Indonesia floats unit-linked certification service for general insurers

The Financial Services Authority is preparing regulations for unit-linked investment products.

The General Insurance Association of Indonesia (AAUI) has launched its special PAYDI agency certification service for general insurers, a statement read.

The country’s Financial Services Authority (OJK) is currently preparing technical regulations related to unit-linked investment-related products (PAYDI), which will allow the sector to market unit-linked products this year.

PAYDI is expected to be a “performance booster” for the sector, which has been very affected by the pandemic, AAUI said, and is hoped to attract retail customers.

Currently, a number of general insurance companies are ready to launch the PAYDI product once the OJK releases its circular letter, the regulator added.