OJK Performs Special Supervision For Eight Insurance And Reinsurance Companies

JAKARTA - Chief Executive of Insurance, Guarantee and Pension Funds (PPDP) of the Financial Services Authority (OJK) Ogi Prastomiyono said that his party is currently conducting special supervision of eight insurance and reinsurance companies.

"OJK continues to make various efforts to encourage the resolution of problems at the Financial Services Institution (LJK) through special supervision of eight insurance and reinsurance companies, with the aim that the company can improve its financial condition for the benefit of policyholders," said Ogi Prastomiyono in his statement in Jakarta, quoted from Antara, Monday 16 December.

He also said that there were 14 pension fund managers who were under special supervision, reduced by one institution compared to September 2024 because the disbandment had been approved.

Until November 25, 2024, his party has also imposed 45 administrative sanctions, consisting of 40 warning/reprimand sanctions and five fines that can be followed by warning/reprimand sanctions.

Regarding the fulfillment of the company's obligations in increasing the first phase of equity targeted at the latest in 2026, Ogi stated that there were 101 companies that had met the minimum number of equity required as of September 2024 out of a total of 146 insurance and reinsurance companies operating in Indonesia.

This obligation is in accordance with the Financial Services Authority Regulation (POJK) Number 23 of 2023 concerning Business and Institutional Licensing of Insurance Companies, Sharia Insurance Companies, Resurance Companies and Sharia Resurance Companies.

As for the obligation of insurance companies to have actuary staff, he said that there are 10 companies that do not yet have company actuaries or apply for candidates for a fit and proper assessment as of November 25, 2024.

Ogi said that his party will continue to coordinate with the Indonesian Actuary Association as an institution that issues actuary certification to fulfill the obligation to ownership of these actuary experts.

"OJK continues to monitor the implementation of the supervisory action in accordance with the provisions for companies that have not met these provisions, such as increasing the warning sanctions that have previously been given and requesting action plans for the fulfillment of company actuaries," he also said.