UK insurers restricted by Indonesian data and recovery requirements
in IndonesiaTrade barrier summary
Indonesia's Financial Authority (OJK) has now relaxed rules regarding the requirement for establishing data centres and disaster recovery centres in Indonesia.
Insurance and sharia insurance companies are now allowed to store their data and place their disaster recovery centres overseas. This is however subject to OJK approval and limited to some purposes including the following:
1.To support integrated analysis for regulatory compliance in the company’s country of origin;
2.To integrate risk management, anti-money laundering and prevention of terrorism financing efforts with parent companies located outside Indonesia;
3.Communication management with parent companies and internal management within one company group.
The OJK reserves the right to ask for data access for supervisory purposes and can order data relocation to a domestic data centre/disaster recovery centre where:
• the regulators’ evaluation proves that the placement is not done according to the approved proposal and/or existing regulation;
• there are potentially negative implications on supervisory and/or the company’s performance.
Sectors affected
- Financial and professional services
Resolved
No
Date reported
11 March 2020
Last updated
19 July 2022
Public ID
PID-GRORYG
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