Insurance and Reinsurance Companies May Soon Postpone Periodic Reports Submissions Due to Force-Majeure Events

In 2021, the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) issued Circular No. 9/SEOJK.05/2021 (“Circular 9/2021”) on the Forms and Structures of Periodic Reports of Insurance Companies and Reinsurance Companies (collectively referred to as “Companies”). Broadly speaking, Circular 9/2021 sets out the various obligations that must be met by Companies regarding the drafting and submission of periodic reports to the OJK before the determined deadlines (“Periodic Reports”).[1]