The previous restriction concerning foreign investment in insurance activities is no longer listed in the investment negative list (PR 49/2021). However, foreign investment in life and non-life insurance businesses and auxiliary services remains limited to 80% of equity interest as per the Insurance law and implementing regulations. The Regulation no.14/2018 on Foreign Ownership of Insurance Companies, further amended in 2020, brought additional clarification by clearly stipulating that (i) the maximum limit on foreign ownership in a privately owned Insurance Company was 80% of paid-in capital; (ii) there is no maximum limit on foreign ownership of a publicly listed insurance Company [although the current free float requirement of 7.5% applies; hence, if an insurance company were to list, the majority shareholder could only increase its shareholding to 92.5%].
"APPENDIX III - REGULATION OF THE PRESIDENT OF THE REPUBLIC OF INDONESIA NUMBER 49 OF 2021 CONCERNING AMENDMENT TO PRESIDENTIAL REGULATION NUMBER 10 OF 2021 CONCERNING THE INVESTMENT BUSINESS SECTOR
LIST OF BUSINESS FIELDS WITH CERTAIN REQUIREMENTS
- Loss insurance company, Life insurance company , Reinsurance company , General Insurance Adjuster Company, Insurance agent company, Insurance broker company, Reinsurance broker company, Actuarial consultant service company: [see 2019 restrictions below]: Open (without condition)[no longer listed][...]" (Presidential Regulation (PERPRES) No. 49 of 2021 Concerning Amendments to Presidential Regulation Number 10 of 2021 concerning Investment Business Fields [google translation])
-----------------------------------
"Article 7
An Insurance Company can only be owned by:
a. Indonesian citizens and/or Indonesian legal entities that are directly or indirectly owned by Indonesian citizens; or
b. Indonesian citizen and/or Indonesian legal entity as referred to in letter a, together with a foreign citizen or foreign legal entity which must be an Insurance Company that has a similar business or a holding company where one of its subsidiaries is engaged in the  insurance business sector. 
Foreign nationals as referred to in paragraph (1) letter b may become owners of an Insurance Company only through transactions on the stock exchange.
Further provisions regarding the criteria for foreign legal entities and ownership of foreign legal entities as referred to in paragraph (1) letter b and ownership of foreign nationals as referred to in paragraph (2) in Insurance Companies are regulated in Government Regulations.
[...]
Article 88  (1) Insurance Companies that have not complied with the provisions in Article 7 paragraph (1) letter a must adjust to the provisions by transferring their share ownership to Indonesian citizens or by changing the ownership through an initial public offering mechanism no later than 5 (five) years since the enactmentof this Law. (2) Further provisions on the guidelines on adjustment of ownership as referred to in paragraph (1) and the sanctions for Insurance Companies that fail to adjust their ownership are specified in the Regulations of the Financial Services Authority. [...]" (Law No. 40  of 2014 on Insurance, as amended [google translation])
-----------------------------------
"CHAPTER II - SCOPE OF FOREIGN OWNERSHIP
Article 2 - Insurance Company can only be owned by:
a. Indonesian citizen and / or legal entity Indonesia directly or indirectly fully owned by Indonesian citizens; or
b. Indonesian citizen and / or legal entity Indonesia as referred to in letter a together with foreign citizens or foreign legal entities that must be an Insurance Company that has a similar business or holding company which is one of its subsidiaries engaged in a similar insurance business.
Article 3
(1) Foreign ownership in an Insurance Company by a Foreign Citizen as referred to in Article 2 letter b can only be done through transactions on the stock exchange.
(2) Foreign ownership in an Insurance Company by a Foreign Legal Entity as referred to in Article 2 letter b is carried out through:
a. direct participation in the insurance company;
b. transactions on the stock exchange; and / or
c. investments in Indonesian Legal Entities that have Insurance Companies through direct participation or through transactions on the stock exchange.
[...]
CHAPTER IV - LIMITATIONS OF FOREIGN OWNERSHIP
Article 5
Foreign ownership in the Insurance Company is prohibited to exceed 80% (eighty percent) of the paid up capital of the Insurance Company.
Limitation of Foreign Ownership in the Insurance Company as referred to in paragraph (1) does not apply to the Insurance Company which is a publicly listed company.
Article 6
(1) In the event that Foreign Ownership of an Insurance Company that is not a public [listed] company has exceeded 80% (eighty percent) at the time this Government Regulation comes into effect:
a. The Insurance Company is exempted from the limitation of Foreign Ownership as referred to in Article 5 paragraph (1); And
b. The Insurance Company is prohibited from increasing the percentage of Foreign Ownership.
(2) In the event that the Insurance Company as referred to in paragraph (1) increases paid-in capital, the percentage of Foreign Ownership after the addition of paid-in capital is prohibited from exceeding the percentage of Foreign Ownership as referred to in paragraph (1).
(2a) In the event that an Insurance Company that performs additional paid-in capital as referred to in paragraph (2) does not obtain a portion of additional capital from Indonesian Legal Entities and/or Indonesian Citizens according to a certain percentage as referred to in paragraph (1), the additional paid-in capital must conducted through an initial public offering of shares in Indonesia.
Article 6A
(1) In the event that the insurance company or reinsurance company as referred to in Article 6 paragraph (1) separates the sharia unit into a sharia insurance company or sharia reinsurance company as referred to in Article 87 paragraph (1) of Law Number 40 of 2014 concerning Insurance, Limits of Foreign Ownership of sharia insurance companies or sharia reinsurance companies resulting from separation of sharia units at the time of establishment follow the limits of Foreign Ownership of insurance companies or reinsurance companies as referred to in Article 6 paragraph (1).
(2) The sharia insurance company or the sharia reinsurance company resulting from the separation of the sharia unit as referred to in paragraph (1):
a. excluded from the limitation of Foreign Ownership as referred to in Article 5 paragraph (1); And
b. prohibited from increasing the percentage of Foreign Ownership. [...]"(Government Regulation (PP) Number 3 of 2020 concerning Amendments to Government Regulation Number 14 of 2018 concerning Foreign Ownership of Insurance Companies [google translation])
-----------------------------------
Previously
-----------------------------------
"APPENDIX III - REGULATION OF THE PRESIDENT OF THE REPUBLIC OF INDONESIA NUMBER 44 YEAR 2016 CONCERNING LISTS OF BUSINESS FIELDS THAT ARE CLOSED TO AND BUSINESS FIELDS THAT ARE OPEN WITH CONDITION TO INVESTMENT - 
LIST OF BUSINESS FIELDS THAT ARE OPEN UNDER SPECIFIC CONDITIONS [...]
L. Financial Sector 
- Loss insurance company, Life insurance company , Reinsurance company , General Insurance Adjuster Company, Insurance agent company, Insurance broker company, Reinsurance broker company, Actuarial consultant service company: Foreign capital ownership: Max.80% [...]" (PRESIDENTIAL REGULATION OF THE REPUBLIC OF INDONESIA NUMBER 44 YEAR 2016 CONCERNING LISTS OF BUSINESS FIELDS THAT ARE CLOSED TO AND BUSINESS FIELDS THAT ARE OPEN WITH CONDITIONS TO INVESTMENT)
Presidential Regulation (PERPRES) No. 49 of 2021 Concerning Amendments to Presidential Regulation Number 10 of 2021 concerning Investment Business Fields [google translation]
Law No. 40  of 2014 on Insurance, as amended [google translation]
Government Regulation (PP) Number 3 of 2020 concerning Amendments to Government Regulation Number 14 of 2018 concerning Foreign Ownership of Insurance Companies [google translation]
PRESIDENTIAL REGULATION OF THE REPUBLIC OF INDONESIA NUMBER 44 YEAR 2016 CONCERNING LISTS OF BUSINESS FIELDS THAT ARE CLOSED TO AND BUSINESS FIELDS THAT ARE OPEN WITH CONDITIONS TO INVESTMENT
[<a href="https://peraturan.bpk.go.id/Home/Details/168534/perpres-no-49-tahun-2021">PR49</a>],[<a href="https://peraturan.bpk.go.id/Home/Details/161806/perpres-no-10-tahun-2021">PR10</a>],[<a href="https://peraturan.bpk.go.id/Home/Details/38785/uu-no-40-tahun-2014">Law</a>],[<a href="https://peraturan.bpk.go.id/Home/Details/130716/pp-no-3-tahun-2020">Reg</a>],[<a href="https://peraturan.bpk.go.id/Home/Details/74947/pp-no-14-tahun-2018">Reg</a>],[<a href="https://peraturan.bpk.go.id/Home/Details/40374/perpres-no-44-tahun-2016">PR44</a>],[<a href="https://www.bakermckenzie.com/-/media/files/insight/publications/2018/05/al_hhp_governmentissues_may18.pdf?la=en">Other</a>]