Form and Structure of Annual Actuarial Reports for the Health Social Security Managing Agency and the Labor Social Security Managing Agency

To:

1. The Board of Directors of the Health Social Security Managing Agency; and
2. The Board of Directors of the Labor Social Security Managing Agency,
   At their respective locations.

COPY

CIRCULAR LETTER OF THE FINANCIAL SERVICES AUTHORITY NUMBER 2 /SEOJK.05/2019

REGARDING

THE FORM AND STRUCTURE OF ANNUAL ACTUARIAL REPORTS OF THE HEALTH SOCIAL SECURITY MANAGING AGENCY AND THE LABOR SOCIAL SECURITY MANAGING AGENCY

In accordance with the mandate of Article 16 paragraph (10) of the Financial Services Authority Regulation Number 5/POJK.05/2013 concerning the Supervision of Social Security Managing Agencies by the Financial Services Authority (State Gazette of the Republic of Indonesia Year 2013 Number 258, Supplement to the State Gazette of the Republic of Indonesia Number 5487), it is necessary to regulate implementation provisions regarding the form and structure of annual actuarial reports of the Health Social Security Managing Agency and the Labor Social Security Managing Agency in this Circular Letter of the Financial Services Authority as follows:

I. GENERAL PROVISIONS

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

1. Social Security Managing Agency, hereinafter abbreviated as BPJS, is a Social Security Managing Agency as referred to in Law Number 24 of 2011 concerning Social Security Managing Agencies, which consists of BPJS Kesehatan and BPJS Ketenagakerjaan.

2. BPJS Kesehatan is a public legal entity established to implement health security programs as referred to in Law Number 24 of 2011 concerning Social Security Managing Agencies.

3. BPJS Ketenagakerjaan is a public legal entity established to implement work accident security, old age security, pension security, and death security programs as referred to in Law Number 24 of 2011 concerning Social Security Managing Agencies.

II. FORM AND STRUCTURE OF ANNUAL ACTUARIAL REPORTS

1. BPJS Kesehatan and BPJS Ketenagakerjaan are required to prepare annual actuarial reports for the health security program and for each labor security program for the period from January 1 to December 31.

2. The annual actuarial report as referred to in item 1 must be signed by the actuary of BPJS Kesehatan and BPJS Ketenagakerjaan.

3. The annual actuarial report as referred to in item 1 must be reviewed and assessed for presentation fairness by an independent actuary who is not affiliated with the management of BPJS Kesehatan and BPJS Ketenagakerjaan at least 1 (one) time within 3 (three) years.

4. The annual actuarial report as referred to in item 1 is prepared in accordance with the form and structure of the annual actuarial report of BPJS with the following provisions:
   a. for BPJS Kesehatan, using the form and structure as contained in Appendix I; and b. for BPJS Ketenagakerjaan, using the form and structure as contained in Appendix II, which are an integral part of this Circular Letter of the Financial Services Authority.

III. PROCEDURES FOR SUBMISSION OF ANNUAL ACTUARIAL REPORTS

1. BPJS Kesehatan and BPJS Ketenagakerjaan are required to submit annual actuarial reports to the Financial Services Authority no later than June 30 of the following year.

2. In the event that the submission deadline for the annual actuarial report as referred to in item 1 falls on a holiday, the submission deadline for the annual actuarial report is the first working day after the aforementioned deadline.

3. The annual actuarial report as referred to in item 1 is submitted to the Financial Services Authority online through the Financial Services Authority's data communication network system.

4. In the event that the Financial Services Authority's data communication network system as referred to in item 3 is not yet available, or experiences technical problems or force majeure, BPJS Kesehatan and BPJS Ketenagakerjaan must submit annual actuarial reports online via email to the Financial Services Authority.

5. In order to submit online via email as referred to in item 4, BPJS Kesehatan and BPJS Ketenagakerjaan must submit in writing to the Financial Services Authority the email address of BPJS Kesehatan and BPJS Ketenagakerjaan used for submitting annual actuarial reports to the Financial Services Authority.

6. BPJS Kesehatan and BPJS Ketenagakerjaan submit annual actuarial reports offline, in the event that online submission as referred to in item 4 cannot be performed due to technical problems or force majeure.

7. Submission of annual actuarial reports offline is conducted with written notification accompanied by supporting documents in the form of annual actuarial reports, either using media such as compact disc (CD) or other electronic data storage media, and sent to the Financial Services Authority via a letter signed by the Board of Directors, and addressed to:
   a. For BPJS Kesehatan:
   Financial Services Authority u.p. Director of Insurance and Health BPJS Supervision Wisma Mulia 2 Building, 15th Floor General Gatot Subroto Street Number 42 Jakarta 12710; and

   b. For BPJS Ketenagakerjaan:
   Financial Services Authority u.p. Director of Pension Funds and Labor BPJS Supervision Wisma Mulia 2 Building, 12th Floor General Gatot Subroto Street Number 42 Jakarta 12710.

8. In the event of a change in the address of the Financial Services Authority for the submission of annual actuarial reports as referred to in item 7, the Financial Services Authority will provide notification regarding the address change via letter or announcement through the Financial Services Authority's website.

9. Submission of annual actuarial reports offline as referred to in item 6 can be done in one of the following ways:
   a. handed over directly to the Financial Services Authority office; or b. sent via a courier service company.

10. In the event that the submission of annual actuarial reports is done offline as referred to in item 6, BPJS Kesehatan and BPJS Ketenagakerjaan must state that the submitted annual actuarial report is in the form of electronic data using media such as compact disc (CD) or other electronic data storage media consistent with the original document.

11. BPJS Kesehatan and BPJS Ketenagakerjaan are deemed to have submitted annual actuarial reports with the following provisions:
    a. for online submission through the Financial Services Authority's data communication network system, evidenced by a receipt from the Financial Services Authority's data communication network system; or b. for offline submission, evidenced by:
    1) a receipt letter from the Financial Services Authority, if the report is handed over directly; or

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

    2) a delivery receipt from the courier service company, if the report is sent via a courier service company.

IV. CLOSING

The provisions in this Circular Letter of the Financial Services Authority shall come into force on July 1, 2019.

Established in Jakarta on January 24, 2019

EXECUTIVE HEAD OF SUPERVISOR
OF INSURANCE, PENSION FUNDS,
FINANCING INSTITUTIONS, AND
OTHER FINANCIAL SERVICE INSTITUTIONS
FINANCIAL SERVICES AUTHORITY, signed
RISWINANDI

APPENDIX I
CIRCULAR LETTER OF THE FINANCIAL SERVICES AUTHORITY NUMBER 2 /SEOJK.05/2019 REGARDING THE FORM AND STRUCTURE OF ANNUAL ACTUARIAL REPORTS OF THE HEALTH SOCIAL SECURITY MANAGING AGENCY AND THE LABOR SOCIAL SECURITY MANAGING AGENCY

ANNUAL ACTUARIAL REPORT OF BPJS KESEHATAN
[SECURITY PROGRAM....] - [REPORTING PERIOD]

I. ACTUARIAL STATEMENT

This section must contain at least:

1. Actuarial information of BPJS Kesehatan including:
   a. name of the entity; b. name of the actuary;
   c. office address and telephone number;
   d. date of appointment; e. Ministry of Finance register; f. professional qualifications; and g. work experience (according to the scope of their duties).

2. Description of procedures carried out and compliance with sound actuarial practice standards.

3. Commitment to openness, truthfulness, and accuracy of the report.

4. Actuarial opinion and responsibility for the actuarial report, expressed in the following statement letter:

To the Supervisory Board and Board of Directors of BPJS Kesehatan

I, the undersigned, declare that:
a. All information submitted has been made based on professional actuarial judgment (professional judgement) and has applied adequate tests. b. The information presented in this actuarial report is true, accurate, and complete.
c. I am fully responsible for the assessment results in this actuarial report as a whole, including parts of the work delegated to others.
d. This report is prepared based on applicable statutory regulations and general actuarial principles. e. Other important information (if any or if required).

Place, date of creation
Signed.
Name
No. Register of Indonesian Actuaries Association (PAI)

II. BOARD OF DIRECTORS STATEMENT

We, the undersigned, declare that:

1. The liability determination procedure complies with statutory regulations.

2. The information provided to the actuary of BPJS Kesehatan in the annual actuarial report of BPJS Kesehatan for the year ... is true, accurate, and complete.

3. Understanding of the results and recommendations of the BPJS Kesehatan actuary.

4. Commitment to implement the recommendations outlined in this actuarial report.

5. Other important information (if any or if required).

Place, date of creation
Position*
Signed.
Name
*(Directors authorized according to internal mechanisms)

III. EXECUTIVE SUMMARY

This section contains:

1. Purpose of preparing the annual actuarial report;
2. Scope of the annual actuarial report;
3. Summary of assumptions and methods used;
4. Summary describing the estimated ability of BPJS Kesehatan to fulfill its future obligations;
5. Main conclusions (key finding) of the annual actuarial report;
6. Recommendations provided by the actuary to the Board of Directors of BPJS Kesehatan; and
7. Summary of main conclusions (key finding) compared with the main conclusions (key finding) of the annual actuarial report of the previous period.

IV. INTRODUCTION

This section contains:

1. Background and purpose of preparing the annual actuarial report;
2. Scope of the annual actuarial report;
3. Legal basis for the annual actuarial report; and
4. Materiality, reliance, limitations in preparing the annual actuarial report, and data sources in preparing the annual actuarial report.

V. FOLLOW-UP OF PREVIOUS PERIOD RECOMMENDATIONS

In this section, the actuary explains the following:

1. Recommendations not yet implemented:
   a. obstacles encountered (if any) and analysis of the recommendation; b. follow-up plan; and
   c. target to be achieved.

2. Recommendations currently being implemented:
   a. obstacles encountered (if any) and analysis of the recommendation; b. follow-up plan; and
   c. target to be achieved.

3. Recommendations completed:
   a. follow-up actions taken; b. obstacles encountered (if any); and
   c. results achieved.

VI. OVERVIEW OF SOCIAL SECURITY PROGRAMS

In this section, the actuary provides a description of the implementation of social security programs, at least including:

1. Health security programs provided;
2. Security management, including descriptions of membership overview, segmentation, and division of health security program regions;
3. Funding sources;
4. Financing and participant contributions; and
5. Benefit burden or claim data.

VII. DATA, ASSUMPTIONS, AND ANALYSIS

A. DATA

This section contains information regarding the data collection process, conditions, and presentation of data used in actuarial valuation, including:

1. Data management and data collection sources;
2. Data reliability: data accuracy, data completeness, and data validity;
3. Data reliability verification procedures, including describing:
   a. raw data received; b. validated raw data or corrected data;
   c. clean data ready for processing; and
   d. weaknesses in the data (if any); and
4. Presentation of data and statistics used for health security program actuarial valuation.

B. ASSUMPTIONS

In the assumption setting section, the actuary explains the following:

1. Basis for assumption setting:
   a. best estimate assumptions (estimation based on data); or b. assumptions due to data limitations;
2. Scenario explanation for projection assumption setting (worst, normal, best);
3. Presentation of relevant assumptions; and
4. If there are changes in assumptions from those used in the previous annual actuarial report, accompanied by an explanation of such assumption changes.

C. ANALYSIS

In the analysis section, the actuary presents the following:

1. Relevant analysis for data used;
2. Relevant analysis for assumptions used;
3. Participant demographic analysis, explaining:
   a. population conditions, including data related to age and gender; b. participant social conditions, including data related to employment and education;
   c. participant economic conditions, including data related to income and workplace; and
   d. macroeconomic conditions, including economic inflation;
4. Risk analysis, explaining the following:
   a. mortality risk occurring; b. morbidity risk occurring;
   c. accident risk; and
   d. other risks included in the scope of health security programs;
5. Social security program cost analysis, explaining data regarding average realization of benefit costs and average realization of program costs (if any);
6. Financing analysis, explaining data regarding revenue from contributions and revenue from non-contributions (if any); and
7. Change or growth analysis, explaining data as follows:
   a. participants participating in the security program; b. program financing or funding;
   c. benefit cost inflation; and
   d. guaranteed risk level.

VIII. METHOD OR MODELING OF SOCIAL SECURITY FUND ACTUARIAL LIABILITY VALUATION

This section explains the method or modeling of social security health fund actuarial liability valuation, including the following:

1. Technical reserve calculation procedure;
2. Technical reserve assumption setting (if there are changes from those used previously, accompanied by an explanation regarding the selection and change of such assumptions);
3. Technical reserve setting; and
4. Adequacy analysis of reserves based on ratio analysis experience.

IX. RESULTS OF SOCIAL SECURITY FUND ACTUARIAL LIABILITY VALUATION

This section presents the following:

1. Results of social security health fund actuarial liability valuation, which must at least cover matters related to cash flow projections and the financial health level of the social security program.

2. Explanation and analysis of the results of social security health fund actuarial liability valuation, including analysis or causes of changes in valuation results.

3. Estimation of BPJS Kesehatan's ability to maintain the solvency of the social security fund and fulfill future obligations in the form of financial projections for 5 (five) years into the future of the social security fund, asset and liability growth, and the financial health level of the social security fund.

The actuary makes an analysis of the following:
a. revenue and cost projections of the security program; b. financial position projections of the social security health fund; and
c. financial health projections of the social security health fund.

4. Sensitivity analysis regarding contribution amounts and social security health fund actuarial liabilities in relation to the adjustment of assumptions and projection parameters, to determine the level of influence on funding ability and benefit payment adequacy, by providing the following projection scenarios:
   a. Worst Scenario (adverse conditions occur in the future).
   The actuary performs stress tests to determine the impact of various events experienced in the future and scenarios on the financial health level position that could threaten the sustainability of the social security health fund implementation. In this scenario, the following occur:
   1) financial crisis causes the number of participants to decrease from the previous year's position;
   2) contribution collectibility decreases from normal conditions;
   3) inflation increase against best estimates;
   4) investment rate decrease from best estimates;
   5) morbidity rate increase from normal assumptions; and
   6) catastrophic diseases according to statutory regulations.

   b. Normal Scenario (normal conditions occur).
   The actuary performs a scenario where normal performance conditions will be experienced in the future. Normal performance condition scenarios can be assumed based on historical data.

   c. Best Scenario (best performance conditions are achieved).
   The actuary performs a scenario where the best performance conditions will be experienced in the future. In this scenario, assumptions include the following:
   1) contribution collectibility increases compared to normal conditions;
   2) investment results increase compared to normal assumptions; and
   3) morbidity rate decreases compared to normal assumptions.

X. ASSET AND LIABILITY MATCHING OF SOCIAL SECURITY FUNDS

In the section on asset and liability matching of social security funds, the actuary explains the following:

1. Social security health fund asset and liability management procedures;
2. Summary of asset investment policies;
3. Social security health fund asset portfolio investment results and asset-liability matching analysis of BPJS Kesehatan, including rate of return, duration, and liquidity; and
4. Asset-liability matching analysis of social security health funds, which must at least include:
   a. cash flow analysis; and b. asset and liability maturity analysis of social security health funds.

XI. OTHER AREAS REQUIRING ATTENTION

The actuary must provide descriptions of other matters that the actuary considers important to disclose, especially those that have the potential to negatively affect BPJS Kesehatan.

Furthermore, the actuary may provide a brief description if there is material information and/or facts occurring and considered necessary to

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

be submitted to the Financial Services Authority, after the actuarial report date.

XII. CONCLUSIONS AND RECOMMENDATIONS

The actuary outlines the results of the analysis of the preparation of the annual actuarial report of BPJS Kesehatan and provides recommendations for the preparation of such annual actuarial report with the following criteria:
a. specific; b. measurable;
c. achievable;
d. result-oriented; and e. time-bound.

Established in Jakarta on January 24, 2019

EXECUTIVE HEAD OF SUPERVISOR
OF INSURANCE, PENSION FUNDS,
FINANCING INSTITUTIONS, AND
OTHER FINANCIAL SERVICE INSTITUTIONS
FINANCIAL SERVICES AUTHORITY, signed
RISWINANDI

APPENDIX II
CIRCULAR LETTER OF THE FINANCIAL SERVICES AUTHORITY NUMBER 2 /SEOJK.05/2019 REGARDING THE FORM AND STRUCTURE OF ANNUAL ACTUARIAL REPORTS OF THE HEALTH SOCIAL SECURITY MANAGING AGENCY AND THE LABOR SOCIAL SECURITY MANAGING AGENCY

ANNUAL ACTUARIAL REPORT OF BPJS KETENAGAKERJAAN [SECURITY PROGRAM....] - [REPORTING PERIOD]

I. ACTUARIAL STATEMENT

This section must contain at least:

1. Actuarial information of BPJS Ketenagakerjaan including:
   a. name of the entity; b. name of the actuary;
   c. office address and telephone number;
   d. date of appointment; e. Ministry of Finance register; f. professional qualifications; and g. work experience (according to the scope of their duties).

2. Description of procedures carried out and compliance with sound actuarial practice standards.

3. Commitment to openness, truthfulness, and accuracy of the report.

4. Actuarial opinion and responsibility for the actuarial report, expressed in the following statement letter:

To the Supervisory Board and Board of Directors of BPJS Ketenagakerjaan

I, the undersigned, declare that:
a. All information submitted has been made based on professional actuarial judgment (professional judgement) and has applied adequate tests. b. The information presented in this actuarial report is true, accurate, and complete.
c. I am fully responsible for the assessment results in this actuarial report as a whole, including parts of the work delegated to others.
d. This report is prepared based on applicable statutory regulations and general actuarial principles. e. Other important information (if any or if required).

Place, date of creation
Signed.
Name
No. Register of Indonesian Actuaries Association (PAI)

II. BOARD OF DIRECTORS STATEMENT

We, the undersigned, declare that:

1. The liability determination procedure complies with statutory regulations.

2. The information provided to the actuary of BPJS Ketenagakerjaan in the annual actuarial report of BPJS Ketenagakerjaan for the year ... is true, accurate, and complete.

3. Understanding of the results and recommendations of the BPJS Ketenagakerjaan actuary.

4. Commitment to implement the recommendations outlined in this actuarial report.

5. Other important information (if any or if required).

Place, date of creation
Position*
Signed.
Name
*(Directors authorized according to internal mechanisms)

III. EXECUTIVE SUMMARY

This section contains:

1. Purpose of preparing the annual actuarial report;
2. Scope of the annual actuarial report;
3. Summary of assumptions and methods used;
4. Summary describing the estimated ability of BPJS Ketenagakerjaan to fulfill its future obligations;
5. Main conclusions (key finding) of the annual actuarial report;
6. Recommendations provided by the actuary to the Board of Directors of BPJS Ketenagakerjaan; and
7. Summary of main conclusions (key finding) compared with the main conclusions (key finding) of the annual actuarial report of the previous period.

IV. INTRODUCTION
This section contains:

1. the background and purpose of preparing the annual actuarial report;
2. the scope of the annual actuarial report;
3. the legal basis for the annual actuarial report; and
4. materiality, reliance, limitation in preparing the annual actuarial report, and data sources in preparing the annual actuarial report.

V. FOLLOW-UP ON PREVIOUS PERIOD RECOMMENDATIONS
In this section, the actuary explains the following:

1. Recommendations not yet implemented:
   a. obstacles encountered (if any) and analysis of the recommendation; b. follow-up plan; and
   c. targets to be achieved.
2. Recommendations currently being implemented:
   a. obstacles encountered (if any) and analysis of the recommendation; b. follow-up plan; and
   c. targets to be achieved.
3. Recommendations completed:
   a. follow-up actions taken; b. obstacles encountered (if any); and
   c. results achieved.

VI. OVERVIEW OF THE SOCIAL SECURITY PROGRAM
In this section, the actuary provides an overview of the implementation of the social security program, at least covering:
a. each of the provided security programs; b. the management of each provided security program, including an overview of membership and segmentation;
c. funding sources;
d. funding and participant contributions; and e. benefit burden or claim data.

VII. DATA, ASSUMPTIONS, AND ANALYSIS
A. DATA
This section contains information regarding the data collection process, data conditions, and presentation of data used in the actuarial valuation, including:

1. data management and data collection sources;
2. data reliability: data accuracy, data completeness, and data validity;
3. data reliability verification procedures, including describing:
   a. raw data received; b. validated raw data or corrected data;
   c. clean data ready for processing; and
   d. weaknesses in the data (if any); and
4. presenting data and statistics used for actuarial valuation purposes, according to each security program.

B. ASSUMPTIONS
In the assumption setting section, the actuary explains for each provided security program the following:

1. basis for setting assumptions:
   a. best estimate assumptions (estimation based on data); or b. assumptions due to data limitations;
2. explanation of scenarios for assumption projection (worst, normal, best);
3. presenting relevant assumptions for each security program, including:
   a. demographic assumptions, including birth rates, dropout rates, migration, and others; b. labor assumptions, including labor force participation rates, working labor force rates, proportion of wage-earning and non-wage-earning workers, lapse rates, and re-employment rates;
   c. economic assumptions, including wage increase rates, inflation rates, GDP growth rates, healthcare and medical cost increase rates in the death security program and work accident security program, transportation cost increase rates in the death security program and work accident security program, actuarial interest rates, old age security development rates, and pension security development rates; or
   d. other assumptions, such as operational funds and retirement age; and
4. if there are changes in assumptions from those used in the previous annual actuarial report, accompanied by an explanation of the assumption changes.

C. ANALYSIS
In the analysis section, the actuary presents the following:

1. relevant analysis for the data used; and
2. relevant analysis for the assumptions used.

VIII. METHOD OR MODELING OF SOCIAL SECURITY FUND ACTUARIAL LIABILITY VALUATION
This section explains the method or modeling of social security fund actuarial liability valuation for the labor sector according to each program, including:

1. death security and work accident security programs related to technical reserve valuation methods;
2. old age security program related to liability maturity valuation methods; and
3. for the pension security program related to valuation methods, such as liability maturity, due liabilities, promised present value, and cash flow projection.

IX. ACTUARIAL LIABILITY VALUATION RESULTS
This section presents the following:

1. Actuarial liability valuation results for the labor social security fund according to each program, at least covering:
   a. death security and work accident security programs related to technical reserve valuation results; b. old age security program related to liability maturity valuation results;
   c. pension security program related to valuation methods including liability maturity, due liabilities, promised present value, and cash flow projection; and
   d. the financial health level of each program.
2. Explanation and analysis of the actuarial liability valuation results for the labor social security fund according to each program, including analysis or causes of changes in valuation results.
3. Estimation of BPJS Ketenagakerjaan's ability to maintain the solvency of the social security fund and meet future obligations through a 5 (five) year financial projection of the social security fund, asset and liability growth, and the financial health level of the social security fund.
   Actuaries make an analysis of the following:
   a. revenue and cost projections for each security program; b. financial position projections for the labor social security fund; and
   c. financial health projections for the labor social security fund.
4. Sensitivity analysis regarding contribution amounts and actuarial liabilities of the labor social security fund in relation to adjustments in assumptions and projection parameters, to determine their impact on funding ability and benefit payment adequacy, by providing the following projection scenarios:
   a. Worst Scenario (adverse conditions occur in the future). Actuaries perform stress tests to determine the impact of various events experienced in the future and scenarios on the financial health level position that could threaten the sustainability of the labor social security fund program. In this scenario, the following occur:

1. financial crisis causes the number of participants to decrease from the previous year's position;
2. contribution collectibility decreases from normal conditions;
3. inflation increase against the best estimate;
4. investment rate decrease from the best estimate; and
5. mortality rate increase from normal assumptions.
   b. Normal Scenario (conditions that usually occur). Actuaries perform a scenario where normal performance conditions will be experienced in the future. Normal performance condition scenarios can be assumed based on historical data.
   c. Best Scenario (best performance conditions are achieved). Actuaries perform a scenario where the best performance conditions will be experienced in the future. In this scenario, the following assumptions occur:
6. contribution collectibility increases compared to normal conditions;
7. investment results increase compared to normal assumptions; and
8. mortality rate decreases compared to normal assumptions.

X. MATCHING OF SOCIAL SECURITY FUND ASSETS AND LIABILITIES
In the section on matching social security fund assets and liabilities, the actuary explains the following:

1. procedures for managing assets and liabilities of the labor social security fund;
2. summary of asset investment policies;
3. investment results of the labor social security fund asset portfolio and analysis of asset-liability matching for BPJS Ketenagakerjaan, including rate of return, duration, and liquidity; and
4. analysis of asset-liability matching for the labor social security fund, at least including:
   a. cash flow analysis; and b. asset and liability maturity analysis for the labor social security fund.

XI. OTHER AREAS REQUIRING ATTENTION
The actuary must provide an explanation of other matters that the actuary deems important to disclose, especially those that have the potential to negatively affect BPJS Ketenagakerjaan. Furthermore, the actuary may provide a brief explanation if there is material information and/or facts that occur and are deemed necessary to be conveyed to the Financial Services Authority after the actuarial reporting date.

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

XII. CONCLUSION AND RECOMMENDATIONS
The actuary outlines the results of the annual actuarial report preparation analysis for BPJS Ketenagakerjaan and provides recommendations for the preparation of the annual actuarial report with the following criteria:
a. specific; b. measurable;
c. achievable;
d. result-oriented; and e. time-bound.

Established in Jakarta on January 24, 2019
EXECUTIVE HEAD OF INSURANCE, PENSION FUND,
FINANCING INSTITUTION, AND
OTHER FINANCIAL SERVICE INSTITUTIONS SUPERVISOR FINANCIAL SERVICES AUTHORITY, signed RISWINANDI