21 Feb 2025
Redefining the Principle of Utmost Good Faith: Judicial Review on Article 251 of the Indonesian Commercial Code
In a landmark decision on January 3rd, 2025, the Indonesian Constitutional Court (Mahkamah Konstitusi, or MK) reshaped the landscape of insurance contracts by ruling on Case No. 83/PUU-XXII/2024. The case challenged the constitutionality of Article 251 of the Indonesian Commercial Code (Kitab Undang-Undang Hukum Dagang, or ICC), a provision central to the principle of utmost good faith (uberrimae…
14 Feb 2025
OJK Reg. 36/2024: What’s Changing for Insurance Operations?
BackgroundOn 20 December 2024, the Indonesian Financial Services Authority (OJK)introduced changes to the operations of insurance and reinsurance companies,including Sharia-compliant entities, with the release of OJK Regulation No. 36 of 2024 on Business Operations of Insurance Companies, Sharia Insurance Companies, Reinsurance Companies, and Sharia Reinsurance Companies[1] (“Reg. 36/2024”).This…
03 Feb 2025
Indonesia: Starting off the year with a new era for crypto trading under OJK's helm
The Indonesian cryptocurrency landscape is on the brink of transformation. Through the Indonesian Financial Services Authority (Otoritas Jasa Keuangan,“OJK”)Regulation No. 27 of 2024[1] (“OJK Reg. 27/2024”) effective from January 10, 2025, the regulatory framework for crypto trading has shifted from the Commodity Futures Trading Supervisory Agency (“Bappebti”)[2] to the OJK. This change marks…