The majoirity of the board of directors in insurance companies needs to be Indonesian.
"CHAPTER IV - DIRECTORS
Article 6
(1) The company must have at least 3 (three) members of the Board of Directors.
(2) At least half of the members of the Company's Board of Directors must have knowledge and experience in the field of risk management in accordance with the Company's line of business.
(3) Insurance Brokerage Companies and Reinsurance Brokerage Companies must have at least 2 (two) members of the Board of Directors.
(4) All members of the Board of Directors of an Insurance Company must have knowledge in accordance with the company's line of business that is relevant to their position.
(5) An Insurance Company whose owners are all Indonesian citizens and/or Indonesian legal entities whose owners are all or the majority are Indonesian citizens, all members of the Board of Directors must be Indonesian citizens.
(6) Members of the Board of Directors of an Insurance Company in which foreign parties directly participate must be Indonesian citizens and foreign nationals, or all Indonesian citizens.
Article 7
(1) The company is required to have a compliance director no later than 3 (three) years after the promulgation of this OJK Regulation.
(2) The Company's compliance director as referred to in paragraph (1) is prohibited from having concurrent other functions. [...]" (Financial Service Authority regulation No. 73 of 2016 on Good Governance on Insurance Company, as amended [google translation])
Financial Service Authority regulation No. 73 of 2016 on Good Governance on Insurance Company, as amended [google translation]
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