CONVENTIONAL NON-LIFE INSURANCE
This group includes insurance companies that specifically bear the risk of loss, loss of property or property including legal liability to third parties that may occur to the insured's property or property for certain reasons with a sum insured, the amount of which has been determined and approved by the two the parties listed in the letter of agreement. Provisions for insurance services other than life insurance, such as accident and fire insurance, health insurance, travel insurance, property insurance, transportation insurance, motor vehicles, ships and airlines and liability and financial loss insurance
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Key requirements to set up a conventional non-life insurance in Indonesia
The following requirements are based on the Indonesian business classification code 65121
- Maximum foreign ownership
- Minimum capital
- Rp. 2.5 billion
- Local SME partnership required
What is a KBLI 65121?
A KBLI is an Indonesian business classification, last revised in 2020. The KBLI determines the regulations for a specific business activity.
65121 stands for conventional non-life insurance
|Section||Financial and insurance activities|
|Group||Insurance, reinsurance and pension funding, except compulsory social security|
|Indonesian class||Conventional non-life insurance|
Activities similar to Conventional non-life insurance
What are the requirements to set up a conventional non-life insurance in Indonesia?
- At least two shareholders
- Maximum of 100% of the shares can be held by foreign shareholders.
- Minimum paid up capital is Rp 2.500.000.000,00
- Paid-up capital will not be injected in the company during the registration process. Instead, the shareholders issue a statement letter that at least the amount of minimum paid-up capital will be injected to the company once the registration is completed.
- At least one director. At least one of the directors must be an Indonesian resident. The directors are in charge of the daily operations of the company.
- At least one commissioner. Commissioners are overseeing the work of directors on behalf of the shareholders.
- The same person cannot be both a director and a commissioner.
- There is no requirement for the director or commissioner to hold shares in the company.
- Registered address in a building with the correct building permit.
Example of typical shareholder table
|Name||Country of origin||Role||Shares||Capital contribution|
|Smith Industries Ltd.||Australia||7500||Rp1875000000|
The process of registering conventional non-life insurance company in Indonesia
The exact process of registering a conventional non-life insurance company depends on the location of your company's registered address.
The fastest way to register a company in Indonesia is in South Jakarta (Jakarta Selatan), using Emerhub's registered address. This cuts down the registration time to five working days.
In Bali, the typical registration time is 3-4 weeks. Elsewhere in Indonesia the registration times vary between 2-6 weeks.