On 30 August 2016, Indonesia’s Financial Services Authority (OJK) issued circular No. 31 on Fit and Proper Test (FPT) for Financial Services Institutions (FSI) Primary Parties, which took effect on the same date. Circular No. 31 further implements OJK regulation No. 27 on FPT for FSI Primary Parties.
All FPT applications for insurance primary parties must be made in accordance with circular No. 31. As circular No. 31 requires a substantially different set of application forms and supporting documents, insurance companies that are in the midst of preparing FPT applications will need to restart them.
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