; and

c. take and/or receive personal gain from the Perinsurance Company where the Board of the Commissioners is referred to, in addition to remuneration and the facilities established under RUPS decisions.

Article 31

The Independent Commissioner of the Insurance Company as referred to in Article 18 of the paragraph (2) must meet the requirements as follows:

a. no Affiliates with members of the Board of Directors, members of the Board of Commissioners, members of the Syariah Supervising Board, or the Insurance Company shareholders, within the same Insurance Company;

b. never been a member of the board, a member of the board of commissioners, a member of the sharia supervisors board or occupied the office of 1 (one) level under the Board of Directors of the same Insurance Company or any other company that has an affiliate relationship with The Insurance Company is within 2 (two) of the last year;

c. has never been a member of the board, a board member of the commissioner, or a member of the sharia supervisors board of a:

1. The Perinsurance company imposed restrictions on business activities in the term 3 (three) years prior to the appointment;

2. the company in the field of financial services revoked its business permit for committing a breach within a period of 3 (three) years prior to the appointment;

3. the company in the field of financial services or in the field of financial services declared pailit and has a fixed legal force within 5 (five) years prior to the appointment; and/or

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4. A company that suffers from a loss caused by an error or a degree in a term of 5 (five) years prior to the appointment.

d. understand the laws in the field of perinsurance and other relevant laws;

e. have a good knowledge of the financial condition of the Insurance Company where the Independent Commissioner is referred to in office;

f. have good knowledge of the policyholders ' interests, liabilities, participants and/or parties entitled to benefit; and

g. domicile in Indonesia.

Article 32

(1) In the case of the Independent Commissioner assessing any policy or actions of a member of the Board of Directors harming or potentially detriing to the interests of the policyholders, liabilities, participants, and/or parties In order to benefit, the Independent Commissioner is required to propose a meeting of the Board of Commissioners.

(2) The meeting of the Board of Commissioners as referred to in paragraph (1) is organized to discuss the results of the Independent Commissioner the policy or actions of a member of the Board of Directors that are malicious The interests of the policyholders, responsibilities, participants and/or parties are entitled to benefit.

(3) In case other members of the Board of Commissioners are not willing to accept the proposal of a meeting of the Board of Commissioners as referred to in paragraph (1), The Independent Commissioner is required to report in full and comprehensive to the Head of the Bureau and be exhaled to the Board of Directors of 7 (seven) working days since other members of the Council of Commissioners are not willing to accept the proposal for the meeting.

(4) In the event of the outcome of the meeting of the Board of Commissioners as (1), deny or disagree with the results of an Independent Commissioner's assessment of the policies or actions of a member of the Board of Directors that harms or potentially adversely affect the interests of the policyholders, liabilities, participants, and/or parties entitled to obtain benefits, the Independent Commissioner is required to report in full and comprehensive to the Head of the Bureau and be exhaled to the Board of 7 (7) business days since the results of the Council of the Commissioners ' meeting that refused or disapproved of the results Independent Commissioner's assessment.

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Article 33

(1) The Independent Commissioner is required to make an annual report on the conduct of its duties related to the protection of the interests of the policyholders, liabilities, participants, and/or the parties entitled to obtain benefit, whether it concerns the service and settlement of the claim, including a report on the ongoing disputes in the mediation body, the arbitration agency, or the judicial body.

(2) the annual report as referred to in the verse (1) delivered by the Independent Commissioner to the Head of the Bureau of the slowest On February 28, the following year and exhaled to the Board of Directors and the Board of Commissioners.

(3) The annual report as referred to in paragraph (1) is mandatory in the form of a physical document (hard copy) and digital (soft copy).

BAB VI

THE SHARIA SUPERVISING BOARD

Article 34

(1) The Insurance Company or Reinsurance Company which organizes all or part of its efforts based on the principle of sharia is mandatory to have a Sharia Board of Regents.

(2) The Board of Regents of Sharia as referred to in paragraph (1) consists of 1 (one) of sharia persons or more appointed by the RUPS on the recommendation of the Indonesian Ulama Assembly.

(3) The Rapture of the Syariah Board of Regents as referred to on paragraph (2) must be clearly stated in a notarized deed.

Article 35

In People, at least half of the Syariah Board of Supervisers, are mandatory domiciled in Indonesia.

Article 36

In case of the number of members of the Supervising Board of the Insurance Company or Reinsurance Company of more than 1 (one) person, the composition of the Syariah Board of Regents is required to guarantee effective, precise, and fast ruling decision making and may act independently, It has no interest in interfering with its ability to carry out Self-service and critical duty.

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Article 37

(1) The Board of Regents of Sharia is mandatory:

a. carry out supervising duties and advising and advice to Directors for the company ' s activities in accordance with the principles of sharia; and

b. Attempt to maintain balance of the interests of all parties, in particular the interests of the policyholders, participants, and/or parties entitled to benefit.

(2) The implementation of the supervisors and advice and advice on the Supervising Board Sharia as referred to in paragraph (1) of the letter a, is performed against:

a. Corporate activities are in the management of wealth and liabilities, either a tabarru 'fund, a company fund or a participant investment fund;

b. Sharia insurance products are marketed by the company;

c. the marketing practices of sharia insurance products performed by the company; and

d.

(1) In the conduct of the task as referred to in Article 37, the Syariah Board of Regents may use the assistance of:

a. member of the committee whose organizational structure is under the Board of Commissioners; dan/or

b. a member of the company's committee, employees, and personnel professionals whose organizational structure is under the Board of Directors.

(2) The use of the company ' s professional committee members, employees, and personnel as referred to in paragraph (1), must First to be notified in writing by the Board of Regents to the Board of Directors and/or the Board of Commissioners.

Article 39

Members of the Syariah Board of Regents are entitled to obtain information from the Board of Directors regarding the Perinsurance Company. exact time and complete.

Article 40

(1) Member of the Syariah Board of Supervising Insurance Company or Reinsurance Company is banned as a member of the Board of Directors or a member of the Board of Commissioners on the Insurance Company or the same Reinsurance Company.

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(2) Member of the Board of Supervisors of the Syariah Insurance Corporation or Reinsurance Company is banned as a member of the board, a member of the board of commissioners, or a member of the sharia supervising board at more than 1 (one) other companies.

Article 41

The Insurance Corporation and Reinsurance Companies are prohibited from lifting the members of the Syariah Supervisors Board who were ever members of the board, members of the board of commissioners, or the members of the sharia supervisors board of a:

A. The Perinsurance company imposed restrictions on business activities within the term of 3 (three) years prior to the appointment;

b. the company in the field of financial services revoked its business permit for committing a breach within the term of 3 (three) years prior to the appointment;

c. the company in the field of financial services or in the field of non financial services stated pailit and has a fixed legal force within 5 (five) years prior to the appointment; and/or

d. the company undergoes a loss due to its errors or its conduct within 5 (five) years prior to the appointment.

Article 42

(1) In terms of the members of the Syariah Supervising Board more than 1 (one) people, the Supervising Board Sharia is mandatory at least six (six) times in 1 (one) year.

(2) The results of the Council of the Supervising Board of Regents as referred to in paragraph (1) are required to be poured in the Council meeting treatise. Sharia supervisor and well documented.

(3) The difference of opinion (dissenting opinions) which occurs in a meeting of the Shariah Board of Regents, is required to be clearly mentioned in the meeting treatise of the Syariah Board of Supervising for the difference of opinion (dissenting opinions) of that.

(4) Members of the Syariah Supervising Board present and who are not present in the meeting of the Syariah Supervising Board are entitled to receive a copy of the meeting of the Supervising Board of the Syariah Supervising Board.

(5) The number of meetings of the Syariah Board of Supervising the and the number of attendance of each member of the Syariah Supervising Board must be contained in its own assessment results report (self assessment) for the application of the Good Company Governance.

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Section 43

(1) Member of the Syariah Board of Supervisers at any time shall meet the terms of the assessment of the capability and the solubility.

(2) The provisions of the assessment of the ability and the pateness for the members of the Supervising Board Sharia as referred to in paragraph (1) is governed in the Regulation of the Minister of Finance.

Article 44

Members of the Syariah Supervising Board are prohibited:

a. conduct a transaction that has a clash of interests with the activities of the insurance company where a member of the Syariah Supervising Board is referred to in office;

b. utilize his post on the insurance company where the Syariah Board of Supervisers is referred to in office for personal, family, and/or other party interests that may harm or reduce the profits of the Perinsurance Company's premises. Sharia Supervising Board is in office; and

c. take and/or receive personal gain from the Perinsurance Company where the Syariah Board of Supervisers is referred to in office, in addition to remuneration and other facilities set out Based on RUPS decisions.

Article 45

(1) In terms of the Syariah Board of Regents assessing the policy or actions of a member of the Board of Directors not in accordance with the principle of sharia, the Sharia Board of Regents is required to request an explanation to the members of the Board of Directors on the policy the actions of the members of the Directors that do not comply with the principle of sharia.

(2) In terms of the explanation that the members of the Board of Directors reject the results of the Syariah Board of Supervising Supervising as referred to in paragraph (1), the Supervising Board of report in full and comprehensive report to the Head of the Bureau and exhaled to its Directors the longest 7 (seven) business days since the explanation of the members of the Board of Directors are received by the Supervising Board of Sharia.

(3) In terms of the explanation of the Board of Directors receiving the results of the Shariah Board of Supervising the assessment as referred to by paragraph (1), the Supervising Sharia orders the Directors to make improvements to the policy or actions of the members of the Directors in order to comply with the principle of sharia.

(4) In terms of the Board of Directors not making improvements to the policy or action, as referred to in paragraph (3), the Board of Regents of Sharia is required immediately to report Completely and

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comprehensive to the Head of the Bureau and exhaled to Directors at the very longest 7 (seven) working days since it is known that the members of the Board of Directors did not make an intended improvement effort.

BAB VII

SHAREHOLDERS

Article 46

Perinsurance Company shareholders through the RUPS attempt to ensure the Perinsurance Company is run based on the practice of healthy perinsurance efforts and precede the fulfillment of the obligations related to the interests of the IBM International Business Service Provider ("IBM"). Policyholders, liabilities, participants, and/or parties are entitled to benefit.

Section 47

(1) Shareholders are prohibited from interfering with the operational activities of the Perinsurance Company to the responsibility of the Directors in accordance with the provisions of the Perinsurance Company ' s base budget and laws, except in To carry out rights and duties as RUPS.

(2) Perinsurance Company ' s shareholders who serve as a member of the Board of Directors, members of the Board of Commissioners, or members of the Syariah Board of Regents on the same Insurance Company are obliged to precede the Right of Interest in accordance with the The insurance company's basic budget and rules-of-law regulations rather than its interests as a shareholder.

Article 48

(1) The Perinsurance Company's shareholders must meet the following criteria:

a. is not involved as a prohibited party being a corporate shareholder in the field of financial services and/or corporate administrators in the financial services field;

b. never violate commitments that have been agreed with the institution of tamper and corporate supervisors in the field of financial services;

c. not under the imposition of sanctions from the company ' s institutional and supervising agencies in the field of financial services;

d. is not recorded in the crash list of credits;

e. have a source of funds that are not derived from criminal acts of crime as referred to in the law regarding money laundering offences;

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f. has a commitment to the operational development of the Perinsurance Company;

g. have a commitment to adhere to the rules of the invite-invitation; and

h. have a good reputation.

(2) The provisions of the shareholder criteria as referred to in paragraph (1) apply to the Perinsurance Corporation performing the changes to the shareholders and/or the Perinsurance Company that filed attempt permit.

BAB VIII

EXTERNAL AUDITOR

Article 49

(1) External Auditor Insurance Company and Reinsurance Company are required to be appointed by RUPS of 3 (three) external auditor candidates submitted by the Board The Commissioner is based on the proposal of the audit committee.

(2) External Auditor of the Enterprise of the Supports Insurance efforts are mandatory by RUPS of 3 (three) external auditor candidates submitted by the Board of Commissioners.

(3) The nomination of an external auditor as referred to in paragraph (1) and paragraph (2) is mandatory with:

a. the reason the nomination and magnitude of the honorarium or the imbal of services are proposed for such external auditors; and

b. a statement of interference signed by an external auditor, to be free from the influence of the Directors, the Board of Commissioners, the Syariah Board of Supervisors, and the Parties ' interests in the Perinsurance Company and the willingness to provide the related information with its audit results to the Head of the Bureau.

(4) The Perinsurance company is required to provide all the accounting records and support data required for an external auditor so that it allows an external auditor to give his opinion on moderation, fortitude, and the suitability of the Company ' s financial statements Perinsurance with applicable audit standards.

BAB IX

GOVERNANCE INVESTMENT

Article 50

(1) The Insurance Company and Reinsurance Company are required to put together an investment policy and strategy in writing.

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(2) The observance of investment policies and strategies as referred to in paragraph (1) is evaluated periodically, at least 1 (one) times in 1 (one) year.

(3) the policy and investment strategy as referred to in paragraph (1), the least contains:

a. the wealth profile and liabilities of the Insurance Company and Reinsurance Company;

b. compatibility between the duration of the wealth and the liability duration of the Insurance Company and Reinsurance Company;

c. investment objective;

d. expected level of expected investment results, including a benchmark investment yield (yield's benchmark) used;

e. basic assessment and qualitative limitations for any type of investment asset;

f. the maximum limit of investment allocation for any type of investment asset;

g. the maximum limit of the company ' s wealth proportion that can be placed on one party;

h. the maximum limit of the amount of assets not placed (idle assets) in the form of an investment;

i. an investment object that is prohibited for investment placement;

j. the minimum liquidity level of the company ' s investment portfolio to support the availability of funds for insurance benefit payments;

k. the surveillance system and reporting on the execution of investment management;

l. provisions regarding the use of the investment manager, investment advisor, expert power, and other service providers used in the investment management;

m. the provisions of the use of derivative instruments and other structured financial products for the purpose of protected value;

n. the restriction of the investment transaction authority for each management level and liability; and

o. the actions that will be applied to the Directors of the violation of investment policy.

(4) The policy and investment strategy as referred to paragraph (1) is mandatory:

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a. specified by the Board of Directors;

b. dissociative to employees involved in investment management; and

c. delivered to the Chief Bureau of the longest 1 (one) months after being set by the Board of Directors.

Article 51

(1) The board of directors is required to draft a plan the least contained annual investment management is:

a. an investment type composition plan;

b. estimated level of investment results for any kind of investment; and

c. The underlying considerations of the investment type composition plan.

(2) The annual investment management plan as referred to in paragraph (1) must reflect policy and investment strategy.

Article 52

In managing an investment, an Insurance Corporation or Reinsurance Company is required to do:

a. analysis of investment risk including market risk, credit risk, liquidity risk, and operational risk and countermeasures in the event of increased investment risk; and

b. Adequate and documented studies in placing, retaining, and releasing investments.

Article 53

The directors are required to take professional investment decisions and optimize the value of the Insurance Company and the Company Reinsurance for Interests in particular the policyholders, liabilities, participants and/or parties entitled to benefit.

Section 54

The Insurance Company or Reinsurance Company is required to have a working unit or staff member perform the investment management function that meets the following conditions:

a. Conduct an analysis function and execute, monitor, and report on investment management;

b. have and implement internal control systems and procedures to ensure that investments are carried out in accordance with policy and investment strategies and do not violate the rules of the laws; and

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c. has the integrity and expertise as well as experience in the field of investment.

Article 55

(1) Insurance Company and Reinsurance Company are placing investment on capital market investment instruments mandatory to effect the effect on the non-affiliated parties with the Insurance Company or the Reinsurance Company.

(2) The Insurance Corporation or Reinsurance Company which has an investment in the form of shares traded in the The stock exchange must have access to information that allows it to directly monitor the the mutation of its investment portfolio.

(3) The Insurance Company or Reinsurance Company which has at least 50% (fifty per hundred) of its own self-owned investment portfolio in the form of shares, corporate debt, and/or sukuk corporate, compulsory investment field personnel who have passed the exam as deputy investment manager organized by the standard committee of the capital market profession.

Article 56

(1) Insurance Company and Reinsurance Company could outsource the management of its investments to other parties.

(2) The outsourcing of investment management to the other party as referred to in paragraph (1) is required to meet the following conditions:

a. has had a business permit as an effect company conducting business activities as an investment manager of the Capital Market Supervising Board and the Financial Instituts;

b. not to be subjected to administrative sanctions or freezing of business activities by the Modal Market Supervising Board and the Financial Institution Service, at the time of the investment management outsourcing agreement in effect;

c. meet The provisions of this type, the limitation, and the assessment of the investment are referred to in the Financial Health Insurance Company's financial health and Reinsurance Companies; and

d. has an experienced deputy investment manager managing the most funds Rp500.000.000.00 (five hundred billion rupiah) at the time of appointment as the company's investment manager.

(3) Vice-manager of the investment as referred to in verse (2) the letter d is not medium or is never subject to administrative sanction of the Modal Market Supervising Board and the Financial Instituts in the last 5 (five) years.

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(4) In terms of other parties designated to manage the investment are the parties affiliated with the Insurance Company or Reinsurance Company, in addition to the mandatory meeting of the provisions as referred to in paragraph (2), Members of the Board of Directors, members of the Board of Commissioners, or members of the Board of Trustees of the Insurance Corporation or the Reinsurance Company are not currently occupying the position of directors, board members of the commissioner, or members of the sharia supervisors board Other parties referred to.

Section 57

(1) Outsourcing of the management Investment to other parties as referred to in Section 56 of the paragraph (1) is required to be poured in a written agreement in the form of a notarized deed.

(2) The written agreement referred to the paragraph (1) is at least required to contain the provisions of this Agreement. About:

a. the rights and obligations of each party;

b. types and limitations of investment instruments;

c. The magnitude of the cost is charged;

d. types and regular reports of investment management are referred to;

e. the company ' s right to obtain information and other documents related to the management of the investment are referred to;

f. change losses in terms of other parties violating the terms of cooperation or the negligence of other parties resulting in the Insurance Company and the Reinsurance Company suffering a loss;

g. Other party-managed wealth enterprises in the custodian who have no affiliation with the Insurance Company and the Reinsurance Company with that other party;

h. settlement of disputes and termination of the agreement; and

i. The parties ' willingness to provide information relating to the investment management of the Insurance Company and the Reinsurance Company to the Chief of the Bureau.

Article 58

(1) The board of directors must be aware of the portfolio of investment placement. by other parties.

(2) The outsourcing of investment management to other parties as referred to in Article 56 of the paragraph (1) does not reduce the responsibility of its Directors in the management of investments.

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BAB X

INTERNAL CONTROL

Article 59

(1) The board of directors is required to establish effective and efficient internal control to provide sufficient confidence in the purpose of the purpose of the Perinsurance company.

(2) Internal control as referred to in paragraph (1), at least includes the following:

a. internal control environments within the disciplined and structured Insurance Company;

b. Research and risk management, which is a process to identify, analyze, assess, and manage the risk of effort;

c. Control activities, i.e. actions that are performed in a process of control over activities company on any level and unit within the Perinsurance Company's organizational structure, among others regarding the authority, authorizations, verification, reconciliation, judgment of work achievement, task sharing and security against the company's assets;

d. Information and communication systems, which is a process of presentation of the report on operational, financial, and observance activities, and regulations applicable to the Perinsurance Company; and

e. The layout of monitoring, is the process of assessment of the quality of the internal control system including the internal audit function at each level and the Perinsurance Company's organizational structure unit, so that it can be implemented optimally, with the provision that the deviation occurred reported to the Board of Directors and its findings to the audit committee.

BAB XI

LONG-TERM PLANS AND PLANS FOR WORK AND BUDGET

Section 60

(1) The Company Perinsurance must have a long-term plan (RJP) which is a strategic plan that contains the goals and objectives that will be achieved within the term of 3 (three) years.

(2) RJP as referred to by paragraph (1) at least contains:

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a. evaluation of RJP implementation of the previous period;

b. The Perinsurance Company's strategic plan positions per year;

c. The assumptions used in the drafting of the RJP; and

d. The RJP's goals, strategies, policies and work programs with regard to any such element.

Section 61

(1) The Board of Directors shall prepare the company's work and budget plan (RKAP) as the annual summation of the RJP.

(2) RKAP as referred to in paragraph (1) contains:

a. a work plan consisting of a mission, effort objective, business strategy, policy, and a Perinsurance company's work or activities;

b. budget plan consisting of the appropriation of the work program budget or the Perinsurance Company's activities;

c. The financial projection of the Perinsurance Company and its subsidiaries; and

d. Other things that require the decision of RUPS.

BAB XII

DISCLOSURE OF INFORMATION

Article 62

(1) The insurance company is required to disclose to the Chief of the Bureau regarding important matters, most of which includes:

a. The Perinsurance Company's goals, goals and strategy objectives;

b. anticipated material risk factors, including a management assessment of the attempted climate and risk factors;

c. material information regarding the Perinsurance Company;

d. the material claims submitted by and/or against the Perinsurance Company;

e. issues in the process of settlement on the mediation body, the arbitration agency, or the judicial body involving the Perinsurance Company; and

f. Conflicting interests may occur and/or ongoing.

(2) Disclosure of the important matters as referred to in paragraph (1), contained in its own report form and delivered in conjunction with the delivery of the report Annual finance.

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BAB XIII

ENVIRONMENT, HEALTH, AND WORK SAFETY

Section 63

The directors are obliged to make sure that the assets and location of the Perinsurance Company comply with the regulations and regulations. An invitation-an invitation in the area of environmental preservation, health, and work safety.

BAB XIV

RELATIONSHIP WITH STAKEHOLDERS

Section 64

(1) Insurance Company, insurance brokerage firm, and Agent Insurance is required to protect the interests of the policyholders, liabilities, participants, and/or parties entitled to obtain benefits, in order for policyholders, liabilities, participants, and/or parties entitled to such benefits may receive their right to the insurance policy.

(2) In order to protect the rights and interests of the policyholder, Liability, participants, and/or parties who are entitled to the benefit as referred to in paragraph (1) of the company are required to do things as follows:

a. The Insurance Company meets the appropriate obligations that are promised with the policyholders, liabilities, participants and/or parties who are entitled to benefit;

b. Insurance company, insurance brokerage firm, Insurance Agent companies evaluate the needs of policyholders, liability, or participants;

c. Insurance company, insurance brokerage firm, Insurance Agent company reveals material that is material and relevant to the policyholders, liabilities, participants, and/or parties entitled to benefit; and

d. Insurance Company, Reinsurance Company, insurance brokerage firm, reinsurance brokerage firm, and Insurance Agent companies act with integrity, competence, as well as utmost good faith.

Section 65

The Company The perinsurance is mandatory:

a. respect for the Right of Interest; and

b. exercised its obligations arising under the rules

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The invitations and/or agreements made between the insurance companies with employees, policyholders, participants, and/or other Interests.

BAB XV

RELATIONS INSURANCE COMPANIES WITH INSURANCE AGENCIES

Section 66

(1) The Insurance Corporation is required to have an agent agreement with the Insurance Agent who markets its insurance product.

(2) The Insurance Company is doing marketing through the Agent Insurance as referred to in paragraph (1), is solely responsible for consequences arising from the closure of the insurance conducted by the Insurance Agent in question.

(3) The Insurance Corporation is prohibited from hiring an Insurance Agent that does not have an agency certificate of the association of the same-type Insurance Company.

(4) The Insurance Company is prohibited from hiring an Insurance Agent that is still bound by an agent agreement with another Insurance Company, unless the Insurance Agent in question has terminated its agent agreement at least 6 (six) months.

(5) Procedure and order terminates an agent's agreement as referred to the paragraph (4) set by the association of the same Insurance Company after obtaining the approval of the Chief Bureau.

Article 67

The Insurance Company that conducts marketing through the Insurance Agents is required to do the least things as follows:

a. provide a continuous education and training to an Insurance Agent in order to be able to run a profession with high integrity and integrity;

b. require the Insurance Agent first to have an agent certificate as referred to in Section 66 of paragraph (3);

c. listed the code of conduct set by the association of the same-type Insurance Companies in the agency contract; and

d. require an Insurance Agent to comply with a code of conduct or the like set forth by the associated Association of Insurance Companies following the sanctions imposed against any violation committed by the Insurance Agent.

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BAB XVI

ETHICS SEEKS

Article 68

(1) Its Board of Directors, Board of Commissioners, Syariah Supervising Board, and employees of the Perinsurance Company are prohibited from offering or giving something, either directly or indirect to other parties, to influence decision making related to insurance transactions.

(2) Directors, Board of Commissioners, Syariah Supervising Board, and employees of the Perinsurance Company are prohibited from receiving something for interest, whether direct or indirect, from anyone, that can affect decision making related to an insurance transaction.

Article 69

The Perinsurance Company is required to create guidelines on ethical behavior, which contains ethical values seeking as a guide to the Perinsurance Company ' s Organ and All employees of the insurance company.

BAB XVII

DONATION

Article 70

(1) The insurance company may make a donation for the purpose of charity within the limits of the wrineness and the ruciness as well as not interfering with financial health Perinsurance company.

(2) Perinsurance companies can make a donation in addition to the paragraph (1), as long as it is not in conflict with the laws and does not interfere with the financial health of the Perinsurance Company.

BAB XVIII

SELF ASSESSMENT (SELF ASSESSMENT)

Article 71

(1) The Perinsurance company is mandatory:

a. conducted its own assessment (self assessment) on the application of the Good Company ' s Tata Manage; and

b. actively disclose the development development of the Good Company Governance and the problems encountered.

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(2) Liability as referred to in paragraph (1) is required to be poured in the form of an annual report of its own assessment results (self assessment) on the application of the Good Company Governance and reported to the Head The slowest bureau on February 28 the following year.

(3) In terms of February 28 as referred to in verse (2) is the holiday then the final deadline of the delivery of its own assessment results report (self assessment) is the day first work after February 28 is in question.

(4) The assessment results report own (self assessment) as referred to in paragraph (2) is mandatory in the form of physical documents (hard copy) and digital (soft copy).

Section 72

(1) Its own assessment (self assessment) on the application of the Good Company Governance as referred to in Section 71 for the Insurance Company and Reinsurance Company is conducted under the Tata Manage Guidelines Good Company for Insurance Companies and Reinsurance Companies and checklist assessments themselves (self assessment) in effect in Indonesia.

(2) Good Company Governance Guidelines for Insurance Companies and Reinsurance company and checklist its own assessment (self assessment) As referred to in verse (1) compiled by the Perinsurance Association in Indonesia together with the institution of the pembina and the insurance efforts of the Modal Market Supervisors Board and Financial Institutions.

Article 73

(1) Assessment own (self assessment) on the application of the Good Company Governance as referred to in Section 71 for the Insurance Effort Company is conducted under the Corporate Governance Guidelines Good for Effort Enterprise. Insurance and checklist its own assessment (self assessment) in effect in Indonesia most slowly dated January 1, 2014.

(2) Good Company Governance Guidelines for Insurance Effort Enterprise and checklist own assessment (self assessment) as referred to in paragraph (1) compiled by the Insurance Business Support Association in the Indonesia along with the institution of the pembina and the insurance efforts of the Modal Market Supervisors and Financial Institutions.

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BAB XIX

MONITORING AND EVALUATION OF THE APPLICATION OF GOOD CORPORATE GOVERNANCE

Section 74

(1) Inpatient and supervising employers of the Capital Market Supervising Agency and Financial Institutions conducting monitoring and evaluation of its own assessment results report (self assessment) on the application of the Good Company Governance delivered by the Perinsurance Company as referred to in Article 71 of the paragraph (2).

(2) Regents and supervisors of insurance efforts of the Modal Market and Financial Institutions Agency may appoint other parties to conduct evaluations of their own assessment results (self assessment) for the application of the Tata Kelola The Good Company is delivered by the Perinsurance Company as referred to in Article 71 of the paragraph (2).

BAB XX

SANCTION

Section 75

(1) The violation of the provisions of Article 4, Section 5, Section 6 of the paragraph (1) and paragraph (3), Section 7, Section 8, Section 9, Section 10, Section 11, Section 12, Section 13, Section 14, Section 15, Section 15, Section 15, Section 15, Section 15, Section 15, Section 15, Section 15, Section 15, Section 15, Section 15, Section 15, Section 15, Section 15, Section 15, (2), and paragraph (3), Section 16, Section 17, Section 18 of the paragraph (1) and paragraph (3), Section 19, Section 20, Section 21, Section 23, Section 23, Section 25, Section 26, Section 26, Section 28, Section 28, Section 28, Section 28, Section 28, Section 28, Section 29, Section 29, Section 31, Section 32, Section 32, Section 32, Section 32, Section 32, Section 32, Section 32, Section 32, Section 32, Section 32, Section 32, Section 32, Section 32, Section 32, Section 32, Section 32, Section 32, Section 32, Section 32, (3), and paragraph (4), Article 33 of the paragraph (1) and paragraph (3), Article 34 of the paragraph (1), Section 35, Article 36, Section 37 of the paragraph (1), Section 40, Section 41, Section 36. 42 verses (1), paragraph (2), and paragraph (3), Section 43 of the paragraph (1), Section 44, Section 45 of the paragraph (1), paragraph (2), and paragraph (4), Article 47, Section 49, Section 50 of the paragraph (1) and paragraph (4), Section 51 of the paragraph (1), Section 52, Section 53, Section 55, Section 55 of the paragraph (1) and the paragraph (3), Section 56, Section 5, Section 5, Section 5, Section 5, Section 5, Section 5, Section 5, Section 5, Section 5, Section 5, Section 5, Section 5 verse (2) and paragraph (4), Article 57, Section 58 of the paragraph (1), Section 59 of the paragraph (1), Section 60 of the paragraph (1), Section 61 of the paragraph (1), Section 62 of the paragraph (1), Section 63, Section 64, Section 65, Section 66, and paragraph (4), and paragraph (4), Section 6, Section 67, Section 69, Section 69, section 71 of the paragraph (1), paragraph 2, Section 7, Section 7, Section 7, Section 7, Section 7, Section 7, Section 1, Section 1, Section 1, Section 1, Section 1 (2), and the paragraph (4), and Article 76 of this Regulation and its implementation regulations are subject to administrative sanction;

(2) The administrative sanction as referred to in paragraph (1) is:

a. warning;

b. restriction of business activities; and

c. revocation of business permit.

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(3) The terms and times of administrative sanction as referred to in paragraph (2) are executed in accordance with the terms of the sanctions as referred to in Government Regulation No. 73 of 1992 on The establishment of Perinsurance as amended last several times with Government Regulation No. 81 of 2008.

BAB XXI

TRANSITIONAL provisions

Article 76

The insurance company that has obtained the business permit before it is mandatory for the Minister's Regulation shall make adjustments to the provisions in this Minister's Ordinance Six (six) months since the Minister's Rule is promulred.

BAB XXII

CLOSING provisions

Section 77

For the Perinsurance Company in the form of an open company, any provision in this Ministerial Regulation In effect, the extent is not in conflict with the laws of the capital market.

Article 78

The Regulation of the Minister does not apply to individual insurance agents.

Article 79

With the Ordinance of this Minister Regulation:

a. The decision of the Finance Minister Number 425 /KMK.06/ 2003 about Licensing and Sponsorship Of The Insurance Efforts Company;

b. Decision of the Finance Minister Number 426 /KMK.06/ 2003 about the Institutional Efforts and Institutional Enterprise Insurance Company and Reinsurance Company; and

c. Regulation of the Finance Minister Number 78 /PMK.05/ 2007 on the Assessment of the Ability and Propriety For Directors and the Commissioner of the Insurance Company;

stated that it remains in effect as long as it does not conflict with the provisions of this Minister's Ordinance.

Article 80

The Minister ' s Regulation is beginning to apply to the date of the undrased.

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For everyone to know it, ordering the Minister of the Ordinance by its placement in the News of the Republic of Indonesia.

Specified in Jakarta on October 3, 2012il 2012

FINANCE MINISTER

REPUBLIC OF INDONESIA,

ttd.

AGUS D.W. MARTOWARDOJO

promulded in Jakarta on 4 October 2012 3 April2012

MINISTER OF LAW AND HUMAN RIGHTS

REPUBLIC OF INDONESIA,

Ttd.

AMIR SYAMSUDIN

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