News Asia31 Jan 2025

Indonesia:Regulator calls for greater standardisation within industry

| 31 Jan 2025

The Indonesian Financial Services Authority (OJK) has asked the insurance associations in Indonesia (AAUI and AAJI) to develop standardised policy wordings. This was in response to the Constitutional Court decision relating to Article 251 KUHD, which makes an insurance company no longer able to unilaterally cancel claims.

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