OJK Regulation No. 22 of 2024 on Periodic Reports of Insurance Companies

EXTRACT
REGULATION OF THE FINANCIAL SERVICES AUTHORITY OF THE REPUBLIC OF INDONESIA NUMBER 22 OF 2024 ON PERIODIC REPORTS OF INSURANCE COMPANIES BY THE GRACE OF THE ALMIGHTY GOD, THE COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY, Considering: that in order to implement the provisions of Article 22 paragraph (7) and Article 23 paragraph (2) of Law Number 40 of 2014 concerning Insurance as amended by Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector, and in order to adjust the regulations of Financial Services Authority Regulation Number 55/POJK.05/2017 concerning Periodic Reports of Insurance Companies to the development of the insurance industry in Indonesia, 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) as amended by Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (State Gazette of the Republic of Indonesia Year 2023 Number 4, Supplement to the State Gazette of the Republic of Indonesia Number 6845);
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) as amended by Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (State Gazette of the Republic of Indonesia Year 2023 Number 4, Supplement to the State Gazette of the Republic of Indonesia Number 6845);
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DECIDING:
Establishing: A 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 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 working unit at the head office of an Insurance Company or Reinsurance Company that functions as the head office of offices outside the head office that conduct business based on sharia principles.

7. Insurance Broker Company is a company that conducts business providing consulting and/or intermediary services in closing insurance, sharia insurance, guarantee, sharia guarantee, and handling claim settlements on behalf of and in the name of policyholders, insured parties, participants, or guarantors.

8. Reinsurance Broker Company is a company that conducts business providing consulting and/or intermediary services in placing reinsurance or sharia reinsurance and handling claim settlements on behalf of and in the name of Insurance Companies, Sharia Insurance Companies, guarantee companies, sharia guarantee companies, Reinsurance Companies, or Sharia Reinsurance Companies that place reinsurance or sharia reinsurance.
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9. Insurance Loss Adjuster Company is a company that conducts business providing claim assessment services and/or consulting services on insurance objects.

10. Periodic Report is a report submitted by Insurance Companies to the Financial Services Authority within a certain period.

11. Monthly Report is a Periodic Report for the period from January 1 to the end of the relevant month.

12. Quarterly Report is a Periodic Report for the period from January 1 to the end of the relevant quarter.

13. Annual Report is a Periodic Report for the period from January 1 to the end of the relevant year.

14. Publication Report is a summary of monthly reports and a summary of audited annual financial reports as regulated in Financial Services Authority Regulations concerning the financial health of Insurance Companies and Reinsurance Companies and Financial Services Authority Regulations concerning the financial health of Insurance Companies and Reinsurance Companies with sharia principles.

15. Other Reports are Periodic Reports other than Monthly Reports, Quarterly Reports, and Annual Reports.

CHAPTER II
PERIODIC REPORTS
First Section
Types of Periodic Reports
Article 2
(1) Insurance Companies are obligated to prepare and submit Periodic Reports completely, accurately, and on time.
(2) The Periodic Reports as referred to in paragraph (1) consist of:
a. Monthly Reports; b. Quarterly Reports;
c. Annual Reports;
d. Publication Reports; and e. Other Reports.
(3) The 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 report types:
a. Monthly Reports; b. Quarterly Reports;
c. Annual Reports;
d. Publication Reports; and e. Other Reports. https://jdih.ojk.go.id/

(4) The Periodic Reports as referred to in paragraph (1) for Insurance Broker Companies and Reinsurance Broker Companies are divided into report types:
a. Quarterly Reports; b. Annual Reports; and
c. Other Reports.
(5) The Periodic Reports as referred to in paragraph (1) for Insurance Loss Adjuster Companies are divided into report types:
a. Annual Reports; and b. Other Reports.

Article 3
(1) Monthly Reports as referred to in Article 2 paragraph (3) letter a for Insurance Companies and Reinsurance Companies are Monthly Reports as regulated in Financial Services Authority Regulations concerning the financial health of Insurance Companies and Reinsurance Companies. (2) Monthly Reports as referred to in Article 2 paragraph (3) letter a for Sharia Insurance Companies, Sharia Reinsurance Companies, and Sharia Units are Monthly Reports as regulated in Financial Services Authority Regulations concerning the financial health of Insurance Companies and Reinsurance Companies with sharia principles.

Article 4
(1) Quarterly Reports as referred to in Article 2 paragraph (3) letter b for Insurance Companies, Sharia Insurance Companies, Reinsurance Companies, Sharia Reinsurance Companies, and Sharia Units must be prepared based on financial accounting standards for insurance contracts. (2) Quarterly Reports as referred to in Article 2 paragraph (4) letter a for Insurance Broker Companies and Reinsurance Broker Companies are Quarterly Reports as regulated in Financial Services Authority Regulations concerning the conduct of business by Insurance Broker Companies, Reinsurance Broker Companies, and Insurance Loss Adjuster Companies.

Article 5
(1) Annual Reports as referred to in Article 2 paragraph (2) letter c 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 Financial Services Authority Regulations concerning the financial health of Insurance Companies and Reinsurance Companies and Financial Services Authority Regulations concerning the financial health of Insurance Companies and Reinsurance Companies with sharia principles. (3) 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 and audited annual financial reports by public accountants as regulated in Financial Services Authority Regulations concerning the conduct of business by Insurance Broker Companies, Reinsurance Broker Companies, and Insurance Loss Adjuster Companies. (4) Regulations concerning management aspects as referred to in paragraph (1) letter b for Insurance Companies are established by the Financial Services Authority.

Article 6
(1) Other Reports as referred to in Article 2 paragraph (3) letter e for Insurance Companies, Sharia Insurance Companies, Reinsurance Companies, and Sharia Reinsurance Companies consist of:
a. business plans as regulated in Financial Services Authority Regulations concerning business plans of non-bank financial service institutions; b. business plan realization reports as regulated in Financial Services Authority Regulations concerning business plans of non-bank financial service institutions;
c. business plan supervision reports as regulated in Financial Services Authority Regulations concerning business plans of non-bank financial service institutions;
d. automatic reinsurance/retrosession program reports as regulated in Financial Services Authority Regulations concerning self-retention and domestic reinsurance support; e. self-assessment results of the health level of non-bank financial service institutions as regulated in Financial Services Authority Regulations concerning the assessment of the health level of non-bank financial service institutions; f. action plans which are follow-up to the self-assessment results of non-bank financial service institutions as regulated in Financial Services Authority Regulations concerning the assessment of the health level of non-bank financial service institutions; g. anti-fraud strategy implementation reports as regulated in Financial Services Authority Regulations concerning the implementation of anti-fraud strategies for financial service institutions; https://jdih.ojk.go.id/

h. risk assessment reports for money laundering crimes, terrorism financing crimes, and/or weapons of mass destruction proliferation financing crimes prepared individually as regulated in Financial Services Authority Regulations concerning the implementation of anti-money laundering programs, terrorism financing prevention, and weapons of mass destruction proliferation financing prevention in the financial sector;
i. data updating plan reports as regulated in Financial Services Authority Regulations concerning the implementation of anti-money laundering programs, terrorism financing prevention, and weapons of mass destruction proliferation financing prevention in the financial sector;
j. data updating realization reports as regulated in Financial Services Authority Regulations concerning the implementation of anti-money laundering programs, terrorism financing prevention, and weapons of mass destruction proliferation financing prevention in the financial sector; k. reports on the appointment of public accountants and accounting firms and reports on the realization of the use of public accountants and accounting firms as regulated in Financial Services Authority Regulations concerning the use of public accountants and accounting firms in financial services activities;
l. sustainability reports as regulated in Financial Services Authority Regulations concerning the implementation of sustainable finance for financial service institutions, issuers, and public companies;
m. reports on the fulfillment of actuary ownership; and n. other reports.
(2) Other Reports as referred to in Article 2 paragraph (4) letter c for Insurance Broker Companies consist of:
a. business plans as regulated in Financial Services Authority Regulations concerning business plans of non-bank financial service institutions; b. business plan realization reports as regulated in Financial Services Authority Regulations concerning business plans of non-bank financial service institutions;
c. business plan supervision reports as regulated in Financial Services Authority Regulations concerning business plans of non-bank financial service institutions;
d. anti-fraud strategy implementation reports as regulated in Financial Services Authority Regulations concerning the implementation of anti-fraud strategies for financial service institutions; https://jdih.ojk.go.id/

e. risk assessment reports for money laundering crimes, terrorism financing crimes, and/or weapons of mass destruction proliferation financing crimes prepared individually as regulated in Financial Services Authority Regulations concerning the implementation of anti-money laundering programs, terrorism financing prevention, and weapons of mass destruction proliferation financing prevention in the financial sector; f. data updating plan reports and data updating realization reports as regulated in Financial Services Authority Regulations concerning the implementation of anti-money laundering programs, terrorism financing prevention, and weapons of mass destruction proliferation financing prevention in the financial sector; g. reports on the appointment of public accountants and accounting firms and reports on the realization of the use of public accountants and accounting firms as regulated in Financial Services Authority Regulations concerning the use of public accountants and accounting firms in financial services activities; and h. other reports. (3) Other Reports as referred to in Article 2 paragraph (4) letter c for Reinsurance Broker Companies consist of:
a. business plans as regulated in Financial Services Authority Regulations concerning business plans of non-bank financial service institutions; b. business plan realization reports as regulated in Financial Services Authority Regulations concerning business plans of non-bank financial service institutions;
c. business plan supervision reports as regulated in Financial Services Authority Regulations concerning business plans of non-bank financial service institutions;
d. anti-fraud strategy implementation reports as regulated in Financial Services Authority Regulations concerning the implementation of anti-fraud strategies for financial service institutions; e. reports on the appointment of public accountants and accounting firms and reports on the realization of the use of public accountants and accounting firms as regulated in Financial Services Authority Regulations concerning the use of public accountants and accounting firms in financial services activities; and f. other reports. (4) Other Reports as referred to in Article 2 paragraph (5) letter b for Insurance Loss Adjuster Companies consist of:
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a. anti-fraud strategy implementation reports as regulated in Financial Services Authority Regulations concerning the implementation of anti-fraud strategies for financial service institutions; b. reports on the appointment of public accountants and accounting firms and reports on the realization of the use of public accountants and accounting firms as regulated in Financial Services Authority Regulations concerning the use of public accountants and accounting firms in financial services activities; and
c. other reports.

Article 7
The Board of Directors or equivalent thereof of Insurance Companies is responsible for the preparation and presentation of Periodic Reports completely, accurately, and on time.

Article 8
Further regulations concerning the form and structure of Periodic Reports as referred to in Article 2 to Article 6 are established by the Financial Services Authority.

Second Section
Submission of Periodic Reports
Article 9
(1) Insurance Companies are obligated to submit Periodic Reports to the Financial Services Authority consisting of:
a. Monthly Reports as referred to in Article 2 paragraph (2) letter a submitted no later than the 10th of the following month; b. Quarterly Reports as referred to in Article 2 paragraph (2) letter b submitted no later than 1 (one) month after the end of the relevant quarter;
c. Annual Reports as referred to in Article 2 paragraph (2) letter c no later than April 30 of the following year;
d. Publication Reports as referred to in Article 2 paragraph (2) letter d submitted no later than:

1. 10 (ten) working days after the end of the relevant month for summaries of monthly reports; and
2. 1 (one) month after the submission deadline for Annual Reports for summaries of audited annual financial reports; and
   e. Other Reports as referred to in Article 2 paragraph (2) letter e submitted in accordance with the deadline regulations regulated in Financial Services Authority Regulations or other legal regulations requiring the submission of such reports. (2) The submission of Periodic Reports as referred to in paragraph (1) is conducted through the Financial Services Authority reporting system. (3) If the final submission deadline as referred to in paragraph (1) falls on a holiday, the final submission deadline is on the next working day. (4) If the final submission deadline as referred to in paragraph (1) falls on a national holiday or joint holiday, the Financial Services Authority has the authority to establish the submission deadline.

Article 10
(1) In the event that based on the results of the Financial Services Authority's supervision over:
a. Monthly Reports submitted by Insurance Companies, Sharia Insurance Companies, Reinsurance Companies, Sharia Reinsurance Companies, and Sharia Units; or b. Quarterly Reports submitted by Insurance Broker Companies and Reinsurance Broker Companies, information errors are found, Insurance Companies are obligated to submit corrections using the results of such supervision. (2) Corrections as referred to in paragraph (1) must be submitted no later than 10 (ten) working days from:
a. the date of notification by the Financial Services Authority; or b. the date of the final meeting discussing the supervision results with the Financial Services Authority.
(3) In the event that there are information errors in reports based on the results of the Financial Services Authority's supervision as referred to in paragraph (1), administrative sanctions are only imposed for errors in data for periods at the time of direct and/or indirect supervision. (4) Insurance Companies are deemed to have submitted corrections to Periodic Reports on the date the corrections to Periodic Reports are received by the Financial Services Authority. (5) In the event that the Financial Services Authority's reporting system for submitting corrections is not yet available, the submission of corrections to Periodic Reports is submitted online through the Financial Services Authority mailing room service. https://jdih.ojk.go.id/

Article 11
(1) In the event that the Financial Services Authority's reporting system experiences technical disturbances or force majeure so that Insurance Companies cannot submit Periodic Reports and/or corrections to Periodic Reports, the Financial Services Authority notifies Insurance Companies of the occurrence of technical disturbances or force majeure through:
a. the Financial Services Authority reporting system; and/or b. Financial Services Authority letters.
(2) Insurance Companies experiencing force majeure so that they cannot submit Periodic Reports and/or corrections to Periodic Reports until the submission deadline, notify the Financial Services Authority.
(3) In the event of technical disturbances or force majeure as referred to in paragraph (1) and paragraph (2), the Financial Services Authority establishes a postponement of the submission deadline for Periodic Reports and/or corrections to Periodic Reports.

Article 12
Further regulations concerning the procedures for submitting Periodic Reports, submitting corrections to Periodic Reports, and postponing the submission deadline for Periodic Reports and/or corrections to Periodic Reports as referred to in Article 9 to Article 11 are established by the Financial Services Authority.

Third Section
Provision of Specific Reports by the Financial Services Authority
Article 13
(1) The Financial Services Authority may provide specific reports and analysis results of Insurance Companies' reports to other parties based on legal regulations.
(2) Specific reports and analysis results of Insurance Companies' reports cannot be disclosed by the Financial Services Authority to other parties, except to:
a. police and prosecutors for investigation purposes; b. judges for judicial purposes;
c. tax officials for tax purposes;
d. Bank Indonesia for the implementation of its duties; e. Deposit Insurance Agency for the implementation of the policy guarantee program; and f. other parties based on legal regulations. https://jdih.ojk.go.id/

(3) Other parties as referred to in paragraph (1) submit requests to the Financial Services Authority stating:
a. the applicant's originating institution; b. the name and position of the applicant;
c. the name of the Insurance Company;
d. the type of report requested; and e. the reasons for the necessity of the report.
(4) Requests as referred to in paragraph (3) are submitted in writing signed by:
a. the Chief of the National Police of the Republic of Indonesia, the Chief of the Criminal Investigation Agency of the National Police of the Republic of Indonesia, or the regional police chief in the event that the request is submitted by investigators from the National Police of the Republic of Indonesia; b. the Attorney General, Deputy Attorney General, or the head of a high court of justice in the event that the request is submitted by investigating prosecutors and/or public prosecutors;
c. the Chief Justice of the Supreme Court, the head of a high court, or the head of a district court;
d. the Minister of Finance, the Director General of Taxes, a Directorate under the Director General of Taxes, or the Head of a Regional Tax Office in the event that the request is submitted by tax officials; e. the Governor, Senior Deputy Governor, or Deputy Governor of Bank Indonesia in the event that the request is submitted by Bank Indonesia; f. the Chairman of the Commissioners, Commissioner Members, and/or Executive Directors of the Deposit Insurance Agency in the event that the request is submitted by the Deposit Insurance Agency; or g. the head of the institution of other parties who have authority based on legal regulations. (5) The Financial Services Authority reviews requests as referred to in paragraph (3) considering at least:
a. the correspondence of the signing official; b. the authority of the institution over Insurance Company data/information in accordance with legal regulations; and
c. the correspondence of the data/information request with the purpose of the requesting institution.
(6) In the event of approval, the Financial Services Authority submits specific reports and analysis results of reports to the applicant in accordance with the applicant's request and report availability.
(7) In the event of disapproval, the Financial Services Authority submits a rejection letter to the applicant along with the reasons.
(8) All reports disclosed to other parties as referred to in paragraph (2) are treated as confidential information. https://jdih.ojk.go.id/

(9) The Financial Services Authority is authorized to determine the use of certain reports and the results of their analysis by third parties based on legislation as referred to in paragraph (2) letter f.

Fourth Section
Administrative Sanctions

Article 14
(1) Violations of the provisions as referred to in Article 2 paragraph (1), Article 7, Article 9 paragraph (1), and Article 10 paragraph (1) and paragraph (2) shall be subject to administrative sanctions in the form of written warnings and/or a downgrade in health status. (2) In the event of a violation of the provisions as referred to in paragraph (1) but the violation has been rectified, the Financial Services Authority shall impose an administrative sanction in the form of a written warning that expires automatically. (3) In the event that the violation of the provisions as referred to in paragraph (1) has been fulfilled, the Financial Services Authority shall revoke the administrative sanction. (4) Insurance Companies, Sharia Insurance Companies, Reinsurance Companies, Sharia Reinsurance Companies, and Sharia Units that are declared late in submitting Periodic Reports as referred to in Article 9 paragraph (1) letter a, letter b, and letter c shall be subject to additional administrative sanctions in the form of an administrative fine of Rp500,000.00 (five hundred thousand rupiah) per day. (5) Insurance Brokerage Companies, Reinsurance Brokerage Companies, and Insurance Loss Assessors that are declared late in submitting Periodic Reports as referred to in Article 9 paragraph (1) letter b and letter c shall be subject to additional administrative sanctions in the form of an administrative fine of Rp200,000.00 (two hundred thousand rupiah) per day. (6) Insurance Companies that do not submit Monthly Reports, Quarterly Reports, and Annual Reports calculated 30 (thirty) days from the end of the submission deadline for Monthly Reports, Quarterly Reports, and Annual Reports as referred to in Article 9 paragraph (1) letter a, letter b, and letter c, shall be declared not to have submitted Monthly Reports, Quarterly Reports, and Annual Reports. (7) Insurance Companies, Sharia Insurance Companies, Reinsurance Companies, Sharia Reinsurance Companies, and Sharia Units that are declared not to have submitted reports as referred to in paragraph (6) shall be subject to additional administrative sanctions in the form of an administrative fine of Rp30,000,000.00 (thirty million rupiah). https://jdih.ojk.go.id/

(8) Insurance Brokerage Companies, Reinsurance Brokerage Companies, and Insurance Loss Assessors that are declared not to have submitted reports as referred to in paragraph (6) shall be subject to additional administrative sanctions in the form of an administrative fine of Rp20,000,000.00 (twenty million rupiah). (9) Companies that commit information errors in reports as referred to in Article 10 paragraph (1) based on the results of supervision by the Financial Services Authority shall be subject to additional administrative sanctions in the form of an administrative fine of:
a. Rp5,000,000.00 (five million rupiah) per type of report for Insurance Companies, Sharia Insurance Companies, Reinsurance Companies, Sharia Reinsurance Companies, and Sharia Units; or b. Rp2,000,000.00 (two million rupiah) per type of report for Insurance Brokerage Companies and Reinsurance Brokerage Companies. (10) Companies that have been subject to additional administrative sanctions in the form of administrative fines remain obligated to submit Periodic Reports and/or corrections to Periodic Reports.

Article 15
In addition to imposing administrative sanctions as referred to in Article 14, the Financial Services Authority is authorized to conduct a re-evaluation of the main parties.

Article 16
(1) Insurance Companies whose business licenses are revoked and have obligations to pay fines for the obligation to submit Periodic Reports, fail to submit Periodic Reports, or commit information errors in Periodic Reports remain obligated to pay fines as referred to in Article 14 paragraph (4) through paragraph (9). (2) The procedure for collecting administrative fine sanctions follows the Financial Services Authority Regulation regarding the procedure for collecting administrative sanctions in the form of fines in the financial services sector. (3) The procedure and method for imposing administrative sanctions follow the Financial Services Authority Regulation regarding the procedure and method for imposing administrative sanctions in the insurance field and the blocking of assets of Insurance Companies, Sharia Insurance Companies, Reinsurance Companies, and Sharia Reinsurance Companies. https://jdih.ojk.go.id/

CHAPTER III
OTHER PROVISIONS

Article 17
The Financial Services Authority, based on certain considerations, may grant approval or policies that differ from this Financial Services Authority Regulation.

CHAPTER IV
TRANSITIONAL PROVISIONS

Article 18
(1) The obligation to prepare Quarterly Reports for Sharia Insurance Companies, Sharia Reinsurance Companies, and Sharia Units as referred to in Article 4 paragraph (1) shall become effective upon the implementation of accounting standards regarding Sharia insurance contracts. (2) Provisions regarding the submission deadline for Quarterly Reports for Insurance Companies and Reinsurance Companies for the year 2025 shall be submitted no later than 45 (forty-five) days from the end of the respective quarter. (3) Upon the implementation of this Financial Services Authority Regulation, administrative sanctions that have been imposed on Insurance Companies prior to the implementation of this Financial Services Authority Regulation are declared to remain in effect. (4) Insurance Companies that have not been able to overcome the causes of the imposition of administrative sanctions as referred to in paragraph (1) shall be subject to further administrative sanctions in accordance with the provisions of this Financial Services Authority Regulation.

CHAPTER V
CLOSING PROVISIONS

Article 19
Upon the implementation of this Financial Services Authority Regulation, the implementation provisions of Financial Services Authority Regulation Number 55/POJK.05/2017 concerning Periodic Reports of Insurance Companies (State Gazette of the Republic of Indonesia Year 2017 Number 174, Supplement to the State Gazette of the Republic of Indonesia Number 6107) are declared to remain in effect insofar as they do not conflict with this Financial Services Authority Regulation.

Article 20
(1) Upon the implementation of this Financial Services Authority Regulation:
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a. Article 57 of Financial Services Authority Regulation Number 71/POJK.05/2016 concerning the Financial Health of Insurance Companies and Reinsurance Companies (State Gazette of the Republic of Indonesia Year 2016 Number 304, Supplement to the State Gazette of the Republic of Indonesia Number 5994) as last amended by Financial Services Authority Regulation Number 5 of 2023 concerning the Second Amendment to Financial Services Authority Regulation Number 71/POJK.05/2016 concerning the Financial Health of Insurance Companies and Reinsurance Companies (State Gazette of the Republic of Indonesia Year 2023 Number 8/OJK, Supplement to the State Gazette of the Republic of Indonesia Number 33/OJK); b. Article 58 of Financial Services Authority Regulation Number 72/POJK.05/2016 concerning the Financial Health of Insurance Companies and Reinsurance Companies with Sharia Principles (State Gazette of the Republic of Indonesia Year 2016 Number 305, Supplement to the State Gazette of the Republic of Indonesia Number 5995) as last amended by Financial Services Authority Regulation Number 6 of 2023 concerning the Second Amendment to Financial Services Authority Regulation Number 72/POJK.05/2016 concerning the Financial Health of Insurance Companies and Reinsurance Companies with Sharia Principles (State Gazette of the Republic of Indonesia Year 2023 Number 9/OJK, Supplement to the State Gazette of the Republic of Indonesia Number 34/OJK); and
c. Financial Services Authority Regulation Number 55/POJK.05/2017 concerning Periodic Reports of Insurance Companies (State Gazette of the Republic of Indonesia Year 2017 Number 174, Supplement to the State Gazette of the Republic of Indonesia Number 6107),
are revoked and declared invalid.
(2) Provisions regarding additional administrative sanctions in the form of administrative fines as referred to in Article 14 paragraph (4), paragraph (7), and paragraph (9) shall apply as of the June 2025 report position. (3) Provisions regarding additional administrative sanctions in the form of administrative fines as referred to in Article 14 paragraph (4) and paragraph (7) for late submission and non-submission of Quarterly Reports for Insurance Companies and Reinsurance Companies shall apply starting from January 1, 2026.

Article 21
This Financial Services Authority Regulation shall come into effect on January 1, 2025. https://jdih.ojk.go.id/

This copy is in accordance with the original
Director of Legal Development
Legal Department
Aat Windradi

In order that everyone may know it, it is ordered to promulgate this Financial Services Authority Regulation by placing it in the State Gazette of the Republic of Indonesia.

Established in Jakarta on November 25, 2024
CHAIRMAN OF THE COMMISSIONERS COUNCIL
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA,
MAHENDRA SIREGAR

Promulgated in Jakarta on December 3, 2024
MINISTER OF LAW OF THE REPUBLIC OF INDONESIA,
SUPRATMAN ANDI AGTAS

STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2024 NUMBER 37/OJK singed https://jdih.ojk.go.id/

EXPLANATION
OF
FINANCIAL SERVICES AUTHORITY REGULATION
OF THE REPUBLIC OF INDONESIA
NUMBER 22 OF 2024
CONCERNING
PERIODIC REPORTS OF INSURANCE COMPANIES

I. GENERAL
In order to support the effectiveness of supervision functions in the insurance sector, adequate support of data, information on financial conditions, and business activities is needed through reports submitted periodically by Insurance Companies. The information is complete, accurate, and timely, and can be accounted for. Insurance Companies must prepare and submit to the Financial Services Authority regarding information on financial conditions and business activities in a report format that includes time and form established by the Financial Services Authority in accordance with the provisions of legislation in the insurance sector. Over time, there have been provisions established by the Financial Services Authority that change reporting obligations for Insurance Companies, including the obligation for Insurance Brokerage Companies and Reinsurance Brokerage Companies to submit semi-annual reports, which has become a Quarterly Report obligation. Based on Law Number 40 of 2014 concerning Insurance as amended by Law Number 4 of 2023 concerning Development and Strengthening of the Financial Sector, it is also regulated that the Financial Services Authority may provide certain reports and the results of analysis of reports of Insurance Companies to third parties including police, prosecutors, judges, tax officials, Bank Indonesia, Deposit Insurance Institution, and other parties based on legislation. In relation to the above, it is necessary to regulate periodic reports of Insurance Companies that cover the reporting period, types of reports, conditions, and procedures for obtaining certain reports by authorized parties.

II. ARTICLE BY ARTICLE

Article 1
It is clear enough. https://jdih.ojk.go.id/

Article 2
Paragraph (1)
What is meant by "complete" is containing all elements that must be reported in the Periodic Report including material information or facts as regulated in the relevant Financial Services Authority Regulation.
What is meant by "accurate" is that every reported information is based on adequate factual evidence, and its correctness can be accounted for.
What is meant by "timely" is submitting the Periodic Report in accordance with the reporting deadline established in this Financial Services Authority Regulation.
Paragraph (2)
It is clear enough.
Paragraph (3)
It is clear enough.
Paragraph (4)
It is clear enough.
Paragraph (5)
It is clear enough.

Article 3
It is clear enough.

Article 4
It is clear enough.

Article 5
It is clear enough.

Article 6
Paragraph (1)
Letter a
It is clear enough.
Letter b
It is clear enough.
Letter c
It is clear enough.
Letter d
It is clear enough.
Letter e
It is clear enough.
Letter f
It is clear enough.
Letter g
It is clear enough.
Letter h
It is clear enough.
Letter i
It is clear enough.
Letter j
It is clear enough.
Letter k
It is clear enough. https://jdih.ojk.go.id/

Letter l
It is clear enough.
Letter m
It is clear enough.
Letter n
What is meant by "other reports" is Periodic Reports mandated based on the provisions of legislation submitted to the Financial Services Authority.
Example:
Periodic Reports mandated based on:

1. Financial Services Authority Regulation concerning consumer and community protection in the financial services sector;
2. Financial Services Authority Regulation concerning consumer complaint services in the financial services sector;
3. Financial Services Authority Regulation concerning the improvement of financial literacy and inclusion in the financial services sector for consumers and the community;
4. Financial Services Authority Regulation concerning the implementation of integrated governance for financial conglomerates;
5. Financial Services Authority Regulation concerning the implementation of integrated risk management for financial conglomerates; and
6. Financial Services Authority Regulation concerning the obligation to provide integrated minimum capital for financial conglomerates.
   Paragraph (2)
   It is clear enough.
   Paragraph (3)
   It is clear enough.
   Paragraph (4)
   It is clear enough.

Article 7
See the explanation of Article 2 paragraph (1).

Article 8
It is clear enough.

Article 9
Paragraph (1)
It is clear enough.
Paragraph (2)
What is meant by "Financial Services Authority reporting system" is the information system used as a means for Insurance Companies to submit Periodic Reports online to the Financial Services Authority.
Paragraph (3)
It is clear enough.
Paragraph (4)
It is clear enough. https://jdih.ojk.go.id/

Article 10
Paragraph (1)
Included in "information errors" are recording errors of financial information that are not the result of calculations using assumptions.
Example: recording deposit nominal amounts that do not match the nominal amount stated on the deposit certificate.
Paragraph (2)
It is clear enough.
Paragraph (3)
The Financial Services Authority conducts confirmation first with the company for each error in the Periodic Report found based on the results of indirect supervision by the Financial Services Authority.
Paragraph (4)
It is clear enough.
Paragraph (5)
It is clear enough.

Article 11
It is clear enough.

Article 12
It is clear enough.

Article 13
It is clear enough.

Article 14
It is clear enough.

Article 15
It is clear enough.

Article 16
It is clear enough.

Article 17
The granting of approval or different policies is intended among others to:
a. support national policy; b. protect public interest;
c. protect industry growth; and/or
d. protect healthy business competition.
Examples of conditions requiring certain considerations, among others, extraordinary events that can cause a large increase in morbidity and mortality and also impact the economy and society, thus requiring attention and handling by all relevant parties and regulated in other provisions regarding considerations in facing possible extraordinary events.

Article 18
It is clear enough. https://jdih.ojk.go.id/

Article 19
It is clear enough.

Article 20
It is clear enough.

Article 21
It is clear enough.

SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 105/OJK https://jdih.ojk.go.id/