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Circular 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 This circular officially repeals and replaces the previous Circular No. 9/SEOJK.05/2021, which is declared no longer valid upon the new regulation's effective date of January 1, 2025.
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Circular 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


Sector:
PPDP


Sub-Sector:
Insurance; Reinsurance


Type of Regulation:
OJK Circular


Regulation Number:
23/SEOJK.05/2024


Effective Date:
1/1/2025


Attachment 1
SEOJK 23-SEOJK05-2024 Form and Structure of Periodic Reports of Insurance and Reinsurance Companies.pdf


Abstract of SEOJK 23-SEOJK05-2024 Form and Structure of Periodic Reports of Insurance and Reinsurance Companies.pdf


FAQ SEOJK 23-SEOJK05-2024 Form and Structure of Periodic Reports of Insurance and Reinsurance Companies.pdf


Page Content


Circular of the Financial Services Authority of the Republic of Indonesia Number 23/SEOJK.05/2024 concerning the Form and Structure of Periodic Reports of Insurance and Reinsurance Companies


Abstract:


In order to fulfill the mandate of the provisions of Article 8 and Article 12 of the Financial Services Authority Regulation Number 22 of 2024 concerning Periodic Reports of Insurance Companies, which regulates provisions regarding the form, structure, and method of submission of periodic reports, submission of corrections to periodic reports, and postponement of the deadline for submission of periodic reports and/or corrections to periodic reports of insurance and reinsurance companies.


The form and structure of periodic reports for insurance companies and reinsurance companies consist of:


    

  • Monthly/Annual Reports for General Insurance Companies in Attachment I
    • 

  • Monthly/Annual Reports for Life Insurance Companies in Attachment II;
    • 

  • Quarterly Reports for General Insurance/Reinsurance Companies and Life Insurance Companies in Attachment III;
    • 

  • Annual Reports, consisting of financial aspects in Attachment I and management aspects in Attachment IV;
    • 

  • Publication Reports in Attachment V;
    • 

  • Other Reports in Attachment VI;
    • 

  • Guide to Actuarial Assumptions of the Statement of Financial Accounting Standards on Insurance Contracts in Attachment VII
    • 



The method of submission of periodic reports through the Financial Services Authority reporting system. This Circular regulates procedures in the event that the Financial Services Authority reporting system experiences technical disturbances or force majeure.


In the event that, based on the results of supervision by the Financial Services Authority over the Monthly Reports submitted by the Company, errors in information are found, the Company is required to submit corrections regarding the erroneous information in the Periodic Reports to the Financial Services Authority through the Financial Services Authority reporting system.


In the event of technical disturbances or force majeure, the Financial Services Authority may establish and communicate alternative mechanisms for submission and postponement of the deadline for submission of Periodic Reports and/or corrections to periodic reports.


The legal basis for this Financial Services Authority Circular (SEOJK) is: POJK No. 22 of 2024.


This Financial Services Authority Regulation regulates:


    

  1. General provisions;
    2. 

  2. Form and structure of periodic reports for companies;
    3. 

  3. Method of submission of periodic reports;
    4. 

  4. Method of submission of corrections to periodic reports; and
    5. 

  5. Closing provisions.
    6. 



Notes:
This Financial Services Authority Circular was established on December 24, 2024.
This Financial Services Authority Circular takes effect on January 1, 2025.


Submission of Quarterly Reports for Insurance Companies and Reinsurance Companies for the year 2025 uses the financial reporting format based on the impact of Statement of Financial Accounting Standards Number 117 on Insurance Contracts (PSAK 117) and Amendments to PSAK 109 on Financial Instruments.


Upon the effective date of this Financial Services Authority Circular, Financial Services Authority Circular Number 9/SEOJK.05/2021 concerning the Form and Structure of Periodic Reports of Insurance and Reinsurance Companies is repealed and declared no longer valid.
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