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Approval and Reporting of Insurance Products
The Indonesia Financial Services Authority (OJK) issued Circular Letter 14/SEOJK.05/2024 to establish the procedures, formats, and requirements for the approval, reporting, and termination of insurance products. This regulation implements the mandates of POJK Number 8 of 2024 regarding insurance products and marketing channels, covering general provisions, product criteria, Sharia supervisory board opinions, and submission methods. It officially took effect on October 29, 2024, simultaneously repealing previous circulars SEOJK 13/SEOJK.05/2016 and SEOJK 18/SEOJK.05/2016.
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Approval and Reporting of Insurance Products


Sector :
PPDP


Sub-Sector :
Insurance


Type of Regulation :
OJK Circular Letter


Regulation Number :
14/SEOJK.05/2024


Effective Date :
10/29/2024


Appendix 1
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SEOJK 14-SEOJK.05-2024 Approval and Reporting of Insurance Products.pdf
Abstract SEOJK 14-SEOJK.05-2024 Approval and Reporting of Insurance Products.pdf
FAQ SEOJK 14-SEOJK.05-2024 Approval and Reporting of Insurance Products.pdf


Page Content
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Circular Letter of the Indonesia Financial Services Authority Number 14/SEOJK.05/2024 concerning Approval and Reporting of Insurance Products.
Abstract:
In order to fulfill the mandate of Article 41, Article 45, Article 63 paragraph (4), and Article 77 of Financial Services Authority Regulation Number 8 of 2024 concerning Insurance Products and Marketing Channels of Insurance Products (POJK 8/2024), which regulates the procedures, forms, and formats for applications for approval of insurance product implementation, reporting of insurance products, opinions from the Sharia supervisory board, and reporting of insurance product termination.
The legal basis for this SEOJK is POJK Number 8 of 2024.
This Circular Letter of the Financial Services Authority regulates:


general provisions;
types and criteria of insurance products;
insurance product approval;
reporting of insurance product implementation;
reporting of insurance product termination;
procedures for submitting approval, reporting of implementation, and reporting of termination of insurance products;
other provisions; and
closing provisions.
Note:
This Circular Letter of the Financial Services Authority takes effect on the date it is established, namely on October 29, 2024.
At the time this SEOJK takes effect:
a. SEOJK Number 13/SEOJK.05/2016 concerning Reporting of Insurance Products for Insurance Companies; and
b. SEOJK Number 18/SEOJK.05/2016 concerning Reporting of Insurance Products for Sharia Insurance Companies and Insurance Companies that Implement Part of Their Business Based on Sharia Principles, are repealed and declared invalid.
Appendix I: 4 pages.
Appendix II: 28 pages.
Appendix III: 32 pages.
Appendix IV: 19 pages.
Appendix V: 3 pages.
Appendix VI: 2 pages.
Appendix VII: 28 pages.
Appendix VIII: 2 pages.
Appendix IX: 1 page.
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