Indonesia Financial Services Authority had revoked the Restrictions on Business Activities Sanctions as stipulated in letter number S-12/PD.1/2024 on 29 January 2024 concerning Retraction of Business Restriction Sanction in Insurance Broking to​ PT Independen Pialang Asuransi.

The revocation of the Restrictions on Business Activities Sanctions is due to the fulfillment of the following provisions:

1. Article 2 of the Financial Services Authority Regulation Number 27/POJK.03/2016 concerning Fit and Proper Test for Main Parties of Financial Services Institutions stipulates that Prospective Main Parties must obtain approval from the Financial Services Autho​rity before carrying out their actions, duties and functions as Main Parties.
   

2. Article 47 of the Financial Services Authority Regulation Number 68/POJK.05/2016 concerning Business and Institutional Licensing of Insurance Broker Companies, Reinsurance Broker Companies, and Insurance Loss Appraisal Companies stipulates that Companies are obliged to report the implementation of changes in ownership to the Financial Services Authority no later than 15 (fifteen) working days from the date of receipt of proof of approval, and/or proof of receipt of notification from the authorized agency.

With the revocation of the Restrictions on Business Activities Sanctions, PT Independen Insurance Broker is allowed to resume providing insurance brokerage services​​