OJK Calls 854 Customers Bills To The WanaArtha Life Liquidation Team

Illustration of OJK (Photo: Doc. Antara)

JAKARTA - The Financial Services Authority (OJK) through the liquidation team of PT Asuransi Jiwa Adisarana Wanaartha (WanaArtha Life) noted that as many as 854 policyholders had submitted bills. This number represents a total of 1,867 policies.

"Based on information from the liquidation team, as of February 1, 2023, it is known that there are 854 policyholders with a total of 1,867 policies, who have registered with the liquidation team," said OJK IKNB Supervisory Chief Executive Ogi Prastomiyono at the Non Bank Financial Industry Development and Supervision Press Conference (IKNB) monitored online, on Thursday, February 2.

In addition, there are nine other parties who have reported their bills to WanaArtha Life, such as from component creditors and company employees themselves.

"There are two component creditors and seven employees who have also submitted bills and registered them with the liquidation team," said Ogi.

According to information, the time period for submitting bills to the liquidation team is no later than 60 days, starting from January 11, 2023 to March 11, 2023.

Therefore, said Ogi, if later the liquidation team has not resolved the issue, the OJK has the right entirely to extend their tenure.

"At work, of course, the liquidation team prepared a work plan, then it was approved by the OJK. Furthermore, they will work for two years and can be extended once again to complete the liquidation process," he explained.

In the future, OJK is fully obliged to oversee the work of the liquidation team in resolving the WanaArtha Life case.

"Furthermore, monitoring of the implementation of tasks rather than the liquidation team will be supervised by the OJK," concluded Ogi.

Previously, the Financial Services Authority (OJK) officially announced the revocation of the business license of PT Asuransi Jiwa Adisarana Wanaartha (Wanaartha Life/PT WAL), on December 5, 2022.

This firm stance was taken following Wanaartha unable to meet the solvency ratio (risk based capital) set by the OJK in accordance with applicable regulations.

In addition, Wanaartha is also proven unable to cover the difference in obligations with assets, either through a capital deposit by the controlling shareholder or inviting investors.