Insurance-Product Reports Regulated in Detail

The Financial Services Authority (“OJK”) has issued Circular Letter No. 13/SEOJK.05/2016 on Insurance-Product Reporting for Insurance Companies (“Circular Letter”).The Circular Letter sets out detailed procedures and formatting for the submission of reports by insurance companies on their various insurance products for the purpose of obtaining insurance-product approval letters and registration letters from the OJK. These two letters are mandatory for both general and life-insurance companies prior to such companies being allowed to offer their products to customers. [1] The Circular Letter is of relevance to both general [2] and life-insurance companies [3] (together referred to as “Insurance Companies”).Approval Letters for Insurance ProductsAn approval letter issued by the OJK is required of any Insurance Company that wishes to offer the following types of insurance products to consumers (“Insurance Products”): [4]