JAKARTA - The Financial Services Authority (OJK) stated that Jiwasraya's assets could be used to pay the company's proportional obligations to customers who refuse restructuring if the existing funds were not sufficient.
OJK Chief Executive of Insurance, Guarantee and Pension Funds (PPDP) Ogi Prastomiyono said that the liquidation team would fulfill their obligations in making payments to the insured and other parties in accordance with Jiwasraya's conditions during the liquidation process.
"In the event that insurance funds are not sufficient to pay all the obligations of policyholders or other parties who have the right to Jiwasraya, the payment of the obligation is carried out proportionally according to the assets in Jiwasraya," said Ogi Prastomiyono in Jakarta, quoted by Antara, Wednesday, March 5.
He said that the government as a shareholder of Jiwasraya had decided to carry out a policyholder rescue program since September 2020 through a number of efforts.
These efforts include restructuring obligations; the transfer of coverage that has been restructured to a new company that is a subsidiary of the Indonesian Financial Group (IFG) BUMN holding, namely IFG Life; and the dissolution of Jiwasraya after the transfer program was completed.
"OJK has revoked with Jiwasraya's business license on January 16, 2025 and then the company has conducted an GMS (General Meeting of Shareholders) to disband Jiwasraya and at the same time decide on the Jiwasraya liquidation team," said Ogi.
He said that the next process was to clean up Jiwasraya's assets, portfolio, and obligations by the liquidation team.
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OJK noted that as many as 99.9 percent of Jiwasraya customer policies have now been restructured and transferred to IFG Life.
Meanwhile, the number of customers who have not approved the restructuring effort is 374 participants consisting of 295 individual customers and 119 customers of the bancassurance program with obligations that must be paid around Rp180.80 billion.
"OJK will continue to oversee the implementation of the process and the Jiwasraya liquidation process carried out by the liquidation team," said Ogi.
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