The largest insurance company in Indonesia

In Indonesia's new insurance law, the restrictions on foreign ownership of local insurance industry were lifted, and the bill involving this content was passed only after the Indonesian House of Representatives made concessions. There are no specific provisions in the new insurance bill to make special provisions on foreign holding, because the upper limit of foreign holding in the current insurance law is 80%, that is to say, the shares of foreign-owned insurance companies can still reach 80%, which is consistent with the Indonesian government's regulations on the insurance industry in 2008 and has not changed. Earlier, members of Congress had expressed plans to amend this regulation, suggesting that foreign shareholders limit their shareholding in insurance companies to 49%, so as to better restrict foreign investors from becoming controlling shareholders of insurance companies. At present, this plan has not been realized. According to the new insurance law, foreign investors can still control insurance companies by trading stocks on the stock exchange. At the same time, the new bill modifies the existing form of insurance companies, stipulating that any insurance company must exist in the form of substantive legal person, that is, the so-called limited company. Previously, Indonesian insurance law allowed insurance companies to operate in the form of cooperative legal person organizations or mutual aid companies. The bill is scheduled to take effect within one month. At present, this new law has been approved by the 1 1 committee in charge of finance of the Indonesian House of Representatives. The bill will be considered at the upcoming plenary session of the House of Representatives and is expected to take effect within one month. Indonesia's new insurance law does not impose additional restrictions on foreign investment, which will help the Indonesian government attract more foreign investors. It is reported that during the deliberation, legislators and the Financial Services Authority held the first round of debate on this new bill. Legislator Kamarou Ding believes that the negotiation process of the new bill can be mainly divided into two parts: the purpose of consultation with the House of Representatives is to understand people's real thoughts on foreign shareholders in the insurance field; The negotiation with the Financial Services Authority is to confirm the maximum carrying capacity of domestic capital in the insurance industry. At present, in Indonesia's domestic life insurance industry, most of the top ten insurance companies are joint ventures, and these joint ventures have the background of multinational companies, such as Prudential Group in Britain, Manulife Financial Group in Canada and Allianz Insurance Group in Germany. Among these ten companies, only one Indonesian state-owned insurance company can compete with them, and that is Quiwano state-owned insurance company. At the same time, more and more foreign insurance companies buy shares of Indonesian state-owned insurance companies on a large scale and invest in Indonesian insurance industry. For example, in June 20 13, Indonesia Pan India Life Insurance Company was acquired by Japan First Life Insurance Company with 40% shares. In order to attract more foreign investment, Indonesian Finance Minister Chatib? Basri has previously hinted that the new bill may not impose strict restrictions on foreign investors' shareholding in Indonesian insurance industry. "If an insurance company wants to achieve greater development, it needs to constantly expand itself and absorb more abundant funds, which come from the domestic market and foreign investors. We will further standardize these aspects in the new bill. " Many foreign financial companies enter Indonesia's domestic insurance market, the primary purpose is the rich profits of Indonesia's insurance market, and secondly, the fast-growing market players like Indonesia can accumulate capital at a faster speed. Ying Da, a member of Indonesian Democratic Struggle Party? Konya said at the hearing of the House of Representatives held on Monday that the new insurance bill embodies the purpose of "attracting foreign investors" and will attract more funds to enter the insurance field in Indonesia in the future, and constantly improve the domestic insurance system in Indonesia. Chai Lanni, the Commissioner in charge of supervising non-banking business in Indonesia's Financial Services Authority, also believes that the upper limit of foreign ownership in Indonesia's new insurance bill is likely to be lowered from the existing level of 80%, but this does not mean that the scope of management will be very loose. This is to prevent foreign capital from becoming the manipulator of Indonesia's domestic insurance industry. The term of office of Indonesia's current parliament and President Susilo will last until this year 10. The new President Joko? Widodo will also take office in June 5438+00. Indonesian people hope that the new president will promote more economic reform measures after taking office. It is reported that Zoco? Widodo himself hopes to introduce more reform policies that are beneficial to its own economy.

If you want to know more about insurance, you can go to >> "Raise more fish and talk about insurance" for free consultation!