Archive for January, 2014

OJK

OJK at Full Power After Taking Over Banking Supervision from Bank Indonesia

By Maria Yudhitama Eka Dewi Bank Indonesia, Indonesia’s central bank, officially transferred its banking microprudential supervisory powers to the Financial Services Authority (“OJK”) on December 31, 2013. Agus Martowardojo, the governor of Bank Indonesia, signed the Record of Transfer (Berita Acara Serah Terima) to Muliaman D. Hadad, the Chairman of the OJK’s Board of Commissioners. [...]

Gili Air Indonesia by Julia Chapple

Insurance Companies in Indonesia Face Changing Regulatory Environment

By Ira A. Eddymurthy and Tengku Almira Adlinisa Indonesia’s insurance industry has seen a number of important recent developments, and more are on the horizon. These include the enactment on October 3, 2012, of Minister of Finance Regulation No. 152/PMK.010/2012 regarding Good Corporate Governance for Insurance Companies (“MOF Regulation No. 152″) and the long-awaited new [...]

contract

Indonesian Court Annuls Loan Agreement on Language Law: What Does It Mean for Your Agreements?

By Richard D. Emmerson and Mahareksha Singh Dillon In a landmark decision on June 20, 2013, the West Jakarta District Court annulled a Loan Agreement entered into between a local borrower and an offshore lender because it was executed in English only. The decision is not controversial in our view since all agreements entered into by [...]