Insurance And Reinsurance – Indonesia

The Legal 500 Insurance & Reinsurance: Indonesia provides a pragmatic overview of the law and practice of insurance and reinsurance law in Indonesia. The guide provides information about the current issues affecting insurance and reinsurance in Indonesia and addresses topics such as contract regulation, licensing, penalties, policyholder protection, and alternative dispute resolution.

Regulation of insurance contracts in Indonesia

In Indonesia, insurance contracts are primarily governed by Law No. 40 of 2014 concerning insurance, which was enacted on October 17, 2014, and most recently amended by Law No. 4 of 2023, dated January 12, 2023 ("Insurance Law"), and its implementing regulations. The Insurance Law and its implementing regulations are implemented in conjunction with the Indonesian Civil Code and the Indonesian Commercial Code. The insurance sector also is regulated and supervised by the Indonesian Financial Services Authority (Otoritas Jasa Keuangan or "