Regulator mandates quarterly reports for Indonesian Insurers

The requirement to submit semesterly reports has been removed.

The Indonesian Financial Services Authority (OJK) implemented a new periodical reporting requirements for the insurance sector last 1 January, according to a Baker McKenzie insights.

Under the new regulation, insurers, reinsurers, insurance brokers, reinsurance brokers, and insurance loss appraisers must follow revised reporting obligations. 

The requirement to submit semesterly reports has been removed, but insurers, reinsurers, brokers, and reinsurance brokers must now file quarterly reports, a requirement that was previously eliminated under OJK Regulation No. 5 of 2023. 

Insurance loss appraisers remain exempt from this obligation.

These changes are outlined in Regulation No. 22 of 2024, which was enacted on 3 December 2024, replacing the previous rules under OJK Regulation No. 55/POJK.05/2017.

Regulation 22/2024 does not specify the exact contents of the quarterly reports.

However, under the previous regulation, these reports typically included a company profile, a board statement, financial position and income statements, cash flow and equity change statements, solvency and asset-liability calculations, unit link and consolidated financial reports, and other relevant documents. 

The new quarterly reports are expected to follow a similar format. 

Companies must submit their reports within one month after the end of each quarter, in accordance with financial accounting standards for insurance contracts.