SHEET COUNTRY INDONESIA

No. 265, 2015 FINANCIAL. OJK. Reinsurance In The Country. Support. My Own Retention. (Explanation In Addition Of State Sheet Republic Of Indonesia Number 5754).

FINANCIAL SERVICES AUTHORITY

NUMBER 14 /POJK.05/ 2015

ABOUT

RETENTION AND SUPPORT OF THE DOMESTIC REINSURANCE

WITH THE GRACE OF THE ALMIGHTY GOD

THE BOARD OF THE COMMISSIONER OF FINANCIAL SERVICES AUTHORITY,

Weigh: a. that insurance companies ' financial health,

sharia insurance companies, reinsurance companies,

and sharia reinsurance companies are affected by

their own retention and reinsurance support;

b. that in order to drive growth

national insurance and capacity optimization

insurance, sharia insurance, reinsurance, and reinsurance

sharia in the country required adjustment provisions

regarding retention own and reasurance support;

c. that based on consider as

referred to in letter a and b, need to set

Financial Services Authority Regulation on Retension

Alone and Reinsurance Support In Country;

Given: a. Law No. 21 of the Year 2011 on

Financial Services Authority (Republic State Sheet

Indonesia of 2011 No. 111, Supplement

sheet of State of the Republic of Indonesia No. 5253);

www.peraturan.go.id

2015, No. 265 -2-

b. Law Number 40 Year 2014 on

Perinsurance (State Gazette of the Republic of Indonesia

in 2014 number 337, additional sheet country

Republic of Indonesia No. 5618);

DECIDED:

SET: REGULATION FINANCIAL SERVICES AUTHORITY ON

SELF-RETENTION AND REINSURANCE SUPPORT IN

THE COUNTRY.

BAB I

provisions of UMUM

Article 1

In this Financial Services Authority Regulation, in question

with:

1. Companies are insurance companies, companies

sharia insurance, reinsurance companies, and

reinsurance companies sharia.

2. Insurance companies are the general insurance company

and the life insurance company as referred to

in Act Number 40 of the Year of 2014 about

Perinsurance.

3. Sharia Insurance Company is the company

sharia general insurance and life insurance company

sharia as referred to in the Act

Number 40 of the Year of 2014 about Perinsurance.

4. A General Insurance Company is a company that

organizes a common insurance venture, and/or

a reinsurance venture for the Insurance Company's risk

Another General as contemplated in the Invite-

Invite Number 40 Year 2014 about Perinsurance.

5. Life Insurance Company is a company that

organizes life insurance efforts as

referred to in Act No. 40 of 2014

about Perinsurance.

www.peraturan.go.id

2015, No. 265 -3-

6. Sharia Public Insurance Company is the company

that organizes general sharia insurance efforts

and/or sharia reinsurance efforts to risk

Another Syariah General Insurance Company as

referred to in Act Number 40 of the Year 2014

about the Perinsurance and/or Insurance Company

General that organizes a portion of its effort

with the principle of sharia.

7. Sharia Life Insurance Company is the company

that organizes a sharia life insurance venture

as referred to in Act No. 40

In 2014 about Perinsurance and/or

The Life Insurance Company which organizes

part of its effort with the principle of sharia.

8. Reinsurance company is the company that

organizes reinsurance as well as

referred to in Act No. 40 of 2014

about Perinsurance.

9. Sharia Reinsurance company is a company that

organizes a sharia reinsurance venture

as referred to in Act No. 40

In 2014 about Perinsurance and/or

The Reinsurance Company hosted a partial

effort with the sharia principle.

10. The next Financial Services Authority is abbreviated as OJK

is the Financial Conduct Authority as intended

in the 2011 Act No. 21 of the

Financial Services Authority.

BAB II

RETENTION ITSELF

Section 2

(1) The Company is required to have and apply the retention

itself for any managed risk according to

its own retention limit.

www.peraturan.go.id

2015, No. 265 -4-

(2) The self-retention limit (s) as intended

in paragraph (1) is mandatory based on risk profile and

disorderly (risk and loss profile) disorderly,

regular, relevant, and accurate.

Article 3

Further provisions regarding its own retention limits

as referred to in Article 2 of the paragraph (1) are set in

The OJK Circular Letter.

BAB III

Reinsurance support

Part Kesatu

Reinsurance Support Strategy

Section 4

(1) Insurance Company and Sharia Insurance Company

is required to develop and implement

Reinsurance support strategy for the implementation

Insurance Company or Insurance Company

Syariah to have sufficient capacity to

meet liabilities.

(2) Insurance Company and Company Sharia Insurance

is mandatory for implementation of support strategy

reasurance at least once a year.

(3) For the first time, the reinsurance support strategy

as referred to in paragraph (1) is mandatory

to OJK the slowest date of 15 January 2016.

(4) In terms of Insurance Company and Company

Sharia Insurance changes support strategy

reasurance, Insurance Company and Company

Sharia Insurance is required to deliver a change

referred to OJK with the reason for in time

at least 10 (ten) days of work since the change

The reinsurance strategy is intended.

www.peraturan.go.id

2015, No. 265 -5-

Article 5

The reinsurance support strategy as referred to in

Section 4 of the paragraph (1) is least required to load:

a. the comprehensive reinsurance policy with

takes into account the benefits of diversification and eligibility

the reasurance (counterparty);

b. a healthy system in conducting the selection and

monitoring of the reinsurance program;

c. summary of the retention formation process itself and

monitoring its own retention; and

d. The executor of the reinsurance program and

Control.

Section 6

In developing a reinsurance support strategy,

The Insurance Company and the Sharia Insurance Company should

pay attention to the factors as follows:

a. a risk profile of the risks incurred;

b. adequate of capital and access to additions

capital;

c. volatility of past claims and/or claims that

estimated;

d. The profitability level of each business line;

e. a retention measure in accordance with the Insurance Company

and the Sharia Insurance Company;

f. use of proportional and

non-proportionate reinsurance programs;

g. environmental conditions, in particular for the area that

disaster prone;

h. automatic reasurance capacity;

i. Optimize the quality, use, and reinsurance costs;

j. impact if reinsurance within the country with portions

auto reasurance is bankrupt;

k. the domestic reinsurance rating; and

l. Reasurance market conditions.

www.peraturan.go.id

2015, No. 265 -6-

Second Section

Reinsurance Support

for Simple Risk

Article 7

Insurance Company and Sharia Insurance Company compulsory

obtaining reinsurance support 100% (hundred percent) of

reinsurance in the country for dependents that have

simple risk.

Section 8

(1) The obligation of obtaining reasurance support 100%

(one hundred percent) of the domestic reinsurance

as referred to in Section 7 are excluded for

General Insurance Company and the Company Insurance

General Syariah for:

a. global insurance products (worldwide);

and/or

b. Insurance products designed specifically for

multinationals.

(2) Liability obtained 100% reinsurance support

(one hundred percent) of the domestic reinsurance

as referred to in Article 7 excluded

The Life Insurance Company and Insurance Company

Syariah soul for:

a. global insurance product (worldwide);

b. Insurance products are designed specifically for

multinationals; and/or

c. New insurance products whose development

(product development) is supported by external reinsurance

the country.

(3) The development of new insurance products (product

development) supported by overseas reinsurance

as referred to in paragraph (2) the letter c, may

obtain reasurance support from reasuradur outside

the country for the longest period of 4 (four) years

since the insurance product was reported to OJK.

www.peraturan.go.id

2015, No. 265 -7-

Section 9

In terms of Insurance Company and Insurance Company

Sharia meets the provisions as intended in

Section 8 paragraph (1) or paragraph (2), Insurance Company and

Enterprise Sharia Insurance may gain the support

reasurance of the overseas reinsurance with the limitation

approved OJK.

Third Section

Automatic Reinsurance

Article 10

(1) Insurance Company and Sharia Insurance Company

must have automatic reinsurance support.

(2) Automatic reinsurance support as referred to

on the paragraph (1) is mandatory with placing

priority to the domestic reinsurance.

(3) Automatic reinsurance support placement

priority to the domestic reinsurance as

referred to on paragraph (2), for dependents other than

a risk that has a risk simple

as referred to in Section 7, it is mandatory to follow

the minimum minimum placement of reassignment support

automatically automatically to the domestic reinsurance.

(4) Further provisions of a minimum large

automatic reassignment support placement

priority to the domestic reassignment as

referred to in paragraph (3) is set in the OJK Circular Letter.

Section 11

(1) Automatic reinsurance support as referred to

in Section 10 of the paragraph (1) is mandatory for each product

the insurance market, including reinsurance support

is automatic for disaster risk (catastrophic risks).

(2) In terms of the General Insurance Company and the Company

General Sharia Insurance has formed up to top reserves

catastrophic risks (catastrophic risks) then the Company

www.peraturan.go.id

2015, No. 265 -8-

General Insurance and General Insurance Company

Sharia is excluded from the obtaining obligations

automatic reinsurance support for disaster risk

(catastrophic risks) as referred to on verse (1).

(3) In terms of the General Insurance Company and the Company

General Sharia Insurance has support

automatic reasurance for disaster risk (catastrophic

risks), a minimum of retention minimum alone is determined with

assumptions of disaster risk events (catastrophic risks)

repeatedly every 250 (two hundred fifty) years once.

(4) Automatic reinsurance support for disaster risk

(catastrophic risks) as referred to paragraph (1)

is mandatory priority to reasuradur

in the country corresponds to a large minimum placement

automatic reasurance support for disaster risk

(catastrophic risks).

(5) Further provisions about the minimum major

automatic reassignment support placement for risk

disaster (catastrophic risks) as referred to in

paragraph (4) is set in the OJK Circular Letter.

Section 12

(1) In obtaining automatic reinsurance support

as referred to in Section 10, the Company

General Insurance is required to follow the priority order as

following:

a. automated reinsurance support acquired at most

a little bit of 2 (two) Reinsurance Companies in

country;

b. in terms of automatic reinsurance support

as referred to in the letter a not

obtained, automatic reinsurance support is obtained

at least 1 (one) Reinsurance Company

in the country and 1 (one) Company Insurance

Public in the country; and

c. in terms of automatic reinsurance support from

reinsurance in the country as intended

www.peraturan.go.id

2015, No. 265 -9-

in letter a and b letters are not obtained, support

Automatic reinsurance can be obtained from the company

overseas reinsurance.

(2) Automatic reinsurance support of the company

foreign reasurance as referred to in paragraph

(1) the letter c may be performed by the Insurance Company

General, provided the following:

a. is an insurance product as intended

in Section 8 of the paragraph (1); and/or

b. do not obtain automatic reinsurance support

from all domestic Reinsurance Companies

and 2 (two) Public Insurance Companies in

the country.

Article 13

(1) In obtaining automatic reinsurance support

as referred to in Section 10, the Company

The mandatory Soul Insurance follows the priority order as

following:

a. automated reinsurance support acquired at most

a little bit of 2 (two) Reinsurance Companies in

country; and

b. in terms of automatic reinsurance support

as referred to in the letter a not

obtained, the automatic reinsurance support can

be obtained from the overseas reinsurance company.

(2) Automatic reinsurance support of the company

overseas reinsurance as referred to in paragraph

(1) the letter b may be performed by the Insurance Company

Soul, provided the following:

a. is an insurance product as intended

in Section 8 of the paragraph (2); and/or

b. not acquiring automatic reinsurance support from

all domestic Reinsurance Companies.

www.peraturan.go.id

2015, No. 265 -10-

Article 14

(1) In obtaining automatic reinsurance support

as referred to in Section 10, Company

General Sharia Insurance is required to follow the priority order

as follows:

a. automated reinsurance support acquired at most

a few of the 2 (two) Syariah Reinsurance Companies

within the country;

b. in terms of automatic reinsurance support

as referred to in the letter a not

obtained, automatic reinsurance support is obtained

at least 1 (one) Reinsurance Companies

Sharia in the country and 1 (one) Enterprise

General Sharia Insurance in the country; and

c. in terms of automatic reinsurance support

as referred to in letter a and letter b

not obtained, automatic reasurance support

may be obtained from Sharia reinsurance company

overseas.

(2) Automatic reinsurance support of the company

overseas sharia reinsurance as intended

in paragraph (1) the letter c may be performed by the Company

General Insurance Syariah, provided

following:

a. is an insurance product as intended

in Section 8 of the paragraph (1); and/or

b. do not obtain automatic reinsurance support

from all Syariah Reinsurance Companies in

country and 2 (two) General Insurance Companies

Sharia in the country.

Article 15

(1) In obtaining support Automatic reinsurance

as referred to in Section 10, Enterprise

Sharia Mental Insurance is required to follow the priority order

as follows:

www.peraturan.go.id

2015, No. 265 -11-

a. Automatic reinsurance support is acquired most

a little from 1 (one) Syariah Reinsurance Company

in the country; and

b. in terms of automatic reinsurance support

as specified in the letter a is not obtained,

Automatic reinsurance support may be obtained from

the foreign sharia reinsurance company.

(2) Automatic reinsurance support from the company

overseas sharia reinsurance as intended

in paragraph (1) the letter b may be performed by the Company

Shariah Life Insurance, provided as

following:

a. is an insurance product as intended

in Section 8 of the paragraph (2); and/or

b. do not obtain automatic reinsurance support

from the entire Syariah Reinsurance Company in

the country.

Article 16

Insurance Company and Sharia Insurance Company that

do not obtain automatic reinsurance support from

reinsurance in the country due to mandatory technical factors

making improvements to the Cause not obtained

automatic reinsurance support referred to the slowest 1

(one) year from the time when not obtained by support

such automatic reasurance.

Section 17

(1) Automatic reinsurance support as intended

in Article 10 of the paragraph (1) may be excluded because it is not

acquired or not called reasurance support

automatic in terms of:

a. no reinsurance is willing to provide

automated reinsurance support among others because

special risk characteristics of the venture line

insurance;

www.peraturan.go.id

2015, No. 265 -12-

b. Insurance Company or Insurance Company

Sharia will start marketing the venture line

new insurance;

c. Insurance Company or Insurance Company

Sharia markets the insurance products only to

meet the policyholders ' requests for the package

comprehensive insurance and not marketing

on its own; and/or

d. managed risk not exceeding the retention capacity

alone.

(2) Insurance Company and Sharia Insurance Company

is required to have evidence of the cause not obtained or not

is called automatic reinsurance support.

Fourth Quarter

Fakultative Reinsurance

Article 18

(1) Insurance Company and Sharia Insurance Company

is required to obtain facultative reasurance support in

thing:

a. not acquired or not required

automatic reinsurance support due to the

as referred to in Article 17 of the paragraph (1); or

b. Automatic reinsurance support is not sufficient

for the risks received by the Company

Insurance or Sharia Insurance Company.

(2) facultative reinsurance support as intended

on the paragraph (1) is mandatory by putting

priority to the domestic reinsurance.

(3) The placement of facultative reinsurance support

priority to the domestic reinsurance as

referred to in paragraph (2), for dependents Other than

dependents have a simple risk

as referred to in Article 7, it is mandatory following

the minimum amount of reassignment support

www.peraturan.go.id

2015, No. 265 -13-

facultative priority to reasuradur in

country.

(4) Further provisions of a minimum major

placement of facultative reassignment support

priority to the domestic reassignment as

referred to in paragraph (3) is set in the OJK Circular Letter.

Article 19

(1) In obtaining facultative reinsurance support

as referred to in Section 18, the Company

General Insurance is required to follow the priority order as

following:

a. Facultative reinsurance support is acquired most

a little of 2 (two) Reinsurance companies in

country;

b. in terms of facultative reinsurance

as referred to in the letter a not

obtained, facultative reinsurance support obtained

at least 1 (one) Reinsurance Company

in the country and 1 (one) Insurance company

Public in the country; and

c. in terms of facultative reinsurance support from

reinsurance in the country as intended

in letter a and b letters not obtained, support

facultative reinsurance can be procured outside of the country.

(2) facultative reinsurance support from outside reinsurance

the country as referred to in paragraph (1) letter c

may be performed by the General Insurance Company,

provided the following:

a. is an insurance product as intended

in Section 8 of the paragraph (1); and/or

b. not obtain facultative reinsurance support

from all domestic Reinsurance Companies in the country

and 2 (two) of the Public Insurance Company in

the country.

www.peraturan.go.id

2015, No. 265 -14-

Article 20

(1) In obtaining facultative reinsurance support

as referred to in Section 18, the Company

The mandatory Soul Insurance follows the priority order as

following:

A. Facultative reinsurance support is acquired most

a little of 2 (two) Reinsurance Companies in

the country; and

b. in terms of facultative support support

as referred to in the letter a not

obtained, facultative reinsurance support can

be obtained from a foreign reinsurance company.

(2) facultative reinsurance support of the the company

overseas reinsurance as referred to in paragraph

(1) the letter b may be performed by the Insurance Company

Soul, provided the following:

a. is an insurance product as intended

in Section 8 of the paragraph (2); and/or

b. not obtain facultative reinsurance support

from all domestic Reinsurance Companies in the country.

Article 21

(1) In obtaining facultative reinsurance support

as referred to in Section 18, Company

Syariah General Insurance is required to follow the priority order

as follows:

a. Facultative reinsurance support is acquired most

a little of 2 (two) Syariah Reinsurance Companies

within the country;

b. in the case of facultative reinsurance

as referred to in the letter a not

obtained, facultative reinsurance support obtained

at least 1 (one) Reinsurance Companies

Sharia in the country and 1 (one) Company

General Sharia Insurance in the country; and

c. in terms of facultative reinsurance support

as referred to in letter a and font b

www.peraturan.go.id

2015, No. 265 -15-

not obtained, facultative reinsurance support

may be obtained from a sharia reinsurance company

or a foreign reinsurance company.

(2) facultative reinsurance support of the company

reinsurance of sharia or external reinsurance company

the country as referred to in paragraph (1) letter c

may be performed by the General Insurance Company

Sharia, provided the following:

a. is an insurance product as intended

in Section 8 of the paragraph (1); and/or

b. not obtain facultative reinsurance support

from all Syariah Reinsurance Companies in

country and 2 (two) General Insurance Companies

Sharia in the country.

Section 22

(1) In obtaining support Facultative reinsurance

as referred to in Section 18, Enterprise

Sharia Mental Insurance is required to follow the priority order

as follows:

a. Facultative reinsurance support is acquired most

a little from 1 (one) Syariah Reinsurance Company

in the country; and

b. in terms of facultative support support

as referred to in the letter a not

obtained, facultative reinsurance support may

be obtained from the sharia reinsurance company or

foreign reinsurance companies.

(2) facultative reinsurance support of the company

external reinsurance or external reinsurance company

the country as referred to in paragraph (1) letter b

may be performed by the Syariah Soul Insurance Company,

with provisions as follows:

a. is an insurance product as intended

in Section 8 of the paragraph (2); and/or

b. not obtain facultative reinsurance support

from the entire Syariah Reinsurance Company in

the country.

www.peraturan.go.id

2015, No. 265 -16-

Article 23

General Insurance Company and General Insurance Company

Sharia is required to put a reinsurance structured (layer

base) facultative in across the board for the entire layer.

Fifth Section

Special provisions

Article 24

The Insurance Corporation and the Sharia Insurance Company are mandatory

elect Reinsurance Corporation or Reinsurance Company

Sharia in the country as chairman (leader) reinsurance panel

automatic.

Section 25

(1) In terms of automatic reinsurance support and/or

facultative reinsurance support obtained from reasurment

overseas or foreign reinsurance

as referred to in Section 12 of the paragraph (1) letter c,

Article 13 paragraph (1) letter b, Section 14 of the paragraph (1) letter c, Section

15 paragraph (1) letter b, Section 19 of the paragraph (1) letter c, Section 20

paragraph (1) letter b, Section 21 (1) letter c, and Section 22

paragraph (1) letter b, Company Insurance and the Company

Sharia Insurance is required to gain support

reinsurance overseas or external sharia reinsurance

the country with the least rated BBB rating or

equivalent of a recognized rating company

internationally.

(2) In terms of overseas reinsurance ratings or

external reinsurance of foreign Sharia as intended

in paragraph (1) is published by more than one company

the rating, the ranking that is used is the lowest

rating.

Article 26

(1) Insurance Company and Sharia Insurance Company

obligates to have and deliver proof no

IBM AUTOMATED REINSURANCE SUPPORT

www.peraturan.go.id

2015, No. 265 -17-

as referred to in Section 12 of the paragraph (2) letter b,

Section 13 of the paragraph (2) letter b, Section 14 of the paragraph (2) letter b, and

Section 15 of the paragraph (2) letter b, to OJK.

(2) Insurance Company and Sharia Insurance Company

is required to have proof of not being supported

in-country facultative reinsurance as

referred to in Article 19 of paragraph (2) letter b, Section 20 of the paragraph

(2) the letter b, Section 21 of the paragraph (2) letter b, and Section 22 of the paragraph

(2) the letter b.

Article 27

(1) In terms of automatic reinsurance support and/or

facultative reinsurance support assessed by OJK may

endanger and/or exacerbate the condition

Insurance Company financial health and

Sharia Insurance Company or may make

Insurance Company and Sharia Insurance Company

not carrying out functions as an Insurance Company

or Sharia Insurance Company, OJK can

order Insurance Company and Company

Sharia Insurance to change program support

reinsurance in order to be more compatible with

Insurance Company and Insurance Company conditions

Shariah.

(2) Insurance Company and Sharia Insurance Company

is required to carry out OJK commands as

referred to in paragraph (1).

BAB IV

Reinsurance company liability

Article 28

(1) Reinsurance and Reinsurance Companies

Sharia is required to have an adequate retrocession program,

safe, and supported by retrosession panels with

rating BBB or equivalent of the company

internationally recognized ratings.

www.peraturan.go.id

2015, No. 265 -18-

(2) In terms of the retrosession member panel ranking as

referred to paragraph (1) is published more than one

the ranking company, which is used

is the ranking most Low.

(3) Reinsurance companies are required to deliver evidence

ratings as referred to in paragraph (1) in

automated reinsurance program reports.

Section 29

All Reinsurance Companies and Companies Reinsurance

Sharia should do the unification capacity to

provide support reasurance to the Company

Insurance and Sharia Insurance Company.

Article 30

(1) Reinsurance and Reinsurance Companies

Sharia is required to increase capacity and quality

the ministry in giving reasurance support

to the Insurance Company and the Insurance Company

Sharia.

(2) The increased capacity as referred to in paragraph

(1) is required by having the most

bit of an A-Idn or equivalent of the company

internationally recognized accelerators.

(3) The improvement of the service quality as intended

in paragraph (1) is mandatory at least through

activities:

a. hosting education and training (transfer

knowledge) to the Insurance Company and/or

Syariah Insurance Company in incremes

risk management; and

b. Implementation of service activities and

settlement of the claim well.

(4) Reinsurance and Reinsurance Companies

Sharia is required to provide confirmation of acceptance

(co-opted)

(co-opt) or rejection of support reassign

to the Insurance Company and/or the Company

www.peraturan.go.id

2015, No. 265 -19-

Shariah insurance, tops 10 (ten) business days

since the reinsurance request letter from

Insurance Company and/or Insurance Company

Sharia is fully accepted.

(5) Reinsurance companies and Reinsurance Companies

Sharia is required to complete the claim, at least 20 (two

days of work since filing documents claim from

Insurance Company and/or Insurance Company

Sharia be fully accepted, as long as it is not set

another in the agreement for Automatic reinsurance.

BAB V

Automatic Reinsurance/RETROSESSION PROGRAM

AND ASSIGNMENT OF REINSURANCE PLACEMENT

Section 31

(1) The Company each year is required to deliver a report

program Automatic reinsurance/retrosession to OJK, most

slow date January 15.

(2) In terms of the retrocession support agreement

automatically does not begin in January, program report

reinsurance/auto-retrocession delivered the slowest

15 (fifteen) days from the date of the support agreement

automatic reinsurance applies.

(3) If the deadline for the end of the report's delivery

as referred to in paragraph (1) and paragraph (2) fall

on the holiday, the final deadline delivery of the report becomes

on the day the next first job.

(4) Automatic reinsurance program/retrocession program accompanied

with graphs describing their own retention and

automatic reinsurance/retrocession support received

as well as limit support reasurance.

(5) Automatic reinsurance program report is mandatory

with The signed reinsurance agreement

by the Insurance Company and Reinsurance Company

in 1 (one) of the last year.

www.peraturan.go.id

2015, No. 265 -20-

Article 32

Further provisions on the form, arrangement and layout

way of delivery of the report-retrosession report (s)

automatically as referred to in Section 31 is set in

The OJK Circular Letter.

Section 33

(1) The Company each year is required to submit a report

implementation of the reassignment placement, most slowly

on April 30 of the following year.

(2) Further provisions of form, arrangement and

set up the manner of delivery of the assignment execution report

reasurance as referred to in paragraph (1) is set

in the OJK Circular Letter.

Section 34

The company is excluded from the delivery obligations

automated reinsurance/retrocession program reports as

referred to in Section 31 of the paragraph (1) and the implementation report

reassignment placement as of referred to in Article

33 verses (1) if the Company is referred to:

a. Subject to the terms of the IBM International Product, the IBM International, and the IBM International Product (s) are subject to the following: In the process of restoring the business license.

BAB VI

SANCTION

Article 35

(1) The violation of the provisions of Article 2, Section 4, Article

7, Section 10 of the paragraph (1), paragraph (2), paragraph (3), Article 11 of the paragraph (1),

paragraph (4), Section 12 of the paragraph (1), Section 13 of the paragraph (1), Section 14 of the paragraph

(1), Section 15 of the paragraph (1), Section 16, Section 17 of the paragraph (2), paragraph (2), paragraph (2), paragraph (2), paragraph (3), Section 19 of the paragraph (1), Section 20 of the paragraph

(1), Section 21 of the paragraph (1), Section 22 of the paragraph (1), Section 22 of the paragraph (1), Section 22 of the paragraph (1), Section 22 of the paragraph (1), 23, Article

24, Section 25 of the paragraph (1), Section 26, Section 27 of the paragraph (2), Article 28

paragraph (1), paragraph (3), Section 30, Section 31 of the paragraph (s). (1), paragraph (5),

www.peraturan.go.id

2015, No. 265 -21-

and/or Article 33 of the paragraph (1) of this OJK Regulation are subject to

administrative sanction.

(2) administrative sanctions as referred to in paragraph

(1) are:

a. written warning;

b. fine;

c. liabilities for the board or equivalent to

undergo an ability assessment and wrineness

reset;

d. restriction of business activities; and/or

e. Revocation of business permit.

(3) Sanctions as referred to in paragraph (2) letter b,

letter c, letter d, or letter e, may be subject

with or without preceded the imposition of the sanction

the written warning as referred to in the verse

(2) letter a.

(4) Besaran sanctions fines as referred to in paragraph

(2) the letter b specified OJK under the provisions

about administrative sanctions of the applicable fine

for the Company.

(5) OJK may announce sanction

administrative as referred to in paragraph (2)

to the community.

BAB VII

TRANSITIONAL provisions

Article 36

(1) Reinsurance and Reinsurance Companies

Sharia is mandatory making adjustments to

provisions of Article 30 of the paragraph (2) at most (two) years

since this OJK Regulation is promulcated.

(2) General Insurance Company and Insurance Company

General Sharia that has had a support agreement

automated reinsurance with overseas reinsurance

before the OJK Regulation This is mandatory

adjustments with all provisions

www.peraturan.go.id

2015, No. 265 -22-

in this OJK Regulation the longest of the year since

This OJK Regulation is promulred.

(3) The Insurance Company and Insurance Company

The Syariah soul has had an agreement support

automatic reasurance with overseas reinsurance

before this OJK Regulation is promulcated, valid

terms as follows:

a. for all the existing dependents that have been

ongoing (existing business) using

an automated reinsurance agreement that

has existed until the end of the agreement; and

b. for new dependents (new business)

adjusting to all provisions in

This OJK Regulation is at least 1 (one) year since

This OJK Regulation is promulred.

BAB VIII

PROVISIONS

Section 37

At the time of this OJK Regulation applies, all

provisions regarding reinsurance and retention support themselves

subject to the provisions of this OJK Regulation.

Article 38

The OJK Regulation is in effect. since January 1st

2016.

www.peraturan.go.id

2015, No. 265 -23-

For everyone to know, ordered

the invitation of this OJK Regulation with its placement

in the State Sheet of the Republic of Indonesia.

Set in Jakarta

on the 3rd November 2015

CHAIRMAN OF THE BOARD OF COMMISSIONERS

FINANCIAL SERVICES AUTHORITY,

ttd.

MULIAMAN D. HADAD

promullated in Jakarta

on 10 November 2015

MINISTER OF LAW AND HUMAN RIGHTS

REPUBLIC OF INDONESIA,

ttd.

YASONNA H. LAOLY

www.peraturan.go.id