JAKARTA - The candidate for Deputy Chair of the Financial Services Authority (OJK) Fauzi Ichsan conveyed his vision and mission in the fit and proper test agenda with Commission XI of the DPR today. In his presentation, Fauzi highlighted the plan to settle the AJB Bumiputera insurance case.
According to him, it is important to understand the background of the problem so that this condition can occur in a protracted manner.
“The issue of Bumiputera is mutual insurance where the policyholder is the shareholder. So it can be said that based on the regulations, shareholders should be the ones who must recapitulate problematic companies," he said at the Senayan Parliamentary Complex, Jakarta, Wednesday, April 6.
Fauzi added that the situation was getting worse because most of the policyholders did not know that they had a strategic position in AJB Bumiputera.
"But the majority of policyholders do not understand that they are shareholders," he said.
Furthermore, the former boss of the Deposit Insurance Corporation (LPS) is pushing for solutions to provide basic knowledge for customers.
"So to solve this problem, educational steps are needed, namely gathering representatives from policyholders (and giving understanding) that they are shareholders, whether they like it or not," he said.
Meanwhile, the completion of the next stage that can be taken is through three choices of ways. First, expect an injection of liquidity from the government.
"In terms of capital, of course there will be expectations of PMN (state capital participation) but it is impossible because it is the state budget," he said.
Second, expect the entry of strategic investors from non-government or private sectors.
"Hoping for investors to come in is not easy," he said.
Then the third is to convert the policy liability into equity.
“This is possible but requires deep communication. I think these three options are still visible to be pursued, besides there is also a closing option. But if it is closed, it will certainly cause public unrest," he said.
"What is certain is that we are looking for solutions as much as possible so that policyholders can get value from this Bumiputera company," concluded Fauzi.
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