Government amends Regulation on Foreign Capitals in Insurance-Related Companies
GOVERNMENT AMENDS REGULATION ON FOREIGN CAPITALS IN INSURANCE-RELATED COMPANIES Background On 20 January 2020, Indonesian government enacted Government Regulation Number 3 of 2020 which regulates the foreign ownership in insurance companies (“GR 3/2020”). GR 3/2020 serves as the amendment of Government Regulation Number 14 of 2018 (“GR 14/2018”. GR 3/2020 and GR 14/2018 collectively shall…