Financial Health of Insurance and Reinsurance Companies Re-Regulated

Editorial Team

Minister of Finance (“MoF”) Regulation No. 53/PMK.010/2012 on Financial Health of Insurance and Reinsurance Companies (“2012 Regulation”) was issued to advance the national insurance industry and to protect the insured from financially unhealthy insurers.

The Regulation concerns insurance and reinsurance companies (“Companies”) that are classified as Core and Supporting Insurance Businesses under Article 3 of Law No. 2 of 1992on Insurance Businesses. This includes loss insurance; life insurance; health insurance; insurance brokerage; insurance loss appraiser businesses; actuarial consultancy businesses; and insurance agents.