By now, insurers and reinsurers in Indonesia are well aware that there are two new standards on the horizon that they need to be in compliance with.
Indonesian Accounting Standard No. 62 (PSAK 62 on Insurance Contract), effective 1 January 2012, and
Ministry of Finance Regulations No. 53/PMK.010/2012 on Financial Soundness of Insurance and Reinsurance Companies, effective 1 January 2013.
It is noted that guidelines for the above new compliance requirements have yet to be issued by the relevant authorities. This brief bulletin aims to present our interpretation of the salient points in these new standards pertaining to general insurance loss reserving and financial reporting.
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