Foreign Investors to Control Majority Shares in Insurance Company
The government officially allows foreign investors to own more than 80 percent shares in insurance companies in Indonesia. The legal basis for this policy is the Government Regulation (PP) No. 3/2020 concerning Amendments to Government Regulation No. 14/2018 on Foreign Ownership of Insurance Companies, which was published on the Cabinet Secretariat's website.
Based on the latest revision of the regulation, insurance companies with foreign ownership of more than 80 percent are exempted from ownership restrictions. This new change will apply effectively on January 20, 2020.