Indonesia postpones coal, crude oil export ruleJuly 30 2018 by InsuranceAsia News Staff
The trade ministry of Indonesia has deferred the implementation of a new rule that will require coal and crude oil export shipments to use Indonesian insurance.
Indonesia is the largest exporter of thermal coal in the world. The rule was supposed to take effect starting August 1 this year, but it has been postponed to February next year.
The rule is part of the trade regulations issued last October that were meant to give a boost to Indonesia’s shipping industry, and reduce foreign currency payments.
Trade minister spokeswoman Fajarini Puntodewi confirmed to Reuters that the insurance rules will not now come into play until February 1 next year.
The decision was announced to industry representatives during a meeting on Thursday.
Some coal buyers and exporters were reportedly confused about how the rules would apply for freight-on-board shipment schemes, in which the insurance is borne by the buyer.
- May 24
IFRS 17 and encouraging more traditional products on the mind of the regulator.
- May 20
Following Scott Morrison's election victory, the Insurance Council of Australia is urging action.
- May 15
September has been revealed for the end of broker self-regulation in the SAR.
- May 14
CBL Corporation withdrew opposition to the filing on May 13.