Indonesia Financial Sector Assessment Program : Insurance Core Principles

This assessment of insurance regulation in Indonesia was carried out as part of the 2016-17 Financial Sector Assessment Program (FSAP). The Indonesian insurance sector is still vulnerable to a number of material risks. A number of insurers have fai...

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Main Authors:	International Monetary Fund, World Bank
Format:	Report
Language:	English
Published:	World Bank, Washington, DC 2018
Subjects:	INSURANCE MACROPRUDENTIAL SETTING SUPERVISION
Online Access:	http://documents.worldbank.org/curated/en/610191519140446565/Indonesia-Financial-sector-assessment-program-detailed-assessment-of-observance-insurance-core-principles http://hdl.handle.net/10986/29386

id	okr-10986-29386
recordtype	oai_dc
spelling	okr-10986-293862021-05-25T09:53:44Z Indonesia Financial Sector Assessment Program : Insurance Core Principles International Monetary Fund World Bank INSURANCE MACROPRUDENTIAL SETTING SUPERVISION This assessment of insurance regulation in Indonesia was carried out as part of the 2016-17 Financial Sector Assessment Program (FSAP). The Indonesian insurance sector is still vulnerable to a number of material risks. A number of insurers have failed in the last 10 years. After its establishment, OJK has taken prompt action in order to reduce the loss to policyholders by taking strong actions against four insurers with material deficits. OJK has monitored the capital adequacy of insurers through its risk based supervision scheme. During the recent market turmoil in 2015, the solvency requirement was relaxed for nine months while introducing the temporary suspension of mark to market valuation rules. The Indonesian insurance industry is exposed to significant catastrophic risk with domestic concentrations through mandatory reinsurance programs. The low interest rate environment in advanced economies is also affecting the life insurance sector, as insurers have some underwriting denominated in USD. 2018-02-27T20:51:33Z 2018-02-27T20:51:33Z 2017-06 Report http://documents.worldbank.org/curated/en/610191519140446565/Indonesia-Financial-sector-assessment-program-detailed-assessment-of-observance-insurance-core-principles http://hdl.handle.net/10986/29386 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work :: Financial Sector Assessment Program Economic & Sector Work East Asia and Pacific Indonesia
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	INSURANCE MACROPRUDENTIAL SETTING SUPERVISION
spellingShingle	INSURANCE MACROPRUDENTIAL SETTING SUPERVISION International Monetary Fund World Bank Indonesia Financial Sector Assessment Program : Insurance Core Principles
geographic_facet	East Asia and Pacific Indonesia
description	This assessment of insurance regulation in Indonesia was carried out as part of the 2016-17 Financial Sector Assessment Program (FSAP). The Indonesian insurance sector is still vulnerable to a number of material risks. A number of insurers have failed in the last 10 years. After its establishment, OJK has taken prompt action in order to reduce the loss to policyholders by taking strong actions against four insurers with material deficits. OJK has monitored the capital adequacy of insurers through its risk based supervision scheme. During the recent market turmoil in 2015, the solvency requirement was relaxed for nine months while introducing the temporary suspension of mark to market valuation rules. The Indonesian insurance industry is exposed to significant catastrophic risk with domestic concentrations through mandatory reinsurance programs. The low interest rate environment in advanced economies is also affecting the life insurance sector, as insurers have some underwriting denominated in USD.
format	Report
author	International Monetary Fund World Bank
author_facet	International Monetary Fund World Bank
author_sort	International Monetary Fund
title	Indonesia Financial Sector Assessment Program : Insurance Core Principles
title_short	Indonesia Financial Sector Assessment Program : Insurance Core Principles
title_full	Indonesia Financial Sector Assessment Program : Insurance Core Principles
title_fullStr	Indonesia Financial Sector Assessment Program : Insurance Core Principles
title_full_unstemmed	Indonesia Financial Sector Assessment Program : Insurance Core Principles
title_sort	indonesia financial sector assessment program : insurance core principles
publisher	World Bank, Washington, DC
publishDate	2018
url	http://documents.worldbank.org/curated/en/610191519140446565/Indonesia-Financial-sector-assessment-program-detailed-assessment-of-observance-insurance-core-principles http://hdl.handle.net/10986/29386
_version_	1764469217035288576

Indonesia Financial Sector Assessment Program : Insurance Core Principles

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