IDN FSA issued regulation number 8 of 2024 concerning insurance products and marketing channels for insurance products, to strengthen legal base for governance.
IDN FSA regulation 8 of 2024 aims to simplify the insurance product approval process, use of digital insurance policies and management of premium/contribution calculations.
This includes the structured and clear planning for the development and marketing of insurance products before they are marketed as listed in the company's business plan.
As well as preparing review and testing of insurance products in the development of each product, and strengthening the duties of the product development committee.
Further simplifies insurance product approval and reporting mechanisms.
Adds rules for compliance with sharia principles in insurance product administration.
Effectiveness
The regulations will be effective from Oct. 29, 2024.
