 Indonesia: Financial Sector Assessment Program-Detailed Assessment of Observance—Insurance Core PrinciplesInternational Monetary Fund No 2018/074, IMF Staff Country Reports from International Monetary Fund Abstract: This paper reviews observance of Insurance Core Principles in Indonesia. Insurance regulation and supervision have been remarkably improved since the establishment of the Financial Services Authority (OJK) and the enactment of the new Insurance Law. However, the assessment has identified a significant number of shortfalls in observance with the Insurance Core Principles. Some deficiencies are owing to the lack of effective group regulation and supervision of insurance groups. Although OJK has implemented regulations related with risk management and group capital, intragroup transactions are not well taken into account. It is recommended that OJK should improve the effectiveness of supervision. Thematic reviews of reserving practices will encourage more conservative reserving. Keywords: ISCR; CR; risk management; board of directors; reinsurance company; bankruptcy petition; discount rate; financial system; legal power; OJK revise; cash flow; Insurance companies; Insurance; Capital adequacy requirements; Global (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:imf:imfscr:2018/074 Ordering information: This working paper can be ordered from Access Statistics for this paper More papers in IMF Staff Country Reports from International Monetary Fund International Monetary Fund, Washington, DC USA. Contact information at EDIRC. |
Is your work missing from RePEc? Here is how to contribute.
Questions or problems? Check the EconPapers FAQ or send mail to .
EconPapers is hosted by the
School of Business at Örebro University.