SHARIA NON-LIFE INSURANCE
This group includes insurance businesses with sharia principles that specifically bear the risk of loss, loss of property or property including legal liability to third parties that may occur against the insured's property or property due to certain reasons with a certain amount of coverage that has been determined and agreed by both parties stated in the agreement letter. 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 sharia non-life insurance in Indonesia
The following requirements are based on the Indonesian business classification code 65122
- Maximum foreign ownership
- Minimum capital
- Rp. 0 billion
- Local SME partnership required
What is a KBLI 65122?
A KBLI is an Indonesian business classification, last revised in 2020. The KBLI determines the regulations for a specific business activity.
65122 stands for sharia non-life insurance
|Section||Financial and insurance activities|
|Group||Insurance, reinsurance and pension funding, except compulsory social security|
|Indonesian class||Sharia non-life insurance|
What are the requirements to set up a sharia non-life insurance in Indonesia?
- This business classification does not allow foreign ownersip.
The process of registering sharia non-life insurance company in Indonesia
The exact process of registering a sharia non-life insurance company depends on the location of your company's registered address.