Indonesia’s Financial Services Authority (OJK) has issued three new circular letters for the insurance, guarantee and pension fund (PPDP) sectors aimed at improving transparency and accountability, updating periodic reporting requirements for pension funds and certain insurance intermediaries and setting detailed rules on competency certification for industry staff. The pension fund reporting circular (SEOJK No. 11/SEOJK.05/2025) updates earlier 2021 guidance to align with OJK Regulation No. 21/2024, including revised categories of required periodic reports, additional monthly and annual reports for employer pension funds running defined-benefit and defined-contribution programmes, updated submission procedures, rules for correcting monthly reports, and transitional provisions linked to the availability of report formats in OJK’s reporting system; it has applied since 11 June 2025. The competency certification circular (SEOJK No. 12/SEOJK.05/2025), implementing OJK Regulation No. 34/2024, details human-capital development through work-competency certification, other certification and other training, specifies that work-competency certification should refer to Indonesia’s SKKNI and KKNI standards and be delivered by OJK-registered professional certification bodies with an exception for actuaries via professional associations, and sets a basis for recognising certifications issued abroad; it has applied since 23 June 2025. The reporting circular for insurance brokers, reinsurance brokers and insurance loss adjusters (SEOJK No. 13/SEOJK.05/2025) updates the 2020 and 2023 guidance to reflect OJK Regulation No. 22/2024, revising required periodic reports, submission procedures, quarterly report correction processes for brokers and reinsurance brokers, and transitional arrangements tied to OJK’s reporting system; it has applied since 23 June 2025. Affected entities are required to adjust internal policies and systems to comply with the new reporting and certification frameworks, and OJK indicated it will supervise and evaluate implementation of the competency certification regime.
OJK 2025-07-17
Indonesia Financial Services Authority issues three circular letters tightening periodic reporting and competency certification across insurance, guarantee and pension funds
Indonesia’s Financial Services Authority (OJK) issued three circular letters to enhance transparency and accountability in the insurance, guarantee, and pension fund sectors. These include updated reporting requirements for pension funds and insurance intermediaries, and detailed rules on competency certification for industry staff. Affected entities must adjust internal policies to comply, with OJK overseeing implementation.