By Indrawan D. Yuriutomo Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK) has introduced a new concept, known as Primary Parties in Non- Banking Finance Institutions, along with certain requirements that such Primary Parties must fulfill. Primary Parties, according to recent OJK regulations, are those who manage or supervise and have significant influence over Non-Banking Finance Institutions i.e., insurance companies, pension funds, finance companies, and credit guarantee companies. The OJK requires that all Boards of Directors of Non-Banking Finance Institutions submit a list of Primary Parties to the OJK before March 23, 2014. Failure to do so will result in such Primary Parties being required to retake the fit and proper test.
