FINANCIAL SERVICES AUTHORITY

REPUBLIC OF INDONESIA

COPY

FINANCIAL SERVICES AUTHORITY REGULATION

NUMBER: 3/POJK.05/2013

CONCERNING

MONTHLY REPORTS OF NON-BANK FINANCIAL SERVICE INSTITUTIONS

BY THE GRACE OF GOD THE ALMIGHTY,

THE COMMISSIONERS COUNCIL OF THE FINANCIAL SERVICES AUTHORITY,

Considering:
a. that in order to implement an integrated regulatory and supervisory system for all activities within the non-bank financial service sector, more comprehensive, high-quality, and timely data and information regarding the financial condition and business activities of non-bank financial service institutions are required; b. that based on the considerations referred to in letter a, it is deemed necessary to establish a Financial Services Authority Regulation concerning Monthly Reports of Non-Bank Financial Service Institutions;

Recalling:

1. Law Number 2 of 1992 concerning Insurance Business (State Gazette of the Republic of Indonesia Year 1992 Number 13, Supplement to the State Gazette of the Republic of Indonesia Number 3467);
2. Law Number 11 of 1992 concerning Pension Funds (State Gazette of the Republic of Indonesia Year 1992 Number 37, Supplement to the State Gazette of the Republic of Indonesia Number 3477);
3. Law Number 2 of 2009 concerning the Indonesia Export Financing Institution (State Gazette of the Republic of Indonesia Year 2009 Number 2, Supplement to the State Gazette of the Republic of Indonesia Number 4957);
4. Law Number 21 of 2011 concerning the Financial Services Authority (State Gazette of the Republic of Indonesia Year 2011 Number 111, Supplement to the State Gazette of the Republic of Indonesia Number 5253);
5. Presidential Regulation Number 19 of 2005 concerning Secondary Housing Financing, as amended by Presidential Regulation Number 1 of 2008;
6. Presidential Regulation Number 2 of 2008 concerning Guarantee Institutions;
7. Presidential Regulation Number 9 of 2009 concerning Financing Institutions;

DECIDING:

To establish:
FINANCIAL SERVICES AUTHORITY REGULATION CONCERNING MONTHLY REPORTS OF NON-BANK FINANCIAL SERVICE INSTITUTIONS.

CHAPTER I

GENERAL PROVISIONS

Article 1

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

1. Non-Bank Financial Service Institution, hereinafter abbreviated as LJKNB, is an institution that carries out activities in the insurance, pension fund, financing institution, and other financial service institutions sectors, which include:
   a. Property Insurance Companies, Life Insurance Companies, and Reinsurance Companies, including those conducting all or part of their business based on Sharia principles as referred to in the insurance business law; b. Insurance Companies conducting social insurance programs as referred to in the insurance business legislation;
   c. Pension Funds as referred to in the pension fund law;
   d. Financing Companies, Venture Capital Companies, Infrastructure Financing Companies, including those conducting all or part of their business based on Sharia principles as referred to in the financing institution legislation; e. Pawnshops, Guarantee Institutions, Indonesia Export Financing Institutions, Secondary Housing Financing Companies, and Institutions managing mandatory public funds, including organizers of social security, pension, and welfare programs as referred to in the pawnshop, guarantee, Indonesia Export Financing Institution, secondary housing financing company, and mandatory public fund management legislation, as well as other financial service institutions declared to be supervised by the OJK based on legislation.

2. Monthly Report of LJKNB, hereinafter abbreviated as Monthly Report, is a financial report prepared by the LJKNB for the benefit of the Financial Services Authority, covering the period from the 1st to the end of the relevant month, presented and submitted to the Financial Services Authority according to the format and procedures determined by the Financial Services Authority.

3. Financial Services Authority, hereinafter abbreviated as OJK, is an independent institution free from the interference of other parties, which has the function, duties, and authority for regulation, supervision, examination, and investigation as referred to in Law Number 21 of 2012 concerning the Financial Services Authority.

4. Offline Submission of Monthly Reports is the physical submission of Monthly Reports by the LJKNB in the form of data recordings stored on compact discs or other electronic data recording media to the OJK.

CHAPTER II

PREPARATION OF MONTHLY REPORTS

Article 2

(1) LJKNB is required to prepare Monthly Reports correctly, completely, and on time in accordance with the provisions in this OJK Regulation.
(2) The Board of Directors, Board of Commissioners, or organ executing management and supervision functions of the LJKNB is responsible for the correctness, completeness of content, and timeliness of the submission of Monthly Reports. (3) The Monthly Reports referred to in paragraph (1) consist of:
a. financial position reports; b. comprehensive income statements;
c. business result calculation reports;
d. cash flow reports; e. asset and liability matching analysis reports; and f. other reports according to the characteristics of each LJKNB.
(4) The provisions referred to in paragraph (3) letter b do not apply to Pension Funds.
(5) The provisions referred to in paragraph (3) letter c only apply to Pension Funds.
(6) The form and arrangement of Monthly Reports referred to in paragraph (2) are further regulated in an OJK Circular.

CHAPTER III

SUBMISSION OF MONTHLY REPORTS

Article 3

(1) LJKNB is required to submit Monthly Reports to the OJK no later than the 10th of the following month.
(2) In the event that the 10th date referred to in paragraph (1) falls on a holiday, the Monthly Report must be submitted on the next working day.
(3) In the event that the submission date of the Monthly Report referred to in paragraph (1) or paragraph (2) falls on a national holiday or shared holiday, the OJK has the authority to determine the due date for the submission of Monthly Reports.

Article 4

(1) Submission of Monthly Reports as referred to in Article 3 paragraph (1) is conducted online through the OJK data communication network system.
(2) In the event that the OJK data communication network system referred to in paragraph (1) is not yet available, LJKNB is required to submit Monthly Reports online via the email address designated by the OJK. (3) The email address of the LJKNB used for submission as referred to in paragraph (2) must be reported in writing to the OJK. (4) LJKNB designates a member of the Board of Directors or an equivalent official at the LJKNB who is responsible for the preparation and presentation of Monthly Reports. (5) The Board of Directors member or official referred to in paragraph (4) designates staff to prepare, verify, and submit Monthly Reports. (6) Further provisions regarding the procedures for the submission of Monthly Reports will be further regulated in an OJK Circular.

Article 5

(1) In the event of technical difficulties at the time of the deadline for the submission of Monthly Reports so that:
a. LJKNB cannot submit Monthly Reports online as referred to in Article 4 Paragraph (1); and/or b. OJK cannot receive Monthly Reports online as referred to in Article 4 Paragraph (1), then LJKNB is required to submit Monthly Reports Offline no later than the next working day. (2) In the event that LJKNB experiences technical difficulties as referred to in paragraph (1), LJKNB is required to immediately submit written notification to the OJK on the same day after the technical difficulty occurs. (3) In the event that OJK experiences technical difficulties as referred to in paragraph (1), OJK announces in writing to LJKNB on the same day after the occurrence of the technical difficulty.

CHAPTER IV

SANCTIONS

Article 6

(1) OJK imposes administrative sanctions in the form of written warnings to LJKNB committing violations in the form of:
a. not having submitted Monthly Reports; b. having submitted Monthly Reports but late; or
c. submitting Monthly Reports but not correctly and/or not completely.
(2) Administrative sanctions in the form of written warnings are imposed for a maximum of 3 (three) consecutive times, namely:
a. first written warning; b. second written warning; and
c. third written warning.
(3) Administrative sanctions in the form of the first written warning as referred to in paragraph (2) letter a are established if:
a. LJKNB has not submitted Monthly Reports; b. LJKNB is late in submitting Monthly Reports; or
c. it is known that Monthly Reports are not correct and/or not complete as referred to in Article 2 paragraph (1).
(4) Administrative sanctions in the form of the second and third written warnings as referred to in paragraph (2) letters b and c are established if, after the establishment of the first or second written warning, the LJKNB:
a. has not submitted Monthly Reports; or b. has not submitted corrections to Monthly Reports declared by OJK to be not correct and/or not complete.
(5) In the event that LJKNB has been subjected to administrative sanctions in the form of the third written warning as referred to in paragraph (2) letter c and has not fulfilled the provisions as referred to in paragraph (4) letters a and b, or within a period of 3 (three) months since the establishment of the third written warning, it is again proven to have committed one or more violations as referred to in paragraph (1), OJK may:
a. establish administrative sanctions in the form of written warnings without fulfilling the provisions as referred to in paragraph (2), paragraph (3), and paragraph (4); b. require the member of the Board of Directors or equivalent official at the LJKNB concerned to undergo a re-evaluation of competence and propriety; or
c. inform the Government regarding the imposition of the written warning sanction, in the event that the LJKNB is specifically formed based on legislation or formed by the Government.

CHAPTER V

TRANSITIONAL PROVISIONS

Article 7

(1) LJKNB in the form of Insurance Companies and Reinsurance Companies, as well as Insurance Companies and Reinsurance Companies conducting all or part of their business based on Sharia principles, are required to submit Monthly Reports for the reporting period of September 2013 through the reporting period of August 2014 no later than the end of the following month. (2) LJKNB in the form of Insurance Companies and Reinsurance Companies are not required to submit Monthly Reports for the periods of September 2013, December 2013, March 2014, and June 2014. (3) LJKNB in the form of PT ASKES (Persero) is required to submit Monthly Reports for the year 2013, namely only for the months of October 2013 and November 2013, no later than the end of the following month. (4) LJKNB in the form of PT ASABRI (Persero), PT Jasa Raharja (Persero), and PT Taspen (Persero), are required to submit Monthly Reports for the reporting period of September 2013 through the reporting period of August 2014, no later than the end of the following month. (5) LJKNB in the form of PT ASABRI (Persero), PT Jasa Raharja (Persero), and PT Taspen (Persero) are not required to submit Monthly Reports for the periods of September 2013, December 2013, March 2014, and June 2014. (6) LJKNB in the form of Financing Companies, Indonesia Export Financing Institutions, Secondary Housing Financing Companies, and Credit Guarantee Companies, are required to submit Monthly Reports for the reporting period of September 2013 through the reporting period of August 2014, no later than the 15th of the following month. (7) LJKNB in the form of PT Jamsostek (Persero) is only required to submit Monthly Reports for the year 2013, namely for the months of October 2013 and November 2013, no later than the end of the following month. (8) LJKNB in the form of Venture Capital Companies, Infrastructure Financing Companies, PT Pegadaian, and Pension Funds are required to submit Monthly Reports for the reporting period of September 2013 through the reporting period of August 2014, no later than the 20th of the following month. (9) In the event that the final submission period for Monthly Reports as referred to in paragraph (1), paragraph (3), paragraph (4), paragraph (6), paragraph (7), and paragraph (8) falls on a holiday, the Monthly Report must be submitted on the next working day.

Article 8

At the time this OJK Regulation comes into force, Pension Funds are not required to submit monthly investment lists to the OJK.

Article 9

(1) At the time this OJK Regulation comes into force, the preparation and submission of Monthly Reports of LJKNB are subject to this OJK Regulation and its implementing regulations. (2) The submission deadline for Monthly Reports for the reporting period of September 2014 and subsequent reporting periods is subject to the provisions as referred to in Article 3.

CHAPTER VI

CLOSING PROVISIONS

Article 10

Implementation details of this OJK Regulation are further regulated in an OJK Circular.

Article 11

Legislation regulating reports of LJKNB is declared to remain in force as long as it does not conflict with this OJK Regulation.

Article 12

This OJK Regulation comes into force on the date of its promulgation.

To ensure that everyone knows it, it is ordered to promulgate this OJK Regulation by placing it in the State Gazette of the Republic of Indonesia.

Established in Jakarta on 12 September 2013

CHAIRMAN OF THE COMMISSIONERS COUNCIL
FINANCIAL SERVICES AUTHORITY,

Signed,
MULIAMAN D. HADAD

Promulgated in Jakarta on 12 September 2013

MINISTER OF LAW AND HUMAN RIGHTS
REPUBLIC OF INDONESIA,

Signed,
AMIR SYAMSUDIN

STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2013 NUMBER 150

A copy in accordance with the original

HEAD OF THE LEGAL ASSISTANCE DIVISION
DIRECTORATE OF LAW,

Signed,
MUFLI ASMAWIDJAJA

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EXPLANATION
OF
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER: 3/POJK.05/2013
CONCERNING
MONTHLY REPORTS OF NON-BANK FINANCIAL SERVICE INSTITUTIONS

I. GENERAL

LJKNB plays a very important role in driving Indonesia's economic growth. To date, the accumulated funds collected in LJKNB exceed one thousand trillion rupiah. The increasingly dynamic and complex development of LJKNB products and business activities triggers the need for more effective supervision to protect the management of large assets and to protect customer interests.

Currently, most LJKNB are required to submit reports to the regulator. However, the type, frequency, and submission deadlines of reports vary for each type of LJKNB.

Based on the frequency of periodic report submission, for example, some LJKNB are already required to submit monthly reports. Meanwhile, some other LJKNB are not yet required to submit monthly reports.

Therefore, in order to support more effective, integrated supervision of LJKNB and support LJKNB supervisory policy-making, as well as the need to provide faster industry statistics to strengthen early detection (early warning) of LJKNB in the context of creating financial system stability, all LJKNB are required to submit monthly reports completely, correctly, and on time.

II. ARTICLE BY ARTICLE

Article 1

Sufficiently clear.

Article 2

Paragraph (1)
What is meant by "correct" is in accordance with the actual conditions of the LJKNB and does not contain incorrect material information or facts.
What is meant by "complete" is containing all elements of the monthly report and not omitting material information or facts.
What is meant by "on time" is in accordance with the reporting deadlines established in this POJK.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
Letter a
Sufficiently clear.

Letter b
Sufficiently clear.

Letter c
Sufficiently clear.

Letter d
Sufficiently clear.

Letter e
Sufficiently clear.

Letter f
What is meant by "other reports according to the characteristics of each LJKNB" includes, for example, net asset reports for Pension Funds, solvency calculation reports for Insurance Companies, and monthly business activity reports for Guarantee Companies.

Paragraph (4)
Sufficiently clear.

Paragraph (5)
Sufficiently clear.

Paragraph (6)
Matters regulated in the OJK Circular include, among others, the format of monthly reports for each type of LJKNB.

Article 3

Paragraph (1)
Sufficiently clear.

Paragraph (2)
For example, if the 10th falls on a Saturday, the final deadline for report submission is the first working day, which is the following Monday.

Paragraph (3)
OJK will determine the submission deadline for Monthly Reports to LJKNB in the form of, among others, announcements.

Article 4

Paragraph (1)
Sufficiently clear.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
Sufficiently clear.

Paragraph (4)
What is meant by "member of the Board of Directors or equivalent official at the LJKNB" includes, among others, the Board of Directors of a Pension Fund or the Executive Director of the Indonesia Export Financing Institution.

Paragraph (5)
Sufficiently clear.

Paragraph (6)
Matters regulated in the OJK Circular include, among others, the mechanism for submitting monthly reports online and offline.

Article 5

Paragraph (1)
Sufficiently clear.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
OJK will notify LJKNB regarding technical difficulties experienced by OJK, among others, through announcements on the OJK website.

Article 6

Paragraph (1)
Sufficiently clear.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
Sufficiently clear.

Paragraph (4)
Sufficiently clear.

Paragraph (5)
The competence and propriety evaluation to be undergone by the directors or equivalent officials at the LJKNB is a re-evaluation of competence and propriety after becoming directors of the LJKNB as a sanction for violations committed by the LJKNB against the provisions of this OJK Regulation.

Article 7

Sufficiently clear.

Article 8

Sufficiently clear.

Article 9

Sufficiently clear.

Article 10

Sufficiently clear.

Article 11

Sufficiently clear.

Article 12

Sufficiently clear.

SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 5443