OJK: There Are 99.7 Percent Of Jiwasraya Policy That Agree To Restructuring Diverted

JAKARTA - The Financial Services Authority (OJK) said that 99.7 percent of policy liabilities that approved the restructuring of Jiwasraya, or worth IDR 37.98 trillion, had been transferred to PT Asuransi Jiwa IFG (IFG Life).

"Poscal liabilities agree on the restructuring of Jiwasraya which has been transferred amounting to Rp37.98 trillion, or 99.7 percent, and which will be transferred further amounting to Rp124 billion," said OGI Prastomiyono, Chief Executive of Insurance, Guarantee and OJK Pension Fund in a statement, quoted from Antara, Saturday, July 13.

He said that Jiwasraya had succeeded in persuading some policyholders who initially refused to restructure by re-proposing and re-explaining a more profitable restructuring scheme for policyholders than remaining Jiwasraya policyholders.

The process of offering policy restructuring options to participants who refuse restructuring has been extended in recent times until June 30, 2024.

"Since July 2023 to June 2024, 65.6 percent of policyholders who initially refused have now approved the restructuring scheme offered," explained Ogi.

Even so, he said that his party still asked Jiwasraya to handle well the participants who still refused the restructuring and prepared the process of completing obligations for policyholders who still did not approve the restructuring.

"OJK respects every court decision that has permanent legal force. For this reason, OJK has also asked Jiwasraya to respect and implement decisions that already have permanent legal force in accordance with applicable laws and regulations," he said.