The Financial Services Authority (OJK) revealed that in the context of law enforcement and consumer protection in the Insurance, Guarantee and Pension Fund (PPDP) sector, it has imposed 125 administrative sanctions on Financial Services Institutions (LJK) in April 2024.
Chief Executive of Insurance Supervisory, Guarantee and OJK Pension Fund Ogi Prastomiyono said the imposition of sanctions was in the context of law enforcement and consumer protection in the PPDP sector.
"In April 2024, the PPDP Supervision Division imposed 125 administrative sanctions on financial service institutions in the PPDP sector," he said in his statement, quoted Thursday, May 16.
Ogi explained that of the 125 sanctions, there were 104 warning sanctions or warnings, and 21 fines that could be followed by warning sanctions or warnings.
In line with efforts to develop the PPDP sector, Ogi said that OJK also continues to make various efforts to encourage the resolution of problems at the Financial Services Institution.
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Ogi added that this would go through special supervision of 7 insurance companies with the aim that the company could improve its financial condition for the benefit of policyholders.
In addition, Ogi conveyed that the OJK also carried out special supervision of several pension fund companies.
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