The Indonesian Financial Services Authority (OJK) has introduced revised reporting obligations for the country’s insurance sector, effective from January 1, 2025. The new regulation mandates that insurers, reinsurers, brokers, and reinsurance brokers file quarterly reports, replacing the previously required semi-annual submissions.
This change is part of OJK Regulation No. 22/2024, which was passed on December 3, 2024, and supersedes the earlier OJK Regulation No. 55/POJK.05/2017. The new rule eliminates the semesterly reporting requirement, but it retains quarterly reporting for insurers and related entities. Notably, insurance loss appraisers are exempt from this new obligation.
Although the updated regulation does not outline specific details for the quarterly reports, previous guidelines generally included company profiles, board statements, financial statements, solvency calculations, and unit link and consolidated financial reports, among other documents. Industry observers expect the new quarterly reports to closely follow the format of their predecessors.
All companies must submit their reports within one month following the end of each quarter, in compliance with the applicable financial accounting standards for insurance contracts.
Related topics
