JAKARTA. Financial Services Authority or FSA (OJK) is now drafting FSA Regulation on Proper Management for Insurance Company that stipulates insurance company to have investment manager.
The regulation will affect to insurance company that allocate 50% of its investment to government bonds or corporate bonds. Deputy Commissioner of FSA for Non-Banking Supervision Dumoly F. Pardede said that the insurance sector needs to be regulated, as the sector manages huge amount of clients’ funds.
Executive Director of Indonesian General Insurance Association (AAUI) Julian Noor added that the proper investment management will benefit customers.
Executive Director of Indonesian Life Insurance Association (AAJI) Togar Pasaribu is optimistic that members of AAJI can meet the requirement. However, Togar said that FSA needs to set certification criteria of the investment manager for insurance company; on the grounds that investment manager of insurance company has different competencies with asset manager or securities investment manager. (Translator: Muhammad Farid)
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