Insurance firms required to publish quarterly reports<\/p>\n
JAKARTA (JP): The government has required insurance companies
\nto be more transparent by publishing their financial performance
\nthrough the print or electronic media every three months, an
\nofficial of the finance ministry says.<\/p>\n
Sophar Lumbantoruan, director for insurance affairs at the
\ndirectorate general of financial institutions, told reporters
\nyesterday that the quarterly report should include total
\ninvestments, assets, number of insurers, its obligations, the
\namount of premiums and claims as well as their own stakes in the
\ninsurance businesses.<\/p>\n
He expressed concern that nine of the 95 insurance companies
\nin the country had not fulfilled the reporting requirement.<\/p>\n
The nine firms, according to Lumbantoruan, include PT
\nAsuransi Jasaraharja Putra, PT Asuransi Bumi Putra Muda 1967, PT
\nAsuransi Bringin SA, Manunggal General Insurance, PT Asuransi
\nNirbaya Sraya, PT Asuransi Purwanjasa, Tata International General
\nInsurance, PT Asuransi Wahana Tata and PT Zurich Insurance
\nIndonesia.<\/p>\n
He added that three of the 46 life insurance companies also
\nfailed to publicly announce their quarterly financial
\nperformances.<\/p>\n
\"They include PT Aspac Life Insurance, PT Asuransi Jiwa
\nCentury Lifindo Perdana and PT Asuransi Tugu Mandiri,\" he pointed
\nout.<\/p>\n
\"The reporting delays were caused by their ignorance of the
\nimportance of transparency in improving management and
\nefficiency,\" he said.<\/p>\n
He conceded that the government has not taken any measures
\nagainst insurers for failing to publish quarterly reports.<\/p>\n
\"We only impose fines of Rp 1 million (US$462) on insurance
\ncompanies which fall behind in announcing their annual reports,\"
\nhe added. (fhp)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/insurance-firms-required-to-publish-quarterly-reports-1447893297",
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