OJK Asks Kresna's Life Insurance To Convey Financial Restructuring Plans

Illustration. (Photo: Doc. Antara)

JAKARTA - The Financial Services Authority (OJK) has asked PT Asuransi Jiwa Kresna to submit a comprehensive financial restructuring plan (RPK) to overcome the problems faced by the company with relevant supporting documents.

"If the company cannot deliver the RPK that meets the criteria that I conveyed earlier until the specified time limit, the OJK will take firm supervisory action in accordance with applicable laws and regulations," said OJK Board of Commissioners Mahendra Siregar in Jakarta, quoted from Antara, Tuesday, February 28.

Regarding the policy of handling financial service institutions in special attention, the OJK has also submitted a statement of no objection to the RPK of PT Asuransi Jiwa Bersama Bumiputera 1912 (AJBB) and asked AJBB to take several steps so that the RPK in question can be implemented properly, including communicating the implementation of the RPK to policyholders.

In a press conference on the results of the Monthly Board of Commissioners (RDK) Meeting in February 2023, Mahendra said that OJK as the supervisor will also monitor the implementation of the RPK by intensively supervising AJBB so that the program prepared in the RPK can be carried out according to the stipulated time.

OJK has also asked AJBB to apply the provisions of Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector, especially regarding insurance companies in the form of joint businesses.

Meanwhile, in the case of PT Asuransi Jiwa Adisarana Wanaartha (WAL), which has been revoked by its business license, the OJK continues to monitor the implementation of the liquidation team's work program that has been submitted by shareholders through a general meeting mechanism for shareholders.

OJK supports the legal process being carried out by the Indonesian Police against parties related to WAL and encourages the police to request assets belonging to controlling shareholders to pay obligations to policyholders.

OJK also continues to ask controlling shareholders to immediately return to Indonesia to take responsibility for the WAL problem.

OJK will take firm action against public accountants and public accounting offices who provide services and take responsibility for the problems that occur in WAL.