The OJK is currently preparing a new regulation to formalize its e-licensing system. The OJK has established a centralized web portal and all insurance companies, reinsurance companies, insurance supporting businesses (for example, brokers) that are licensed by the OJK already have their own username and password. The central web portal has been active for a couple of months.
The regulation will set out also an obligation for insurance companies to prepare and submit self-assessment forms with any applications submitted by the insurance companies. This is a new requirement, as previously insurance companies did not have to prepare self-assessment forms.
The proposed e-licensing system will cover, among other things, new insurance business licenses, change of ownership approvals, merger approvals, change of status of insurance companies from private companies to publicly listed companies, and fit and proper tests for directors, commissioners, actuaries, and internal auditors.
Surprisingly product approvals/registration processes are currently not listed as licensing processes that will be covered under the proposed e-licensing system, so this could mean that product approvals/registrations will be still done on a manual basis.