GFIA comments on Chairman Otoritas Jasa Keuangan's draft regulation on the “own retention and domestic reinsurance support”Release Date: 01/26/2015 Staff Reference: Janice Hilchie
Dr. Muliaman D. Hadad
Chairman Otoritas Jasa Keuangan (OJK)
Menara Radius Prawiro Lantai 2
J1. M.H. Thamrin No 2
26 January 2015
GFIA Comments on OJK’s draft regulation on the “own retention and domestic reinsurance support”
Dear Mr. Chairman,
The Global Federation of Insurance Associations (GFIA), which through its 38 member associations represents insurers that account for around 87% or more than $4.0 trillion in total insurance premiums worldwide, would like to provide comments on the draft regulation regarding Own Retention and Domestic Reinsurance Support (as requested with the document number S-154/NB-112/2014).
For the reasons set out below, we believe OJK’s announced draft regulation will need careful analysis before implementation to avoid unintended, potentially harmful effects on Indonesia and its citizens...