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February 23, 2025 | 04:14 pm
TEMPO.CO, Jakarta - Some PT Asuransi Jiwasraya (Persero) customers are seeking help from President Prabowo Subianto to resolve the issue of unpaid insurance policies. Machril, a representative of the National Consolidation of Jiwasraya Customer Victims, is urging for the assets seized by the Attorney General in the Jiwasraya corruption case to be used to fulfill their policy payment obligations.
"These Jiwasraya customers are still waiting for the return of their funds from the Attorney General's office, and they are asking for help from the Mr. President. There's only a little left," said Machril in Menteng, Central Jakarta, on Friday, February 21, 2025.
A total of 70 Jiwasraya policyholders rejected the policy transfer or restructuring program offered by Jiwasraya through a third party, PT Asuransi Jiwa IFG (IFG Life). The outstanding policy repayment obligations to customers by Jiwasraya amounted to Rp 217 billion as of December 31, 2024.
Meanwhile, according to the Ministry of State-Owned Enterprises (BUMN), the value of seized assets in the corruption case amounts to Rp 1.2 trillion in the form of mutual funds and Rp 8 trillion in the form of land and buildings.
Machril argues that the seized assets rightfully belong to Jiwasraya customers. "I mentioned before that the legitimate Jiwasraya customers are those who are still with Jiwasraya," he said. "On the other hand, those who have already participated in the restructuring or have moved are no longer Jiwasraya customers."
"They are no longer Jiwasraya customers because they already have a new contract and their settlements are also handled outside Jiwasraya," he added.
Furthermore, Machril believes that settling the Jiwasraya insurance payments could restore public trust in the country. As known, the 165-year-old insurance company has experienced serious financial problems that were revealed since 2019, causing significant losses including the inability to fulfill its obligations to policyholders.
The Financial Services Authority (OJK) revoked the business license of the state-owned company Jiwasraya through the decision of OJK Commissioner Number KEP-9/D.05/2025 on January 16, 2025. The Head of the Licensing, Special Inspection and Quality Control Department of Insurance, Guarantees and Pension Funds OJK Asep Iskandar said that since the revocation of this license, shareholders, board of directors, board of commissioners, and employees of Jiwasraya are prohibited from transferring, mortgaging, pledging, or using the company's assets, or taking other actions that could reduce the assets or diminish the value of the insurance company.
"PT Asuransi Jiwasraya (Persero) is prohibited from engaging in life insurance business activities, and is required to cease all business activities in both the head office and branch offices," Asep said in OJK's official statement quoted on Friday, February 21, 2025.
Furthermore, the company is required to prepare and submit a closing balance sheet to OJK no later than 15 days from the date of the revocation of the business license. In addition, the state-owned company, which has been established since 1859, is also required to hold a general meeting of shareholders no later than 30 days from the date the business license is revoked to decide on the dissolution of the company's legal entity and to form a liquidation team. OJK also obliges Jiwasraya to fulfill other obligations in accordance with prevailing laws and regulations.
Asep also stated that, referring to the letter from the Minister of State-Owned Enterprises with the number S-30/MBU/01/2025 dated January 22, 2025, PT Asuransi Jiwasraya (Persero) has held a general meeting of shareholders to decide on the dissolution of the company's legal entity and to form a liquidation team.
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