Indonesia lifts sanctions on PT Independen Pialang Asuransi

The broker was able to obtain approval from the authority.

The Indonesia Financial Services Authority (OJK) has lifted the Restrictions on Business Activities Sanctions imposed on PT Independen Pialang Asuransi, as detailed in a letter issued last 29 January. 

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This decision stems from the fulfilment of certain provisions:

• According to Article 2 of Financial Services Authority Regulation Number 27/POJK.03/2016, prospective main parties must obtain approval from the authority before assuming their roles.
• Furthermore, Article 47 of Financial Services Authority Regulation Number 68/POJK.05/2016 mandates companies to report ownership changes to the authority within 15 working days of receiving approval or notification.

With the removal of these sanctions, PT Independen Insurance Broker is now permitted to resume offering insurance brokerage services.