Jiwasraya Customer Refunds Is More Important Than Special Committee

YLKI Daily General Manager, Tulus Abadi. (Mery Handayani/VOI)

JAKARTA - The case of PT Asuransi Jiwasraya (AJS) defaults to pay attention to the public. For one thing, the amount of losses was so large that Rp. 13.7 trillion.

The proposal for the establishment of a Jiwasraya special committee (Pansus) was also strengthened. In fact, at the plenary session of the opening of the second session of the DPR RI for 2019-2020, there were also interruptions regarding this matter.

At least, there were three members of the DPR who voiced the discourse on the formation of the PT Asuransi Jiwasraya Special Committee and a number of other special committee members. DPR deputy chairman Sufmi Dasco Ahmad also agreed, because most of the factions in the DPR approved the formation of the special committee.

Head of the YLKI Daily Executive, Tulus Abadi, said that it is necessary to look in more detail about the objectives of the formation of this special committee. If it only aims politically, he said, it will not be able to solve the problem of losses arising from the Jiwasraya default case.

"It depends on the formation of the special committee. If the special committee aims to be brave in politics, then the end will be politics. If you can force customer refunds, that's cool," he said, when met at the YLKI office, Jalan Duren Tiga, South Jakarta, Tuesday, January 14th.

The most important thing now, according to Tulus, is that the formation of the Jiwasraya Special Committee should not obscure the problem of returning customer funds. "Why is a special committee formed if the invested customer funds are lost or not returned," he explained.

According to Tulus, Jiwasraya's customers have invested their money and followed the existing procedures. However, the money cannot be claimed.

"I think a special committee is formed or whatever, what is clear is that consumers as users of this investment business must be paid for their rights. Because this is their responsibility," he said.

Tulus said, YLKI in 2019 received 1,871 consumer complaints. Divided into two categories, individually as many as 563 cases and groups or collectively as many as 1,308 cases. The 21 of them are insurance issues.

Regarding the Jiwasraya default case, Tulus explained, there was only one complaint that came to his side. This is because YLKI actually handles cases of end consumer complaints. Meanwhile, Jiwasraya's consumer problem is a problem between consumers and business actors, because it is related to the investment business place.

According to Tulus, the problem of default is not only the responsibility of Jiwasraya, but also related parties such as banks that market the product. This is because, in marketing its products, Jiwasraya cooperates with several banks.

"Because they market their products in cooperation with banks. Already knowing their products are not capable, the bank must take responsibility. This is also the OJK and the investment task force that deserve to be held accountable," he said.

Tulus explained that currently it is important to have an insurance guarantee agency. So that if there is a case like Jiwasraya or other cases that have the same potential, the money invested by consumers can be returned. However, Tulus actually questioned why Jiwasraya did not have reinsurance.

"Is it because it is an investment product. All insurance companies should reinsure insurance consumers as a form of back up if they experience default," he explained.

Previously, the Indonesian Supreme Audit Agency (BPK) together with the Attorney General's Office (Kejagung) RI have revealed the results of the initial investigation of the Jiwasraya insurance policy default case.

Head of BPK RI, Agung Firman Sampurna, said that the reason for the failed payment of the Jiwasraya JS Saving Plan was due to the wrong placement of the investment portfolio.

Jiwasraya reportedly spreads investments in stocks and mutual funds which are low quality and high risk, aka fried stocks.

"These risky stocks have resulted in negative spreads and created liquidity pressure on PT Asuransi Jiwasraya which has resulted in default," said Agung at the BPK RI Office, Jakarta, Wednesday, January 8.