OJK Waits For AJB Bumiputera's Financial Restructuring Plan

The Chief Executive for Supervision of the Non-Bank Financial Industry of the Financial Services Authority, Ogi Prastomiyono (red from right), at the August 2022 Press Conference on the Results of the Monthly Board of Commissioners Meeting (RDKB) in Jakarta. (Photo: Doc. Antara)

JAKARTA - The Financial Services Authority (OJK) is waiting for the Bumiputera 1912 Joint Life Insurance Financial Restructuring Plan (RPK) which is reliable and can solve the insurance company's problems.

The main problem that hit Bumiputera is the existence of a fairly large liability compared to the assets owned.

"For the RPK, we are in the process of waiting from the management, the Member Representative Body (BPA), as well as the directors and commissioners," said Ogi Prastomiyono, Chief Executive of Non-Bank Financial Industry Supervision (IKNB) as quoted by ANTARA, Monday, September 5.

The financial restructuring step, he said, was a follow-up process after AJB Bumiputera's organs were complete, including BPA, directors, and commissioners.

Recently OJK has approved the official CPA in life insurance, which is the highest institution.

"From the BPA, we have proposed a candidate for the president director and we have approved it," he said.

Ogi explained, AJB Bumiputera is one of the insurance companies that has a legal entity in the form of a joint venture so that shareholders are policyholders.

Therefore, current Bumiputera policyholders continue to request claims from the company organizationally and must be followed up.

Previously, victims of AJB Bumiputera 1912 defaulted on peaceful action together and simultaneously nationally on 23-25 May 2022 to demand certainty in the settlement of cases that have not been completed since 2017.

This action is due to the increasingly blurry settlement of the Bumiputera default case to this day, in addition to the formation of a new OJK Board of Commissioners for the 2022-2027 term of service.

Bumiputera's victim customers have made various efforts to urge the settlement of default cases, namely attending a public hearing meeting with Commission XI of the DPR RI in 2020, as well as submitting subpoenas to Bumiputera management and OJK.