Financial Services Authority Regulation Number 55/POJK.05/2017 Concerning Periodic Reports of Insurance Companies

FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA
COPY
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 55/POJK.05/2017
CONCERNING
PERIODIC REPORTS OF INSURANCE COMPANIES
WITH THE GRACE OF GOD THE ALMIGHTY,
THE COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY, Considering: that in order to implement the provisions of Article 22 paragraph (6) and Article 60 paragraph (2) letter e of Law Number 40 of 2014 concerning Insurance, it is necessary to establish a Financial Services Authority Regulation concerning Periodic Reports of Insurance Companies; Recalling: 1. 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);
2. Law Number 40 of 2014 concerning Insurance (State Gazette of the Republic of Indonesia Year 2014 Number 337, Supplement to the State Gazette of the Republic of Indonesia Number 5618);
DECIDING:
Establish: FINANCIAL SERVICES AUTHORITY REGULATION CONCERNING PERIODIC REPORTS OF INSURANCE COMPANIES.

CHAPTER I
GENERAL PROVISIONS
Article 1
In this Financial Services Authority Regulation, the following terms are defined as:

1. Insurance Company is an insurance company, sharia insurance company, reinsurance company, sharia reinsurance company, insurance broker company, reinsurance broker company, and insurance loss adjuster company.
2. Insurance Company is a general insurance company and a life insurance company.
3. Reinsurance Company is a company that conducts reinsurance service business against risks faced by Insurance Companies, guarantee companies, or other reinsurance companies.
4. Sharia Insurance Company is a sharia general insurance company and a sharia life insurance company.
5. Sharia Reinsurance Company is 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.
6. Sharia Unit is a work unit at the headquarters of an Insurance Company or Reinsurance Company that functions as the parent office of offices outside the headquarters that conducts business based on sharia principles.
7. Insurance Broker Company is a company that conducts consultation and/or intermediary services in closing insurance or sharia insurance and handling claim settlements on behalf of and for the account of policyholders, insured parties, or participants.
8. Reinsurance Broker Company is a company that conducts consultation and/or intermediary services in placing reinsurance or sharia reinsurance and handling claim settlements 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.
9. Insurance Loss Adjuster Company is a company that conducts claim assessment services and/or consultation services on insurance objects.
10. Periodic Report is a report prepared by Insurance Companies for the benefit of the Financial Services Authority during a specific period.
11. Monthly Report is a report prepared by Insurance Companies for the benefit of the Financial Services Authority, covering the period from January 1 to the end of the relevant month.
12. Quarterly Report is a report prepared by Insurance Companies for the benefit of the Financial Services Authority, covering the period from January 1 to the end of the relevant quarter.
13. Semi-Annual Report is a report prepared by Insurance Companies for the benefit of the Financial Services Authority, covering the period from January 1 to the end of the relevant semester.
14. Annual Report is a report prepared by Insurance Companies for the benefit of the Financial Services Authority, covering the period from January 1 to the end of the relevant year.
15. Other Reports are reports prepared by Insurance Companies for the benefit of the Financial Services Authority other than Monthly Reports, Quarterly Reports, Semi-Annual Reports, and Annual Reports, submitted during a specific period.

CHAPTER II
PREPARATION OF PERIODIC REPORTS OF INSURANCE COMPANIES
Article 2
(1) Insurance Companies are required to prepare Periodic Reports completely and on time in accordance with the provisions in this Financial Services Authority Regulation.
(2) Periodic Reports as referred to in paragraph (1) consist of:
a. Monthly Reports; b. Quarterly Reports;
c. Semi-Annual Reports;
d. Annual Reports; and e. Other Reports.
(3) Periodic Reports as referred to in paragraph (1) for Insurance Companies, Sharia Insurance Companies, Reinsurance Companies, Sharia Reinsurance Companies, and Sharia Units are divided into the following types of reports:
a. Monthly Reports; b. Quarterly Reports;
c. Annual Reports; and
d. Other Reports.
(4) Periodic Reports as referred to in paragraph (1) for Insurance Broker Companies and Reinsurance Broker Companies are divided into the following types of reports:
a. Semi-Annual Reports; and b. Annual Reports.
(5) Periodic Reports as referred to in paragraph (1) for Insurance Loss Adjuster Companies consist of Annual Reports.

Article 3
(1) Monthly Reports and Quarterly Reports as referred to in Article 2 paragraph (2) letters a and b for Insurance Companies and Reinsurance Companies are Monthly Reports and Quarterly Reports as referred to in the Financial Services Authority Regulation concerning the financial health of insurance companies and reinsurance companies. (2) Monthly Reports and Quarterly Reports as referred to in Article 2 paragraph (2) letters a and b for Sharia Insurance Companies, Sharia Reinsurance Companies, and Sharia Units are Monthly Reports and Quarterly Reports as referred to in the Financial Services Authority Regulation concerning the financial health of insurance companies and reinsurance companies with sharia principles. (3) Semi-Annual Reports as referred to in Article 2 paragraph (2) letter c for Insurance Broker Companies and Reinsurance Broker Companies are Semi-Annual Reports as referred to in the Financial Services Authority Regulation concerning the conduct of business of insurance broker companies, reinsurance broker companies, and insurance loss adjuster companies.

Article 4
(1) Annual Reports as referred to in Article 2 paragraph (2) letter d consist of:
a. financial aspects; and b. management aspects.
(2) Financial aspects as referred to in paragraph (1) letter a for Insurance Companies, Sharia Insurance Companies, Reinsurance Companies, Sharia Reinsurance Companies, and Sharia Units are Annual Financial Reports as regulated in the Financial Services Authority Regulation concerning the financial health of insurance companies and reinsurance companies and the Financial Services Authority Regulation concerning the financial health of insurance companies and reinsurance companies with sharia principles. (3) Management aspects as referred to in paragraph (1) letter b for Insurance Companies, Sharia Insurance Companies, Reinsurance Companies, Sharia Reinsurance Companies, and Sharia Units consist of:
a. certificates or other evidence showing that the main parties have met the sustainability requirements as referred to in the Financial Services Authority Regulation concerning the assessment of competence and propriety for main parties in insurance companies, pension funds, financing companies, and guarantee companies; b. reports on the results of the assessment of the risk level at the end of the year as referred to in the Financial Services Authority Regulation concerning the assessment of the risk level of non-bank financial service institutions;
c. follow-up plans for the assessment of the risk level at the end of the year as referred to in the Financial Services Authority Regulation concerning the assessment of the risk level of non-bank financial service institutions;
d. reports on the results of self-assessment of the implementation of risk management by Insurance Companies and Reinsurance Companies as referred to in the Financial Services Authority Regulation concerning the implementation of risk management for non-bank financial service institutions; e. reports on the implementation of anti-fraud strategies as referred to in the Financial Services Authority Regulation concerning the conduct of business of insurance companies, sharia insurance companies, reinsurance companies, and sharia reinsurance companies; f. reports on the implementation of good corporate governance for Insurance Companies and Reinsurance Companies as referred to in the Financial Services Authority Regulation concerning good corporate governance for insurance companies; g. reports on the realization of business plans annually as referred to in the provisions of legislation concerning corporate plans and business plans of insurance companies, sharia insurance companies, reinsurance companies, and sharia reinsurance companies; h. insurance risk data reports as referred to in the Financial Services Authority Regulation concerning the maintenance and reporting of insurance risk data and the implementation of premium and contribution rates for property insurance and motor vehicle insurance business lines;
i. reports on the implementation of reinsurance placement as referred to in the Financial Services Authority Regulation concerning own retention and domestic reinsurance support;
j. annual actuarial reports as referred to in the Financial Services Authority Regulation concerning the financial health of insurance companies and reinsurance companies and the Financial Services Authority Regulation concerning the financial health of insurance companies and reinsurance companies with sharia principles; and k. other reports. (4) Financial aspects as referred to in paragraph (1) letter a for Insurance Broker Companies, Reinsurance Broker Companies, and Insurance Loss Adjuster Companies are Annual Reports as referred to in the Financial Services Authority Regulation concerning the conduct of business of insurance broker companies, reinsurance broker companies, and insurance loss adjuster companies. (5) Management aspects as referred to in paragraph (1) letter b for Insurance Broker Companies, Reinsurance Broker Companies, and Insurance Loss Adjuster Companies consist of:
a. reports on the results of self-assessment of the implementation of risk management by Insurance Broker Companies, Reinsurance Broker Companies, and Insurance Loss Adjuster Companies as referred to in the Financial Services Authority Regulation concerning the implementation of risk management for non-bank financial service institutions; b. reports on the implementation of good corporate governance for Insurance Broker Companies, Reinsurance Broker Companies, and Insurance Loss Adjuster Companies as referred to in the Financial Services Authority Regulation concerning good corporate governance for insurance companies; and
c. other reports.

Article 5
Other Reports as referred to in Article 2 paragraph (2) letter e for Insurance Companies, Sharia Insurance Companies, Reinsurance Companies, and Sharia Reinsurance Companies consist of:
a. reports on corporate plans and business plans as referred to in the Financial Services Authority Regulation concerning good corporate governance for insurance companies; b. reports on reinsurance/automatic retrocession programs as referred to in the Financial Services Authority Regulation concerning own retention and domestic reinsurance support;
c. reports on the implementation of education as referred to in the Financial Services Authority Regulation concerning consumer protection in the financial services sector;
d. reports on consumer complaints and follow-up on service and consumer settlement as referred to in the Financial Services Authority Regulation concerning consumer protection in the financial services sector; e. reports on the assessment of the implementation of integrated governance as referred to in the Financial Services Authority Regulation concerning the implementation of integrated governance for financial conglomerates, in the event that Insurance Companies, Sharia Insurance Companies, Reinsurance Companies, and Sharia Reinsurance Companies are the main entities; f. Annual Reports on the implementation of integrated governance as referred to in the Financial Services Authority Regulation concerning the implementation of integrated governance for financial conglomerates, in the event that Insurance Companies, Sharia Insurance Companies, Reinsurance Companies, and Sharia Reinsurance Companies are the main entities; g. reports on integrated risk profiles as referred to in the Financial Services Authority Regulation concerning the implementation of integrated risk management for financial conglomerates, in the event that Insurance Companies, Sharia Insurance Companies, Reinsurance Companies, and Sharia Reinsurance Companies are the main entities; h. reports on integrated capital adequacy as referred to in the Financial Services Authority Regulation concerning integrated minimum capital provision obligations for financial conglomerates, in the event that Insurance Companies, Sharia Insurance Companies, Reinsurance Companies, and Sharia Reinsurance Companies are the main entities;
i. reports on data update activity plans and data update realization reports as referred to in the Financial Services Authority Regulation concerning the implementation of anti-money laundering and counter-terrorism financing programs in the financial services sector; and
j. other reports.

Article 6
Provisions regarding the form, structure, and method of submission of Monthly Reports, Quarterly Reports, Semi-Annual Reports, Annual Reports, and Other Reports as referred to in Article 2 to Article 5 are regulated in a Circular Letter of the Financial Services Authority.

Article 7
The Board of Directors or equivalent of Insurance Companies are responsible for the preparation and presentation of Periodic Reports.

CHAPTER III
SUBMISSION OF PERIODIC REPORTS OF INSURANCE COMPANIES
Article 8
(1) Insurance Companies are required to submit Periodic Reports to the Financial Services Authority consisting of:
a. Monthly Reports, Quarterly Reports, Semi-Annual Reports, and Other Reports as referred to in Article 2 paragraph (2) letters a, b, c, and e submitted in accordance with the time limits regulated in the Financial Services Authority Regulation or other legislative provisions mandating the submission of such reports; and b. Annual Reports as referred to in Article 2 paragraph (2) letter d no later than April 30 of the following year. (2) If the final deadline for report submission as referred to in paragraph (1) falls on a holiday, the final deadline for report submission is the next working day.

CHAPTER IV
ADMINISTRATIVE SANCTIONS
Article 9
(1) Insurance Companies that do not comply with the provisions in Article 2 paragraph (1) and Article 8 paragraph (1) are subject to administrative sanctions consisting of:
a. written warnings; b. restrictions on business activities, for part or all of the business activities; and/or
c. revocation of business licenses.
(2) Administrative sanctions as referred to in paragraph (1) are carried out progressively.
(3) For Insurance Companies, Sharia Insurance Companies, Reinsurance Companies, Sharia Reinsurance Companies, and Sharia Units, late submission of Quarterly Reports as referred to in Article 2 paragraph (3) letter b and Annual Reports for financial aspects as referred to in Article 4 paragraph (2), in addition to administrative sanctions as referred to in paragraph (1), are subject to additional sanctions consisting of late payment fines as regulated in the Financial Services Authority Regulation concerning the financial health of insurance companies and reinsurance companies and the Financial Services Authority Regulation concerning the financial health of insurance companies and reinsurance companies with sharia principles. (4) For Insurance Broker Companies and Reinsurance Broker Companies, late submission of Semi-Annual Reports as referred to in Article 3 paragraph (3) and Annual Reports consisting of Annual Reports as referred to in Article 4 paragraph (4) letter a, in addition to administrative sanctions as referred to in paragraph (1), are subject to additional sanctions consisting of late payment fines as regulated in the Financial Services Authority Regulation concerning the conduct of business of insurance broker companies, reinsurance broker companies, and insurance loss adjuster companies. (5) For Insurance Loss Adjuster Companies, late submission of Annual Reports consisting of Annual Reports as referred to in Article 4 paragraph (4) letter a, in addition to administrative sanctions as referred to in paragraph (1), are subject to additional sanctions consisting of late payment fines as regulated in the Financial Services Authority Regulation concerning the conduct of business of insurance broker companies, reinsurance broker companies, and insurance loss adjuster companies. (6) In addition to administrative sanctions as referred to in paragraph (1), the Financial Services Authority may add additional sanctions consisting of:
a. prohibition on marketing insurance products for specific business lines; b. re-assessment of competence and propriety for controllers, directors, or boards of commissioners, or equivalents in Insurance Companies;
c. prohibition on Insurance Companies to be shareholders, controllers, or equivalents to shareholders and controllers in legal entities in the form of cooperatives or joint ventures, in Insurance Companies; and/or
d. prohibition on shareholders, controllers, directors, boards of commissioners, or equivalents to shareholders, controllers, directors, and boards of commissioners in legal entities in the form of cooperatives or joint ventures of Insurance Companies from becoming shareholders, controllers, directors, boards of commissioners, or equivalents to shareholders, controllers, directors, or boards of commissioners in legal entities in the form of cooperatives or joint ventures, in Insurance Companies.

Article 10
(1) Companies whose business licenses have been revoked and have an obligation to pay fines for late submission of Periodic Reports or failure to submit Periodic Reports remain obligated to pay fines as referred to in Article 9 paragraph (3), paragraph (4), and paragraph (5).
(2) For Companies whose business licenses have been revoked and do not submit Periodic Reports as referred to in paragraph (1), the calculation of the number of days of delay is calculated from the final deadline for the obligation to submit Periodic Reports up to 1 (one) day before the date of revocation of the business license, with a maximum limit for the imposition of fines as regulated in the Financial Services Authority Regulation concerning the financial health of insurance companies and reinsurance companies, the Financial Services Authority Regulation concerning the financial health of insurance companies and reinsurance companies with sharia principles, and the Financial Services Authority Regulation concerning the conduct of business of insurance broker companies, reinsurance broker companies, and insurance loss adjuster companies. (3) The procedure for collecting administrative fine sanctions follows the Financial Services Authority Regulation concerning the procedure for collecting administrative sanctions in the form of fines in the financial services sector. (4) Procedures and methods for imposing administrative sanctions follow the Financial Services Authority Regulation concerning procedures and methods for imposing administrative sanctions in the insurance sector and the blocking of assets of insurance companies, sharia insurance companies, reinsurance companies, and sharia reinsurance companies.

CHAPTER V
CLOSING PROVISIONS
Article 11
At the time this Financial Services Authority Regulation comes into force:
a. Financial Services Authority Regulation Number 3/POJK.05/2013 concerning Monthly Reports of Non-Bank Financial Service Institutions (State Gazette of the Republic of Indonesia Year 2013 Number 150, Supplement to the State Gazette of the Republic of Indonesia Number 5443) is declared invalid for Insurance Companies, Reinsurance Companies, Sharia Insurance Companies, Sharia Reinsurance Companies, and Sharia Units; b. provisions regarding the time limit for submission of certificates or other evidence showing that the main parties have met the sustainability requirements as referred to in Article 21 paragraph (5) of Financial Services Authority Regulation Number 4/POJK.05/2013 concerning the Assessment of Competence and Propriety for Main Parties in Insurance Companies, Pension Funds, Financing Companies, and Guarantee Companies (State Gazette of the Republic of Indonesia Year 2013 Number 231, Supplement to the State Gazette of the Republic of Indonesia Number 5474) are declared invalid for Insurance Companies;
c. provisions regarding the time limit for submission of reports on the results of the assessment of the risk level at the end of the year as referred to in Article 7 paragraph (1) letter a of Financial Services Authority Regulation Number 10/POJK.05/2014 concerning the Assessment of the Risk Level of Non-Bank Financial Service Institutions (State Gazette of the Republic of Indonesia Year 2014 Number 197, Supplement to the State Gazette of the Republic of Indonesia Number 5575) are declared invalid for Insurance Companies, Reinsurance Companies, Sharia Insurance Companies, Sharia Reinsurance Companies, and Sharia Units;
d. provisions regarding the time limit for submission of follow-up plans for the assessment of the risk level at the end of the year as referred to in Article 8 paragraph (4) letter a of Financial Services Authority Regulation Number 10/POJK.05/2014 concerning the Assessment of the Risk Level of Non-Bank Financial Service Institutions (State Gazette of the Republic of Indonesia Year 2014 Number 197, Supplement to the State Gazette of the Republic of Indonesia Number 5575) are declared invalid for Insurance Companies, Reinsurance Companies, Sharia Insurance Companies, Sharia Reinsurance Companies, and Sharia Units; e. provisions regarding the time limit for submission of reports on the results of self-assessment of the implementation of risk management as referred to in Article 6 paragraph (2) of Financial Services Authority Regulation Number 1/POJK.05/2015 concerning the Implementation of Risk Management for Non-Bank Financial Service Institutions (State Gazette of the Republic of Indonesia Year 2015 Number 69, Supplement to the State Gazette of the Republic of Indonesia Number 5682) are declared invalid for Insurance Companies; f. provisions regarding the time limit for submission of reports on the implementation of anti-fraud strategies as referred to in Article 72 paragraph (4) letter a of Financial Services Authority

Financial Services Authority Regulation Number 69/POJK.05/2016 concerning the Conduct of Business by Insurance Companies, Sharia Insurance Companies, Reinsurance Companies, and Sharia Reinsurance Companies (State Gazette of the Republic of Indonesia Year 2016 Number 302, Supplement to the State Gazette of the Republic of Indonesia Number 5992), is revoked and declared invalid;

g. provisions regarding the timing of submission of reports on the implementation of good corporate governance as referred to in Article 78 paragraph (2) of Financial Services Authority Regulation Number 73/POJK.05/2016 concerning Good Corporate Governance for Insurance Companies (State Gazette of the Republic of Indonesia Year 2016 Number 306, Supplement to the State Gazette of the Republic of Indonesia Number 5996), are revoked and declared invalid; and

h. provisions regarding the timing of submission of reports on the realization of the business plan annually as referred to in Roman VIII number 2 of Financial Services Authority Circular Letter 15/SEOJK.05/2014 concerning Corporate Plan and Business Plan of Insurance Companies, Sharia Insurance Companies, Reinsurance Companies, and Sharia Reinsurance Companies, are revoked and declared invalid.

Article 12
At the time this Financial Services Authority Regulation comes into force, provisions regulating the obligation to submit reports, the form and structure, and the procedure for submitting Periodic Reports for Insurance Companies are subject to this Financial Services Authority Regulation.

Article 13
This Financial Services Authority Regulation comes into force on the date of its promulgation.

This copy is consistent with the original
Director of Law 1
Legal Department signed
Yuliana

In order for everyone to know, order the promulgation of this Financial Services Authority Regulation by placing it in the State Gazette of the Republic of Indonesia.

Established in Jakarta on July 19, 2017

CHAIRMAN OF THE COMMISSIONERS BOARD
FINANCIAL SERVICES AUTHORITY, signed
MULIAMAN D. HADAD

Promulgated in Jakarta on July 31, 2017

MINISTER OF LAW AND HUMAN RIGHTS
REPUBLIC OF INDONESIA, signed
YASONNA H. LAOLY

STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2017 NUMBER 174