Regulatory AlertsCircular of the Financial Services Authority of the Republic of Indonesia Number 23/SEOJK.05/2024 on the Form and Structure of Periodic Reports of Insurance and Reinsurance Companies
The Indonesian Financial Services Authority (OJK) issued Circular No. 23/SEOJK.05/2024 to implement POJK No. 22/2024 by defining the specific forms, structures, and submission procedures for periodic reports of insurance and reinsurance companies. The regulation mandates the use of new financial reporting formats based on PSAK 117 and PSAK 109 amendments for quarterly reports starting in 2025, while establishing protocols for submitting corrections and handling technical disruptions or force majeure events. This circular officially repeals and replaces the previous Circular No. 9/SEOJK.05/2021, which is declared no longer valid upon the new regulation's effective date of January 1, 2025.
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