The Clock is Ticking: Discontinued Insurance Products Must Be Reported Within 10 Business Days

Following the enforcement of Regulation of the Financial Services Authority (Otoritas Jasa Keuangan -  “OJK”)  No. 8 of 2024 on Insurance Products and Marketing Channels for Products (“Regulation 8/2024”),[1] the OJK has decided to introduce new procedures, forms and formats for reporting obligations that relate to insurance products through the issuance of Circular of the Financial Services Authority No. 14/SEOJK.05/2024 on the Approval and Reporting of Insurance Products (“Circular 14/2024”), which has been in force since 29 October 2024.[2]