Dissolution and liquidation
Bankruptcy
Penalties
On December 11 2015 the Indonesian Financial Services Authority (OJK) enacted Regulation 28/POJK.05/2015 concerning the Dissolution, Liquidation and Bankruptcy of Insurance Companies, Sharia Insurance Companies, Reinsurance Companies and Sharia Reinsurance Companies. The regulation was authorised by Articles 42(4), 44(3), 45(3) and 51(4) of Law 40/2014 concerning Insurance, which require the aforementioned processes to be governed by a specific regulation.
‘Dissolution’ is the termination of an insurer’s legal entity status following the revocation of its business licence, while ‘liquidation’ is the settlement of an insurer’s …
Read the full article at: http://www.internationallawoffice.com/Newsletters/Insurance/Indonesia/Hermawan-Juniarto/Insurer-dissolution-liquidation-and-bankruptcy
