11 insurance companies are members of OJK Radar, 2 have their licenses revoked


The Financial Services Authority (OJK) closely monitors 11 distressed insurance companies. What are the results of this monitoring?

Two of the 11 companies had their licenses revoked, according to Oga Prastomijono, chief executive officer for insurance, underwriting and pensions oversight.

“We can report (from) 11 that two companies have had their business licenses revoked,” Augie said at a virtual press conference on Thursday (03/08/2023).

The two companies are PT Asuransi Jiwa Adisarana Wanaartha (Wanaartha Life) and PT Asuransi Jiwa Kresna (Kresna Life). Both are currently in the process of liquidation.

Meanwhile, four insurance companies have presented their plans for financial restructuring (RPK). OJK stated that it has no objection to the proposed PKK.

Meanwhile, the remaining five companies have yet to submit their PKKs and are still under OJK supervision. No action has been taken to revoke the company’s business license as there is a procedure to be followed, such as a prior warning.

Unfortunately, Augie admitted that he could not disclose the names of troubled insurance companies that did not submit the PKK.

“Unfortunately, we cannot name the names of the companies in question,” he concluded.

Earlier, the OJK said that in 2023 there will be 11 insurance companies that are already under special supervision with problems. The company consists of six life insurance companies, three general insurance companies, one reinsurance company and one insurance company in liquidation.


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