Indonesian government agency, the Financial Services Authority of Indonesia (OJK), has granted operational licenses to two new reinsurance brokerage companies, PT JLT Reinsurance Brokers and PT Inare Proteksi International, earlier this month, according to industry reports.
The operational license allows the two brokers to commence operations beginning last week.
OJK director for non-bank financial industry supporting services Tattys Miranti Hedyana, said in an official statement; “[They are] required to always conduct healthy business practices and abide by the law,” reported online news agency, kontan.co.id.
According to the Jakarta Post, the Indonesia financial regulator reported 40 service businesses it classified as supporting the insurance sector as of December last year, up from 37 the year before.
The opening of two new reinsurance brokers brings this figure up to 42, demonstrating slow but steady continued growth in the region.
