OJK Circular 22/SEOJK.05/2023 on Monthly Financial Reports of Social Security Implementing Agencies and Social Security Funds

To:

1. The Board of Directors of the Social Security Health Implementing Agency; and
2. The Board of Directors of the Social Security Employment Implementing Agency; At their respective locations.

COPY

CIRCULAR OF THE FINANCIAL SERVICES AUTHORITY REPUBLIC OF INDONESIA NUMBER 22/SEOJK.05/2023

CONCERNING MONTHLY FINANCIAL REPORTS OF SOCIAL SECURITY IMPLEMENTING AGENCIES AND MONTHLY FINANCIAL REPORTS OF SOCIAL SECURITY FUNDS

In relation to the mandate of Article 16 paragraph (10) of the Financial Services Authority Regulation Number 5/POJK.05/2013 concerning the Supervision of Social Security Implementing 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) as amended by the Financial Services Authority Regulation Number 1 of 2023 concerning Amendments to the Financial Services Authority Regulation Number 5/POJK.05/2013 concerning the Supervision of Social Security Implementing Agencies by the Financial Services Authority (State Gazette of the Republic of Indonesia Year 2023 Number 2/OJK, Supplement to the State Gazette of the Republic of Indonesia Number 28/OJK), it is necessary to regulate provisions regarding the form and structure of monthly financial reports of social security implementing agencies and monthly financial reports of social security funds in the Financial Services Authority Circular as follows:

I. GENERAL PROVISIONS

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

1. Social Security Implementing Agency, hereinafter abbreviated as BPJS, is the social security implementing agency as referred to in Law Number 24 of 2011 concerning Social Security Implementing Agencies as amended by Law Number 6 of 2023 concerning the Determination of Government Regulation in Lieu of Law Number 2 of 2022 concerning Job Creation into Law, which consists of BPJS Kesehatan and BPJS Ketenagakerjaan.
2. BPJS Kesehatan is a public legal entity established to implement the health insurance program as referred to in Law Number 24 of 2011 concerning Social Security Implementing Agencies as amended by Law Number 6 of 2023 concerning the Determination of Government Regulation in Lieu of Law Number 2 of 2022 concerning Job Creation into Law.
3. BPJS Ketenagakerjaan is a public legal entity established to implement the work accident insurance, old age security, pension insurance, death insurance, and job loss insurance programs as referred to in Law Number 24 of 2011 concerning Social Security Implementing Agencies as amended by Law Number 6 of 2023 concerning the Determination of Government Regulation in Lieu of Law Number 2 of 2022 concerning Job Creation into Law.
4. Social Security Fund, hereinafter abbreviated as DJS, is the Social Security Fund as referred to in Law Number 24 of 2011 concerning Social Security Implementing Agencies as amended by Law Number 6 of 2023 concerning the Determination of Government Regulation in Lieu of Law Number 2 of 2022 concerning Job Creation into Law, which consists of DJS Kesehatan and DJS Ketenagakerjaan.
5. DJS Kesehatan is a trust fund belonging to all health insurance participants, which is the collection of contributions plus the results of its development managed by BPJS Kesehatan for benefit payments to participants and operational financing of the social security program implementation.
6. DJS Ketenagakerjaan is a trust fund belonging to all participants of work accident insurance, old age security, pension insurance, death insurance, and job loss insurance, which is the collection of contributions plus the results of its development managed by BPJS Ketenagakerjaan for benefit payments to participants and operational financing of the social security program implementation.
7. Monthly Financial Report of BPJS, hereinafter abbreviated as LK BPJS, is the financial report of BPJS Kesehatan and BPJS Ketenagakerjaan as legal entities, covering the period from the 1st to the last day of the current month, and submitted according to the form and structure of monthly financial reports and according to the procedures determined by the Financial Services Authority.
8. Monthly Financial Report of DJS, hereinafter abbreviated as LK DJS, is the financial report of DJS Kesehatan and DJS Ketenagakerjaan, covering the period from the 1st to the last day of the current month, and submitted according to the form and structure of monthly financial reports and according to the procedures determined by the Financial Services Authority.

II. TYPES, FORMS, AND STRUCTURE OF MONTHLY FINANCIAL REPORTS

1. The types of LK BPJS include: a. main financial reports, which consist of:

1. statement of financial position;
2. statement of financial performance;
3. statement of changes in equity; and
4. statement of cash flows; b. appendices to the main financial reports, which consist of:
5. investment assets;
6. investment returns;
7. financial ratios; and
8. other important information; c. details of the main financial reports, which consist of:
9. recapitulation of assets and liabilities;
10. details of investment types;
11. details of investment properties; and
12. details of compliance with investment regulations for government securities.

2. The types of LK DJS, which are the financial reports for the health insurance program, include: a. main financial reports, which consist of:

1. statement of financial position;
2. statement of activities;
3. statement of cash flows; and
4. statement of changes in net assets; b. appendices to the main financial reports, which consist of:
5. investment assets;
6. investment returns; and
7. financial ratios; c. details of the main financial reports, which consist of:
8. maturity of assets and liabilities;
9. details of investment types;
10. details of contribution receivables;
11. report on contingent assets for regional government contribution arrears; and
12. membership report.

3. The types of LK DJS, which are: a. work accident insurance program, include:

1. main financial reports, which consist of: a) statement of financial position; b) statement of comprehensive income; c) statement of changes in net assets; and d) statement of cash flows;
2. appendices to the main financial reports, which consist of: a) investment assets; b) investment returns; and c) financial ratios;
3. details of the main financial reports, which consist of: a) maturity of assets and liabilities; b) details of investment types; c) details of investment properties; and d) details of contribution receivables; b. death insurance program, include:
4. main financial reports, which consist of: a) statement of financial position; b) statement of comprehensive income; c) statement of changes in net assets; and d) statement of cash flows;
5. appendices to the main financial reports, which consist of: a) investment assets; b) investment returns; and c) financial ratios;
6. details of the main financial reports, which consist of: a) maturity of assets and liabilities; b) details of investment types; c) details of investment properties; and d) details of contribution receivables; c. old age security program, include:
7. main financial reports, which consist of: a) statement of net assets; and b) statement of changes in net assets;
8. appendices to the main financial reports, which consist of: a) investment assets; b) investment returns; and c) financial ratios;
9. details of the main financial reports, which consist of: a) maturity of assets and liabilities; b) details of investment types; c) details of investment properties; and d) details of contribution receivables; d. job loss insurance program, include:
10. main financial reports, which consist of: a) statement of financial position; b) statement of comprehensive income; c) statement of changes in net assets; and d) statement of cash flows;
11. appendices to the main financial reports, which consist of: a) investment assets; b) investment returns; and c) financial ratios;
12. details of the main financial reports, which consist of: a) maturity of assets and liabilities; b) details of investment types; c) details of investment properties; and d) details of contribution receivables; and e. pension insurance program, include:
13. main financial reports, which consist of: a) statement of net assets; and b) statement of changes in net assets;
14. appendices to the main financial reports, which consist of: a) investment assets; b) investment returns; and c) financial ratios;
15. details of the main financial reports, which consist of: a) maturity of assets and liabilities; b) details of investment types; c) details of investment properties; and d) details of contribution receivables.

4. The form, structure, and guidelines for preparing monthly financial reports for: a. BPJS Kesehatan are contained in Appendix I; b. BPJS Ketenagakerjaan are contained in Appendix II; c. DJS Kesehatan for the health insurance program are contained in Appendix III; d. DJS Ketenagakerjaan for the work accident insurance program are contained in Appendix IV; e. DJS Ketenagakerjaan for the death insurance program are contained in Appendix V; f. DJS Ketenagakerjaan for the old age security program are contained in Appendix VI; g. DJS Ketenagakerjaan for the job loss insurance program are contained in Appendix VII; and h. DJS Ketenagakerjaan for the pension insurance program are contained in Appendix VIII, which are an integral part of this Financial Services Authority Circular.

5. LK BPJS and LK DJS must be accompanied by a director's statement of responsibility regarding LK BPJS and LK DJS as contained in Appendix IX, which is an integral part of this Financial Services Authority Circular.

III. TIME FOR SUBMISSION OF MONTHLY FINANCIAL REPORTS

1. BPJS must submit LK BPJS and LK DJS to the Financial Services Authority no later than the 10th (ten) of the following month.
2. In the event that the 10th (ten) as referred to in item 1 falls on a Saturday, Sunday, and/or holiday, the deadline for submitting monthly financial reports becomes the next working day.
3. In the event that the submission date of the monthly financial report as referred to in item 1 or item 2 falls on a national holiday or joint holiday, the Financial Services Authority has the authority to determine the deadline for submitting monthly financial reports.

IV. PROCEDURES FOR SUBMISSION OF MONTHLY FINANCIAL REPORTS

1. Submission of monthly financial reports is carried out online through the Financial Services Authority's data communication network system.
2. In the event that the Financial Services Authority's data communication network system as referred to in item 1 is not yet available, experiences technical disturbances, or experiences force majeure, BPJS must submit monthly financial reports online via email to the Financial Services Authority.
3. In the event that the Financial Services Authority's data communication network system experiences technical disturbances or force majeure as referred to in item 2, the Financial Services Authority informs the occurrence of technical disturbances or force majeure in writing and delivered: a. through the Financial Services Authority's data communication network system; and/or b. via email from the official email address of the Financial Services Authority.
4. Force majeure as referred to in item 2 and item 3 includes, among others, fire, mass riots, war, armed conflict, sabotage, pandemic, cyber attacks, and/or natural disasters such as earthquakes or floods.
5. In the event that BPJS must submit monthly financial reports online via email to the Financial Services Authority as referred to in item 2, the Financial Services Authority provides BPJS with the email address used for the submission of monthly financial reports.
6. In the event of submission online via email as referred to in item 2, BPJS must submit in writing to the Financial Services Authority the email address of BPJS used for the submission of monthly financial reports to the Financial Services Authority.
7. In the event that the Financial Services Authority's data communication network and email system as referred to in item 1 and item 2 experience technical disturbances or force majeure, or BPJS experiences technical disturbances so that it cannot submit monthly financial reports online, monthly financial reports are submitted offline in the form of electronic copies (soft file) and sent to the Financial Services Authority via a letter signed by the directors with the following provisions: a. For LK BPJS Kesehatan and LK DJS Kesehatan addressed to: Financial Services Authority u.p. Director of Life Insurance Supervision Wisma Mulia 2 Building, 12th Floor Jalan Jenderal Gatot Subroto Kav. 40 Jakarta 12710. b. For LK BPJS Ketenagakerjaan and LK DJS Ketenagakerjaan addressed to: Financial Services Authority u.p. Director of Pension Fund Supervision Wisma Mulia 2 Building, 12th Floor Jalan Jenderal Gatot Subroto Kav. 40 Jakarta 12710.
8. In the event of a change in the email address of the Financial Services Authority as referred to in item 3 letter b and/or change in the address of the Financial Services Authority office as referred to in item 7, the Financial Services Authority will convey the change of address via letter or announcement.
9. Submission of monthly financial reports offline as referred to in item 7 is carried out by: a. handing it directly to the Financial Services Authority office; or b. sending it through a courier service company.
10. Submission of monthly financial reports offline is delivered to the Financial Services Authority on working days and Financial Services Authority working hours.
11. BPJS is deemed to have submitted monthly financial reports with the following provisions: a. for online submission via:

1. Financial Services Authority's data communication network system proven by a receipt from the Financial Services Authority's data communication network system; or
2. email to the Financial Services Authority proven by a receipt from the Financial Services Authority in the event that submission through the data communication network system cannot be done. b. for offline submission:
3. directly to the Financial Services Authority office address proven by a receipt from the Financial Services Authority; or
4. through a courier service proven by a receipt from the courier service.

12. The Financial Services Authority may request original documents in printed form of monthly financial reports that have been submitted by BPJS through the Financial Services Authority's data communication network system or email.

V. CLOSING PROVISIONS

1. At the time this Financial Services Authority Circular takes effect, Financial Services Authority Circular Number 5/SEOJK.05/2014 concerning Monthly Financial Reports of Social Security Implementing Agencies and Monthly Financial Reports of Social Security Funds is revoked and declared invalid.
2. This Financial Services Authority Circular takes effect on January 1, 2024.

Determined in Jakarta on December 7, 2023

EXECUTIVE HEAD OF INSURANCE, INSURANCE, AND PENSION FUND SUPERVISOR FINANCIAL SERVICES AUTHORITY REPUBLIC OF INDONESIA, OGI PRASTOMIYONO signed

APPENDIX I CIRCULAR OF THE FINANCIAL SERVICES AUTHORITY REPUBLIC OF INDONESIA NUMBER 22/SEOJK.05/2023 CONCERNING MONTHLY FINANCIAL REPORTS OF SOCIAL SECURITY IMPLEMENTING AGENCIES AND MONTHLY FINANCIAL REPORTS OF SOCIAL SECURITY FUNDS

• 2 - MONTHLY FINANCIAL REPORTS BPJS KESEHATAN

A. STATEMENT OF FINANCIAL POSITION

ASSETS Current Assets Cash and cash equivalents Time deposits Operational expense receivables Advances receivables Investment receivables Investment return receivables Other receivables Advances Taxes paid in advance Prepaid expenses Short-term investments Office supplies Assets held for sale Other current assets Total Current Assets

Non-Current Assets Long-term investments Investments in associates and subsidiaries Investment properties Fixed assets Finance lease right-of-use assets Intangible assets Deferred tax assets Other non-current assets Total Non-Current Assets

TOTAL ASSETS

LIABILITIES Short-Term Liabilities Payables to third parties Tax payables Contributions payable to programs Incentive payables Accrued expenses Unearned revenue Other short-term liabilities Short-term lease liabilities Total Short-Term Liabilities

Long-Term Liabilities Unearned revenue Post-employment benefit liabilities Deferred tax liabilities Other long-term liabilities Long-term lease liabilities Total Long-Term Liabilities

TOTAL LIABILITIES

EQUITY Capital Balance of fair value adjustments of available-for-sale financial assets Balance of actuarial gains (losses) on defined benefit post-employment liabilities Balance of other comprehensive income share of associates and subsidiaries Balance of exchange differences with non-controlling interests Balance of combination differences and business disposals between entities under common control Balance of net income (expense)

TOTAL EQUITY

TOTAL LIABILITIES AND EQUITY

• 3 - B. STATEMENT OF FINANCIAL PERFORMANCE

OPERATING REVENUE Operating revenue from health insurance program implementation

OPERATING EXPENSES Operating expenses from health insurance program implementation

TOTAL OPERATING INCOME (EXPENSE)

NON-OPERATING REVENUE AND EXPENSES Investment income Other income Investment expenses Interest expenses Incentive expenses Social and environmental responsibility expenses Other expenses Share of profit (loss) of associates and subsidiaries

TOTAL NON-OPERATING INCOME (EXPENSE)

INCOME (EXPENSE) BEFORE TAX Income tax expense

NET INCOME (EXPENSE)

OTHER COMPREHENSIVE INCOME (EXPENSE) Fair value adjustments of available-for-sale financial assets Actuarial gains (losses) on defined benefit post-employment liabilities Share of other comprehensive income of associates and subsidiaries

TOTAL OTHER COMPREHENSIVE INCOME (EXPENSE)

COMPREHENSIVE INCOME (EXPENSE)

• 4 - C. STATEMENT OF CHANGES IN EQUITY

Description | Capital | Balance of fair value adjustments of available-for-sale financial assets | Balance of actuarial gains (losses) on defined benefit post-employment liabilities | Balance of other comprehensive income share of associates and subsidiaries | Balance of exchange differences with non-controlling interests | Balance of combination differences and business disposals between entities under common control | Balance of net income (expense) | Total Equity

BALANCE AT THE BEGINNING OF THE PREVIOUS PERIOD Additional capital Net income (expense) Contributions to health programs Fair value adjustments of available-for-sale financial assets Actuarial gains (losses) on defined benefit post-employment liabilities Share of other comprehensive income of associates and subsidiaries Exchange differences with non-controlling interests Combination differences and business disposals between entities under common control

BALANCE AT THE END OF THE PREVIOUS PERIOD Additional capital Net income (expense) Contributions to health programs Fair value adjustments of available-for-sale financial assets Actuarial gains (losses) on defined benefit post-employment liabilities Share of other comprehensive income of associates and subsidiaries Exchange differences with non-controlling interests Combination differences and business disposals between entities under common control

BALANCE AT THE END OF THE CURRENT PERIOD

• 5 - D. STATEMENT OF CASH FLOWS

OPERATING ACTIVITIES

RECEIPTS Health insurance program operations Others Total Operating Activity Receipts

DISBURSEMENTS Health insurance program operations Others Total Operating Activity Disbursements

NET CASH FLOW FROM OPERATING ACTIVITIES

INVESTING ACTIVITIES

RECEIPTS Investment disposals Investment returns Fixed asset disposals Others

DISBURSEMENTS Investment acquisitions Investment expenses Fixed asset acquisitions Others

NET CASH FLOW FROM INVESTING ACTIVITIES

FINANCING ACTIVITIES

RECEIPTS Repayment of advances from health insurance programs Government capital deposits Others

DISBURSEMENTS Contributions to health insurance programs Provision of advances to health insurance programs Others

NET CASH FLOW FROM FINANCING ACTIVITIES

INCREASE (DECREASE) IN CASH

CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD

• 6 - E. INVESTMENT ASSETS

I. Cash Equivalent Investments a. Deposits b. Certificates of deposit c. Deposit on call Sub Total

II. Short-Term Investments a. Deposits b. Certificates of deposit c. Stocks listed on the stock exchange d. Corporate bonds and corporate sukuk e. Securities issued by the State of RI f. Securities issued by Bank Indonesia g. Mutual funds h. Collective investment contracts for asset-backed securities i. Real estate investment funds j. Repurchase agreement (repo) k. Others Sub Total

III. Long-Term Investments a. Deposits b. Certificates of deposit c. Corporate bonds and corporate sukuk d. Securities issued by the State of RI e. Securities issued by Bank Indonesia f. Mutual funds g. Direct investments h. Collective investment contracts for asset-backed securities i. Real estate investment funds j. Others Sub Total

IV. Investments in Associates and Subsidiaries a. Direct investments b. Stocks listed on the stock exchange Sub Total

V. Investments in Properties a. Land b. Buildings c. Land with buildings Sub Total

VI. Others

TOTAL INVESTMENTS

• 7 - F. INVESTMENT RETURNS

Investment Type | Net Investment Return | Beginning Balance of Investments | Ending Balance of Investments | Average Investments | Investment Return Ratio (a) | (b) | (c) | (d) | (e)=((c+d):2) | (f)=(b:e)

I. Cash Equivalent Investments a. Deposits b. Certificates of deposit c. Deposit on call Sub Total

II. Short-Term Investments a. Deposits b. Certificates of deposit c. Stocks listed on the stock exchange d. Corporate bonds and corporate sukuk e. Securities issued by the State of RI f. Securities issued by Bank Indonesia g. Mutual funds h. Collective investment contracts for asset-backed securities i. Real estate investment funds j. Repurchase agreement (repo) k. Others Sub Total

III. Long-Term Investments a. Deposits b. Certificates of deposit c. Corporate bonds and corporate sukuk d. Securities issued by the State of RI e. Securities issued by Bank Indonesia f. Mutual funds g. Direct investments h. Collective investment contracts for asset-backed securities i. Real estate investment funds j. Others Sub Total

IV. Investments in Associates and Subsidiaries a. Direct investments b. Stocks listed on the stock exchange Sub Total

V. Investments in Properties a. Land b. Buildings c. Land with buildings Sub Total

VI. Others

TOTAL INVESTMENT RETURNS

• 8 - G. FINANCIAL RATIOS

A. Activity Ratio

1. Expense to Operating Revenue Ratio a. Operating expenses b. Operating revenue c. Ratio ( a : b )
2. Expense to Operating Revenue and Investment Income Ratio a. Operating expenses b. Operating revenue c. Investment income d. Ratio ( a : (b+c) )

B. Leverage Ratio

1. Net Assets to Liabilities Ratio a. Total net assets b. Total liabilities c. Ratio ( a : b )

C. Solvency Ratio

1. Liquidity Ratio a. Current assets b. Current liabilities c. Ratio ( a : b )

D. Profitability Ratio

1. Investment Return Ratio a. Investment returns b. Average investments c. Ratio (annualized) ( a : b )
2. Revenue to Assets (RoA) and to Net Assets (ROE) Ratio a. Net revenue b. Assets c. Net Assets d. RoA Ratio (a : b) e. ROE Ratio (a : c)

E. Growth Ratio

1. Net Assets Growth Ratio a. Net assets of current period b. Net assets of previous period c. Ratio [( a : b ) - 1]

F. Depreciation Expense to Operating Expense Ratio a. Depreciation expense b. Operating expenses c. Ratio (a:b)

• 9 - H. OTHER IMPORTANT INFORMATION

No. | Title | Description 1 | --- | ---

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