After years of default, the Financial Services Authority has sanctioned the revocation of business licenses (CIU) to two insurance companies, namely PT Asuransi Jiwa Adisarana Wanaartha (Wanaartha Life) and PT Asuransi Jiwa Kresna (Kresna Life).
To remember, Wanaartha Life had its business license revoked on December 5, 2022, while Kresna Life followed on June 23, 2023. Months have passed, the two privately owned insurance companies are now undergoing a series of liquidation processes to pay the arrears in claims payments for policyholders (pempol).
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Since the formation of the Wanaartha Life (WAL) liquidation team, there are 26,285 policies from 12,577 verified policyholders who are victims of Gaga paying insurance owned by the Pietruschka family.
Public asset insurance or state property
So far, the Wal liquidation team has reported to the OJK that the public accounting firm (KAP) has completed a closing balance sheet audit containing the value of assets based on liquidation value and the value of liabilities based on AUP (Agreed Upon Procedures) conducted by the Actuarial Consulting Office.
“The audited closing balance sheet is the basis for the liquidation team to prepare the interim liquidation balance sheet (NSL),” said Ogi Prastomiyono, Chief Executive of the OJK Insurance, Guarantee and pension fund supervisory agency, quoted Thursday (2/11/2023).
NSL is the basis for calculating recovery assets which will then be distributed to policyholders and other creditors proportionately in accordance with applicable regulations.
“Currently, OJK continues to monitor the process of preparing NSL by requesting improvements or adjustments to the NSL format in accordance with applicable regulations,” explained Ogi.
As for Kresna Life, the Kresna Life liquidation team conveyed to the OJK that the receipt of the policyholders ‘ bill submission until October 24, 2023, registered 3,903 policyholders who had submitted a bill of claim to the liquidation team.
“OJK monitors the process of registration of policyholders’ bills to be further verified and outlined in the interim liquidation balance sheet,” said Ogi.
During registration, Ogi also appealed to people who have a Kresna Life policy to be able to contact the liquidation team to register their policy.