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OJK seeks feedback on proposed bancassurance marketing rules

( April 27, 2016, 09:03 GMT | Official Statement) -- MLex Summary: Indonesia’s Financial Services Authority, or OJK, has published a consultation paper seeking public feedback on a proposed regulatory framework relating to marketing channels for bancassurance. The draft is an extension of OJK Regulation No. 23 of 2015 on insurance products and their marketing. The OJK said banks should not strike exclusives deal with insurer to market bancassurance products, and that if they did, they would receive a warning letter from the watchdog. The proposed regulations also regulate mechanisms by which banks and insurers form cooperation agreements, an include an obligation for insurers to report their plans to market products through banks to the OJK. The closing date for feedback is May 4.  The OJK's statement, in Indonesian, is attached....

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