Insurance firms required to publish quarterly reports

Insurance firms required to publish quarterly reports

JAKARTA (JP): The government has required insurance companies
to be more transparent by publishing their financial performance
through the print or electronic media every three months, an
official of the finance ministry says.

Sophar Lumbantoruan, director for insurance affairs at the
directorate general of financial institutions, told reporters
yesterday that the quarterly report should include total
investments, assets, number of insurers, its obligations, the
amount of premiums and claims as well as their own stakes in the
insurance businesses.

He expressed concern that nine of the 95 insurance companies
in the country had not fulfilled the reporting requirement.

The nine firms, according to Lumbantoruan, include PT
Asuransi Jasaraharja Putra, PT Asuransi Bumi Putra Muda 1967, PT
Asuransi Bringin SA, Manunggal General Insurance, PT Asuransi
Nirbaya Sraya, PT Asuransi Purwanjasa, Tata International General
Insurance, PT Asuransi Wahana Tata and PT Zurich Insurance
Indonesia.

He added that three of the 46 life insurance companies also
failed to publicly announce their quarterly financial
performances.

"They include PT Aspac Life Insurance, PT Asuransi Jiwa
Century Lifindo Perdana and PT Asuransi Tugu Mandiri," he pointed
out.

"The reporting delays were caused by their ignorance of the
importance of transparency in improving management and
efficiency," he said.

He conceded that the government has not taken any measures
against insurers for failing to publish quarterly reports.

"We only impose fines of Rp 1 million (US$462) on insurance
companies which fall behind in announcing their annual reports,"
he added. (fhp)