SKK Migas calls for national insurance consortium

By Febry Silaban

Upstream authority SKK Migas is offering Indonesian general insurance companies to join a soon-to-be-established consortium that will insure the construction of PSC projects for the period of 2014-2016.

?The national insurance consortium will be formed with the aim to cover the risk of the development of production facilities by the PSC holders during the period 2014-2016,? said Senior Manager for Communications and Protocol Zudaldi Rafdi to Petromindo.com on Monday.

He said a selection will be held to choose insurance companies which are qualified to join the consortium.

In its website of SKK Migas said that in order to join the consortium, the general insurance companies must meet the following requirements: Having capital more than or equal to Rp 200 billion, and a Risk Based Capital (RBC) of above 120 percent.

Editing by Johannes Simbolon