Circular of the Financial Services Authority Number 12/SEOJK.05/2025 Regarding Work Competency Certification for Insurance Companies, Guarantee Institutions, Pension Funds, and Special Institutions in the Insurance, Guarantee, and Pension Fields

To:

1. Board of Directors of Insurance Companies;
2. Board of Directors of Guarantee Institutions;
3. Management of Pension Funds; and
4. Board of Directors of Special Institutions in the Insurance, Guarantee, and Pension Fields,

At your location.

COPY

CIRCULAR OF THE FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA

NUMBER 12/SEOJK.05/2025

REGARDING

WORK COMPETENCY CERTIFICATION
FOR INSURANCE COMPANIES, GUARANTEE INSTITUTIONS, PENSION FUNDS, AND SPECIAL INSTITUTIONS IN THE INSURANCE, GUARANTEE, AND PENSION FIELDS

In connection with the mandate of Article 3 paragraph (7) and Article 11 paragraph (6) of Financial Services Authority Regulation Number 34 of 2024 concerning the Development of Human Resource Quality for Insurance Companies, Guarantee Institutions, Pension Funds, and Special Institutions in the Insurance, Guarantee, and Pension Fields (State Gazette of the Republic of Indonesia Year 2024 Number 46/OJK, Supplement to the State Gazette of the Republic of Indonesia Number 114/OJK), it is necessary to regulate implementation provisions regarding work competency certification and certifications other than work competency certification for insurance companies, guarantee institutions, pension funds, and special institutions in the insurance, guarantee, and pension fields, in this Financial Services Authority Circular as follows:

I. GENERAL PROVISIONS

In this Financial Services Authority Circular, the following terms are defined as:

1. Insurance Company means an insurance company, sharia insurance company, reinsurance company, sharia reinsurance company, insurance broker company, reinsurance broker company, and insurance loss assessor company.

2. General Insurance Company means a company that conducts general insurance business.

3. Life Insurance Company means a company that conducts life insurance business.

4. Insurance Company means General Insurance Company and Life Insurance Company.

5. Sharia General Insurance Company means a company that conducts sharia general insurance business.

6. Sharia Life Insurance Company means a company that conducts sharia life insurance business.

7. Sharia Insurance Company means Sharia General Insurance Company and Sharia Life Insurance Company.

8. Reinsurance Company means a company that conducts reinsurance service business against risks faced by Insurance Companies, guarantee companies, or other reinsurance companies.

9. Sharia Reinsurance Company means a company that conducts risk management business based on sharia principles against risks faced by Sharia Insurance Companies, sharia guarantee companies, or other sharia reinsurance companies.

10. Insurance Broker Company means a company that conducts consultation and/or intermediary services in closing insurance, sharia insurance, guarantee, sharia guarantee, and handling claim settlements, acting on behalf of and for the account of policyholders, insureds, participants, or guarantee recipients.

11. Reinsurance Broker Company means a company that conducts consultation and/or intermediary services in placing reinsurance or sharia reinsurance and handling claim settlements, acting on behalf of and for the account of Insurance Companies, Sharia Insurance Companies, guarantee companies, sharia guarantee companies, Reinsurance Companies, or Sharia Reinsurance Companies that place reinsurance or sharia reinsurance.

12. Insurance Loss Assessor Company means a company that conducts claim assessment services and/or consultation services regarding insurance objects.

13. Company Actuary means an individual who has obtained certification from the association governing the actuarial field, who is appointed and works full-time as an actuary at the Insurance Company, Sharia Insurance Company, Reinsurance Company, or Sharia Reinsurance Company where they work.

14. Insurance Broker means a person who works at an Insurance Broker Company and meets the requirements to provide recommendations or represent policyholders, insureds, or participants in closing insurance or sharia insurance and/or claim settlements.

15. Reinsurance Broker means a person who works at a Reinsurance Broker Company and meets the requirements to provide recommendations or represent Insurance Companies, Sharia Insurance Companies, guarantee companies, sharia guarantee companies, Reinsurance Companies, or Sharia Reinsurance Companies in closing reinsurance or sharia reinsurance and/or claim settlements.

16. Insurance Agent means a person who works independently or works for a business entity, who acts on behalf of and for the account of an Insurance Company or Sharia Insurance Company and meets the requirements to represent the Insurance Company or Sharia Insurance Company in marketing insurance products or sharia insurance products.

17. Guarantee Institution means guarantee companies, sharia guarantee companies, re-guarantee companies, and sharia re-guarantee companies that conduct guarantee activities.

18. Guarantee Company means a legal entity operating in the financial sector with the main business activity of conducting guarantees.

19. Sharia Guarantee Company means a legal entity operating in the financial sector with the main business activity of conducting sharia guarantees.

20. Re-guarantee Company means a legal entity operating in the financial sector with the business activity of conducting re-guarantees.

21. Sharia Re-guarantee Company means a legal entity operating in the financial sector with the business activity of conducting sharia re-guarantees.

22. Guarantee Agent means an individual or legal entity that acts on behalf of and for the account of a Guarantee Institution and meets the requirements to represent the Guarantee Institution in marketing guarantee businesses.

23. Pension Fund means a legal entity that manages and runs a program promising pension benefits.

24. Employer Pension Fund, hereinafter abbreviated as DPPK, is a Pension Fund established by the founder for the benefit of some or all of its employees as participants, which creates obligations for the employer.

25. Financial Institution Pension Fund, hereinafter abbreviated as DPLK, is a Pension Fund established by a specific financial service institution as the founder, intended for employees included by their employer and/or individuals independently.

26. Special Institution in the Insurance, Guarantee, and Pension Fields means an institution established based on legislation that has similar business activities to the insurance, guarantee, and pension fields.

27. Board of Directors means a company organ authorized and fully responsible for the management of the company for the benefit of the company, in accordance with the company's purpose and objectives, and represents the company, both inside and outside of court, in accordance with the provisions of the articles of association for companies in the form of limited liability companies, or equivalent to the board of directors for companies in the form of cooperative legal entities, joint ventures, Pension Funds, public companies, and social security organizing bodies.

28. Board of Commissioners means a company organ tasked with conducting general and/or specific supervision in accordance with the articles of association and providing advice to the Board of Directors for companies in the form of limited liability companies, or equivalent to the board of commissioners for companies in the form of cooperative legal entities, joint ventures, Pension Funds, public companies, and social security organizing bodies.

29. Sharia Supervisory Board means a party that has the task and function of supervising the implementation of company/legal entity activities to ensure compliance with sharia principles.

30. Executive Officer means an officer who is directly responsible to the Board of Directors or has significant influence on company policy and/or operations.

31. Human Resources, hereinafter abbreviated as HR, means members of the Board of Directors, members of the Board of Commissioners, members of the Sharia Supervisory Board, permanent employees and/or non-permanent employees.

32. Expert Personnel means an individual who has specific qualifications and/or expertise who is appointed and works full-time as expert personnel at one company where they work.

33. Principal Party means a party that owns, manages, supervises, and/or has significant influence on Insurance Companies, Guarantee Institutions, Pension Funds, and Special Institutions in the Insurance, Guarantee, and Pension Fields, including those who no longer own, manage, supervise, and/or have influence at the time of reassessment.

34. Indonesian National Work Competency Standards, hereinafter abbreviated as SKKNI, is a statement of work competency covering knowledge, skills and/or expertise, and work attitudes relevant to the implementation of tasks and job requirements established in accordance with applicable legislation.

35. Indonesian National Qualification Framework, hereinafter abbreviated as KKNI, is a framework for classifying competency qualifications that can align, equate, and integrate between education fields and work training fields, as well as work experience, in order to grant recognition of work competency in accordance with the job structure in various sectors.

36. Work Competency Certification is the process of granting work competency certificates conducted systematically and objectively through competency testing in accordance with SKKNI.

37. Professional Certification Institution, hereinafter abbreviated as LSP, is an institution that conducts professional certification activities in the financial services sector that has met the requirements and has obtained a license from the body or institution authorized to conduct professional certification and is registered with the Financial Services Authority in accordance with applicable legislation.

II. DEVELOPMENT OF HUMAN RESOURCE COMPETENCY FOR INSURANCE COMPANIES, GUARANTEE INSTITUTIONS, PENSION FUNDS, AND SPECIAL INSTITUTIONS IN THE INSURANCE, GUARANTEE, AND PENSION FIELDS

1. The obligation to develop human resource quality for Insurance Companies, Guarantee Institutions, Pension Funds, and Special Institutions in the Insurance, Guarantee, and Pension Fields is carried out by involving the HR of Insurance Companies, Guarantee Institutions, Pension Funds, and Special Institutions in the Insurance, Guarantee, and Pension Fields in competency development in technical, non-technical, and leadership fields through:
   a. Work Competency Certification in the insurance, guarantee, and pension sectors; b. competency certification other than Work Competency Certification in the insurance, guarantee, and pension sectors; and
   c. other competency enhancements.

2. Work Competency Certification as referred to in paragraph 1 letter a for Company Actuaries may be issued by the relevant professional association in accordance with applicable legislation.

3. Insurance Companies, Guarantee Institutions, Pension Funds, and Special Institutions in the Insurance, Guarantee, and Pension Fields are required to have HR that meets competency standards, proven by:
   a. Work Competency Certification; or b. competency certification other than Work Competency Certification approved by the Financial Services Authority, in the fields of insurance, guarantee, and pension.

4. Work Competency Certificates are one of the requirements that must be met for the assessment of ability and propriety for Principal Parties of Insurance Companies, Guarantee Institutions, Pension Funds, and Special Institutions in the Insurance, Guarantee, and Pension Fields.

5. Work Competency Certification in the context of fulfilling the ability and propriety assessment for Principal Parties as referred to in paragraph 4 does not apply to Principal Parties of social security organizing bodies.

6. Members of the Board of Directors, members of the Board of Commissioners, and members of the Sharia Supervisory Board are required to meet the sustainability or maintenance of competency requirements at least 1 (one) time within a period of 1 (one) year.

7. Fulfillment of the sustainability requirement as referred to in paragraph 6 is carried out by:
   a. attending seminars, workshops, or similar activities; b. attending courses, training, or similar educational programs;
   c. writing papers, articles, or other written works that are published; or
   d. becoming speakers in activities as referred to in letter a, becoming teachers or instructors in activities as referred to in letter b, which are attached with evidence of fulfillment of the sustainability requirement relevant to the respective field of each Principal Party, including but not limited to certificates issued by the organizer or evidence of published papers, articles, or other written works.

8. Insurance Companies, Guarantee Institutions, Pension Funds, and Special Institutions in the Insurance, Guarantee, and Pension Fields are required to submit evidence of fulfillment of the sustainability or maintenance of competency requirements to:
   a. a section of the annual report as regulated in Financial Services Authority Regulations regarding periodic reports; or b. a section of the business plan realization report.

9. Fulfillment of the sustainability requirement is carried out to ensure that Principal Parties who already have Work Competency Certification in the fields of insurance, guarantee, and pension implement the program as referred to in paragraph 7, so that the competency of Principal Parties remains maintained and follows developments in the financial services industry and is relevant to the respective field of each Principal Party.

III. WORK COMPETENCY CERTIFICATION FOR INSURANCE COMPANIES, GUARANTEE INSTITUTIONS, AND PENSION FUNDS

1. Competency development as referred to in Roman numeral II paragraph 1 letter a is competency enhancement through certification in accordance with SKKNI and KKNI in the fields of insurance, guarantee, and pension, and is organized by LSPs registered with the Financial Services Authority.

2. Competency standards as referred to in paragraph 1 include competency standards for fields or positions in the financial sector industry, which are job levels or parts in a financial sector industry that carry out specific functional activities.

3. Work Competency Certifications applicable to the insurance, guarantee, and pension sectors as referred to in paragraph 1 include fields:
   a. risk management; b. insurance;
   c. guarantee;
   d. pension; e. investment; and/or f. other relevant fields.

4. The obligation for Work Competency Certification in the insurance sector includes:
   a. the obligation for Work Competency Certification for Board of Directors members at Insurance Companies, Sharia Insurance Companies, Reinsurance Companies, and Sharia Reinsurance Companies to have a risk management expertise certificate from an LSP in the field of risk management; b. the obligation for Work Competency Certification for Board of Commissioners members at Insurance Companies, Sharia Insurance Companies, Reinsurance Companies, and Sharia Reinsurance Companies to have a risk management expertise certificate from an LSP in the field of risk management;
   c. the obligation for Work Competency Certification for Executive Officers at Insurance Companies, Sharia Insurance Companies, Reinsurance Companies, and Sharia Reinsurance Companies to have a risk management expertise certificate from an LSP in the field of risk management;
   d. the obligation for Work Competency Certification for Expert Personnel at General Insurance Companies and Sharia General Insurance Companies, including:

1. General Insurance Companies and Sharia General Insurance Companies employ at least 1 (one) Expert Personnel;
2. Expert Personnel at General Insurance Companies and Sharia General Insurance Companies as referred to in sub-paragraph 1) must have a general insurance or sharia general insurance expertise certificate with the highest level from an LSP in the field of insurance;
3. General Insurance Companies and Sharia General Insurance Companies adjust and meet the qualifications and quantification of Expert Personnel in accordance with:
   a) the type and business lines conducted; b) business complexity; and c) applicable legislation; and
4. Expert Personnel as referred to in sub-paragraph 3) must meet the requirements:
   a) have a general insurance or sharia general insurance expertise certificate with a level at least 1 (one) level below the highest qualification from an LSP in the field of insurance; and b) have an expertise certificate in accordance with the business lines conducted from an LSP in the field of insurance; e. the obligation for Work Competency Certification for Expert Personnel at Life Insurance Companies and Sharia Life Insurance Companies, including:
5. Life Insurance Companies and Sharia Life Insurance Companies employ at least 1 (one) Expert Personnel;
6. Expert Personnel at Life Insurance Companies and Sharia Life Insurance Companies as referred to in sub-paragraph 1) must have a life insurance or sharia life insurance expertise certificate with the highest level from an LSP in the field of insurance;
7. Life Insurance Companies and Sharia Life Insurance Companies adjust and meet the qualifications and quantification of Expert Personnel in accordance with:
   a) the type and business lines conducted; b) business complexity; and c) applicable legislation; and
8. Expert Personnel as referred to in sub-paragraph 3) must meet the provisions:
   a) have a life insurance or sharia life insurance expertise certificate with a level at least 1 (one) level below the highest qualification from an LSP in the field of insurance; and b) have an expertise certificate in accordance with the business lines conducted from an LSP in the field of insurance; f. the obligation for Work Competency Certification for Expert Personnel at Reinsurance Companies and Sharia Reinsurance Companies, including:
9. Reinsurance Companies and Sharia Reinsurance Companies employ at least 1 (one) Expert Personnel;
10. Expert Personnel at Reinsurance Companies and Sharia Reinsurance Companies as referred to in sub-paragraph 1) must meet the requirements:
    a) have a general insurance or sharia general insurance expertise certificate with the highest level from an LSP in the field of insurance; and b) have a life insurance or sharia life insurance expertise certificate with the highest level from an LSP in the field of insurance in the event that Reinsurance Companies and Sharia Reinsurance Companies conduct life reinsurance or sharia life reinsurance business activities;
11. Reinsurance Companies and Sharia Reinsurance Companies adjust and meet the qualifications and quantification of Expert Personnel in accordance with:
    a) the type and business lines conducted; b) business complexity; and c) applicable legislation; and
12. Expert Personnel as referred to in sub-paragraph 3) must meet the requirements:
    a) have a general insurance or sharia general insurance expertise certificate with a level at least 1 (one) level below the highest qualification from an LSP in the field of insurance; b) have a life insurance or sharia life insurance expertise certificate with a level at least 1 (one) level below the highest qualification from an LSP in the field of insurance; and c) have an expertise certificate in accordance with the business lines from an LSP in the field of insurance; g. the obligation for Work Competency Certification for Expert Personnel in sharia units at Insurance Companies and Reinsurance Companies, including:
13. Insurance Companies and Reinsurance Companies that have sharia units employ Expert Personnel specifically assigned to sharia units at least 1 (one) person;
14. Expert Personnel specifically assigned to sharia units as referred to in sub-paragraph 1) must at all times meet the provisions:
    a) have a sharia general insurance expertise certificate for Expert Personnel specifically assigned to sharia units of General Insurance Companies with a level at least 1 (one) level below the highest qualification from an LSP in the field of insurance; b) have a sharia life insurance expertise certificate for Expert Personnel specifically assigned to sharia units of Life Insurance Companies with a level at least 1 (one) level below the highest qualification from an LSP in the field of insurance; c) have a sharia general insurance expertise certificate for Expert Personnel specifically assigned to sharia units of Reinsurance Companies with a level at least 1 (one) level below the highest qualification from an LSP in the field of insurance; d) have a sharia life insurance expertise certificate for Expert Personnel specifically assigned to sharia units of Reinsurance Companies that conduct sharia life reinsurance business activities with a level at least 1 (one) level below the highest qualification from an LSP in the field of insurance; and e) have an expertise certificate in accordance with the business lines from an LSP in the field of insurance; h. the obligation for Work Competency Certification for Expert Personnel at offices outside the head office at General Insurance Companies, Life Insurance Companies, Reinsurance Companies, Sharia General Insurance Companies, Sharia Life Insurance Companies, and Sharia Reinsurance Companies, including:
15. the company employs at least 1 (one) Expert Personnel with a level at least 1 (one) level below the highest qualification at each office outside the head office that has the authority to make

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decisions regarding the acceptance or rejection of coverage/membership and/or claims;
2) Experts as referred to in item 1) must work full-time and be stationed at the relevant office according to the assignment letter from the Company; and
3) Experts as referred to in item 1) must possess expertise certificates according to the scope of business with a level at least 1 (one) level below the highest qualification of the LSP in the insurance field;
i. the obligation of Work Competency Certification for Insurance Agents at Insurance Companies, Sharia Insurance Companies, or Sharia units at Insurance Companies to hold agency certificates according to their business field from the LSP in the insurance field;
j. the obligation of Work Competency Certification for Board of Directors members at Insurance Brokerage Companies and Reinsurance Brokerage Companies that oversee technical brokerage functions for insurance and reinsurance to hold brokerage certificates with a level at least 1 (one) level below the highest qualification of the LSP in the insurance field; k. the obligation of Work Competency Certification for Board of Directors members at Insurance Brokerage Companies and Reinsurance Brokerage Companies other than those overseeing technical brokerage functions for insurance and reinsurance, including:

1. holding brokerage certificates with a level at least 1 (one) level below the highest qualification of the LSP in the insurance field; or

2. holding expertise certificates in the field of risk management from the LSP in the field of risk management;
   l. the obligation of Work Competency Certification for Experts at Insurance Brokerage Companies, including:

3. Insurance Brokerage Companies employ at least 1 (one) Expert of Insurance Brokerage Company full-time;

4. Experts of Insurance Brokerage Companies as referred to in item 1) must hold Insurance Brokerage certificates with the highest qualification from the LSP in the insurance field;

5. Insurance Brokerage Companies adjust Experts in sufficient numbers according to capacity and business complexity; and

6. Experts of Insurance Brokerage Companies as referred to in item 3) must hold Insurance Brokerage Expert certificates with a level at least 1 (one) level below the highest qualification of the LSP in the insurance field;
   m. the obligation of Work Competency Certification for Experts at Reinsurance Brokerage Companies, including:

7. Reinsurance Brokerage Companies employ at least 1 (one) Expert of Reinsurance Brokerage Company full-time;

8. Experts of Reinsurance Brokerage Companies as referred to in item 1), must hold Reinsurance Brokerage Expert certificates with the highest qualification from the LSP in the insurance field;

9. Reinsurance Brokerage Companies adjust Experts in sufficient numbers according to capacity and business complexity; and

10. Experts of Reinsurance Brokerage Companies as referred to in item 3) must hold Reinsurance Brokerage Expert certificates with a level at least 1 (one) level below the highest qualification of the LSP in the insurance field;
    n. the obligation of Work Competency Certification for Insurance Brokers at Insurance Brokerage Companies, including:

11. Insurance Brokerage Companies employ at least 1 (one) Insurance Broker full-time;

12. Insurance Brokers have sufficient knowledge and ability and have a good reputation; and

13. Insurance Brokers as referred to in item 1) must hold brokerage certificates with a level at least 2 (two) levels below the highest qualification of the LSP in the insurance field;
    o. the obligation of Work Competency Certification for Reinsurance Brokers at Reinsurance Brokerage Companies, including:

14. Reinsurance Brokerage Companies must employ at least 1 (one) Reinsurance Broker full-time;

15. Reinsurance Brokers have sufficient knowledge and ability and have a good reputation; and

16. Reinsurance Brokers as referred to in item 1) must hold brokerage certificates with a level at least 2 (two) levels below the highest qualification of the LSP in the insurance field;
    p. the obligation of Work Competency Certification for Board of Directors members at Insurance Loss Assessment Companies that oversee technical insurance loss assessment functions to hold Insurance Loss Assessment Expert certificates with a level at least 1 (one) level below the highest qualification of the LSP in the insurance field; q. the obligation of Work Competency Certification for Directors at Insurance Loss Assessment Companies that oversee functions other than technical insurance loss assessment, including:

17. holding Insurance Loss Assessment Expert certificates with a level at least 1 (one) level below the highest qualification of the LSP in the insurance field; or

18. holding expertise certificates in the field of risk management from the LSP in the field of risk management; and
    r. the obligation of Work Competency Certification for Experts at Insurance Loss Assessment Companies, including:

19. Insurance Loss Assessment Companies employ at least 1 (one) Expert of Insurance Loss Assessment Company full-time;

20. Experts of Insurance Loss Assessment Companies as referred to in item 1) must hold Insurance Loss Assessment Expert certificates with the highest qualification from the LSP in the insurance field;

21. Insurance Loss Assessment Companies adjust Experts in sufficient numbers according to capacity and business complexity; and

22. Experts of Insurance Loss Assessment Companies as referred to in item 3) must hold Insurance Loss Assessment Expert certificates with a level at least 1 (one) level below the highest qualification of the LSP in the insurance field.

5. Work Competency Certification obligations in the guarantee sector, including:
   a. the obligation of Work Competency Certification for Board of Directors members at Guarantee Institutions to hold expertise certificates in the field of risk management from the LSP in the field of risk management; b. the obligation of Work Competency Certification for Board of Commissioners members at Guarantee Institutions to hold expertise certificates in the field of risk management from the LSP in the field of risk management;
   c. the obligation of Work Competency Certification for Experts at Guarantee Institutions to hold expertise certificates in the field of guarantee or Sharia guarantee with expert qualification from the LSP in the field of guarantee or Sharia guarantee;
   d. the obligation of Work Competency Certification for Guarantee Agents who are individual persons to hold agency certificates from the LSP in the field of guarantee; and e. the obligation of Work Competency Certification for Human Resources at guarantee brokers to hold brokerage certificates from the LSP in the field of guarantee.
6. Work Competency Certification obligations in the pension fund sector, including:
   a. the obligation of Work Competency Certification for Directors at Pension Funds to hold pension fund field certificates from the LSP in the field of pension funds; b. the obligation of Work Competency Certification for Directors at Pension Funds that handle investment functions, including:

1. holding pension fund field certificates from the LSP in the field of pension funds; and
2. holding expertise certificates in the field of risk management from the LSP in the field of risk management;
   c. the obligation of Work Competency Certification for Board of Commissioners at Pension Funds to hold pension fund field certificates from the LSP in the field of pension funds; and
   d. the obligation of Work Competency Certification for employees at Pension Funds that handle investments to hold expertise certificates in the field of risk management from the LSP in the field of risk management.
   IV. COMPETENCY CERTIFICATION OTHER THAN WORK COMPETENCY CERTIFICATION FOR INSURANCE COMPANIES, GUARANTEE INSTITUTIONS, PENSION FUNDS, AND SPECIAL INSTITUTIONS IN THE INSURANCE, GUARANTEE, AND PENSION FIELDS

1. Competency development as referred to in Roman II item 1 letter b is competency enhancement through certification other than SKKNI and KKNI in the insurance, guarantee, and pension sectors, and is conducted by LSPs other than LSPs registered with the Financial Services Authority including
   professional associations in accordance with applicable laws and regulations.
2. Competency certification other than Work Competency Certification in the insurance, guarantee, and pension sectors as referred to in item 1, includes at least:
   a. capital markets; b. management; and
   c. finance.
3. The certification obligation for Board of Directors members handling Pension Fund investments as referred to in Roman III item 6 letter b item 2) can be fulfilled with expertise certificates in the field of investment.
4. The certification obligation for employees at Pension Funds handling investments as referred to in Roman III item 6 letter d can be fulfilled with expertise certificates in the field of investment.
5. The certification obligation for Board of Directors members or employees handling Pension Fund investments as referred to in Article 154 of Financial Services Authority Regulation Number 27 of 2023 concerning the Conduct of Pension Fund Business to hold professional certificates in the field of capital markets.
   V. OTHER COMPETENCY ENHANCEMENT FOR INSURANCE COMPANIES, GUARANTEE INSTITUTIONS, PENSION FUNDS, AND SPECIAL INSTITUTIONS IN THE INSURANCE, GUARANTEE, AND PENSION FIELDS
   Other competency enhancement as referred to in Roman II item 1 letter c is competency enhancement through certification other than certifications as referred to in Roman II item 1 letter a and letter b, including writing skills, critical thinking, problem solving, public speaking, professional writing, teamwork, digital literacy, leadership, professional attitude, work ethic, career management, and intercultural fluency.
   VI. RECOGNITION OF COMPETENCY CERTIFICATION CONDUCTED BY FOREIGN INSTITUTIONS
6. Competency certification conducted by foreign institutions can be recognized as equivalent to competency certification as referred to in Roman II item 1 and item 3.
7. Recognition of competency certification conducted by foreign institutions as referred to in item 1 can be based on:
   a. assessment by the Financial Services Authority of competency certification conducted by foreign institutions that has been recognized internationally; b. coordination by the Financial Services Authority with LSPs in the insurance, guarantee, and pension sectors;
   c. coordination by the Financial Services Authority with industry associations in the insurance, guarantee, and pension sectors; or
   d. coordination by the Financial Services Authority with professional associations in the insurance, guarantee, and pension sectors.

This copy is consistent with the original
Director of Legal Development
Legal Department signed
Aat Windradi
VII. CLOSING PROVISIONS

1. At the time this Financial Services Authority Circular takes effect, Financial Services Authority Circular Number 17/SEOJK.05/2019 concerning Expertise Certification in the Field of Risk Management and Qualification Certification of Experts in the Field of Guarantee or Sharia Guarantee at Guarantee Institutions, is repealed and declared invalid.
2. Provisions regarding certification applicable in the fields of insurance, guarantee, and pension that are not repealed in Article 26 of Financial Services Authority Regulation Number 34 of 2024 concerning the Development of Human Resource Quality for Insurance Companies, Guarantee Institutions, Pension Funds, and Special Institutions in the Insurance, Guarantee, and Pension Fields (State Gazette of the Republic of Indonesia Year 2024 Number 46/OJK, Supplement to the State Gazette of the Republic of Indonesia Number 114/OJK), are declared to remain valid.
3. Provisions in this Financial Services Authority Circular take effect on the date of establishment.
   Established in Jakarta on June 23, 2025
   EXECUTIVE HEAD OF INSURANCE, GUARANTEE, AND PENSION SUPERVISOR FINANCIAL SERVICES AUTHORITY REPUBLIC OF INDONESIA, OGI PRASTOMIYONO signed