{
    "success": true,
    "data": {
        "id": 1900204,
        "msgid": "ojk-uncovers-15-illegal-insurance-brokerage-firms-operating-in-indonesia-1785851544",
        "date": "2026-08-04 19:45:03",
        "title": "OJK Uncovers 15 Illegal Insurance Brokerage Firms Operating in Indonesia",
        "author": "",
        "source": "CNBC",
        "tags": "",
        "topic": "Regulation",
        "summary": "Indonesia's Financial Services Authority (OJK) has identified 15 companies suspected of conducting insurance brokerage activities without a licence. The regulator is pursuing legal enforcement against these entities, with cases ranging from investigation to trial. The OJK is also sanctioning licensed insurers that collaborated with the illegal brokers and has introduced a QR code verification system to protect the public.",
        "content": "<p>The Financial Services Authority (OJK) has revealed that 15 companies\nare indicated to be operating insurance brokerage businesses without a\nlicence. The OJK will take firm action against these findings through a\nlegal enforcement process that is currently underway.<\/p>\n<p>Chief Executive of Insurance, Guarantee, and Pension Fund Supervision\nat the OJK, Ogi Prastomiyono, stated that there are currently 191\nbrokerage firms registered with the OJK. The breakdown consists of 150\ninsurance brokerage firms and 41 reinsurance brokerage firms.<\/p>\n<p>Ogi explained that every brokerage firm is required to employ at\nleast one broker who has been registered through the Professional\nCertification Institute (LSP) and licensed by the OJK.<\/p>\n<p>\u2018The OJK is still finding parties carrying out activities resembling\ninsurance brokerage by employing insurance agents but conducting\ninsurance brokerage activities. Legal enforcement is being carried out,\nand to date, there are 15 companies indicated to be conducting insurance\nbrokerage business without a licence,\u2019 Ogi said during the OJK Board of\nCommissioners Meeting press conference on Tuesday.<\/p>\n<p>Currently, the cases of these 15 companies have been handled by OJK\ninvestigators, ranging from the inquiry and investigation stages, with\nsome having already entered the trial process.<\/p>\n<p>In addition to taking action against companies suspected of operating\nwithout a licence, the OJK is also taking supervisory action against\ninsurance companies that have cooperated with unlicensed brokers. The\nOJK has carried out supervisory action by requesting the termination of\nsuch cooperation and imposing administrative sanctions on the violating\nparties.<\/p>\n<p>On another front, the OJK is strengthening supervision through the\nimplementation of QR Code verification on Registration Certificates\n(STTD). Through this system, the public and industry players can verify\nthe status of brokers in real time, thereby minimising potential losses\ndue to the use of unlicensed brokers.<\/p>\n<p>The OJK is also requiring all insurance brokerage and reinsurance\nbrokerage firms to re-register all employed brokers to obtain QR\nCode-based STTDs. This process is currently ongoing, with 434 brokers\nhaving been registered.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/ojk-uncovers-15-illegal-insurance-brokerage-firms-operating-in-indonesia-1785851544",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}