This article was originally published by investortrust. id with the heading of Akhir “Tawaran Restrukturisasi Jiwasraya” on 28/12/2023.
Liga Asuransi – The deadline for the restructuring offer of policies for customers affected by the default of PT Asuransi Jiwasraya (Persero) is set to conclude on December 31, 2023. Several customers, including renowned lawyer OC Kaligis, persistently reject the policy restructuring program set to be transferred to PT Asuransi Jiwa IFG (IFG Life).
A portion of Jiwasraya customers, approximately 0.4% of the total customer base, perceive the policy restructuring as unilateral and detrimental to their interests. Consequently, these customers demand a refund of their funds. “Customers reject the restructuring. Therefore, their rights should be restored,” stated insurance observer and expert witness in the Jiwasraya corruption case, Irvan Rahardjo, during a press conference titled “Jiwasraya Customer Victims End of 2023” at OC Kaligis & Associates, Jakarta, on Thursday (12/21/2023).
Rahardjo assessed that Jiwasraya’s policy restructuring was conducted unilaterally, resulting in harm to the customers. “Negative confirmation occurred in the process,” he said. Negative confirmation is a method employed by disputing parties to contact a company believed to have claims against the alleged bankrupt entity. If the company does not respond (affirm or deny) to the confirmation, it implies the existence of the debt, forming the basis for claiming indebtedness.
Following OJK Regulations, Irvan Rahardjo highlighted that insurance companies or shareholders are obligated to restore the rights of policyholders. “If customers do not approve the restructuring, they regain all their rights,” he emphasized.
Renowned lawyer OC Kaligis, one of the victims of default due to corruption and money laundering by Jiwasraya’s former management, revealed that he has won a lawsuit in court. As a result, the senior lawyer stated that a total of IDR 30 billion must be refunded and is rightfully his as a policyholder. “Yet, until now, not a penny has been returned,” he exclaimed.
Despite receiving a capital injection of IDR 22 trillion from the government as state capital participation (PMN) through its parent company, IFG Life, OC Kaligis affirmed his refusal of the restructuring. “I still reject the restructuring because I have won in court. I only ask for my money back,” he expressed. He recounted that Jiwasraya executives had met him and pledged to return his funds but with a 50% deduction and installment payments over five years without interest.
“It is, in essence, robbery. Even though the state has provided State Capital Participation (PMN) to Jiwasraya. So, I stand firm based on the court’s decision,” he asserted.
Another customer, Harry, explained that Jiwasraya (IFG Life) recently received an additional capital injection of IDR 6.7 trillion from IFG, the holding company of the State-Owned Enterprise (BUMN) engaged in insurance and guarantees. This development is part of the resolution of Jiwasraya’s default case.
“The liabilities amount to IDR 50 billion, while the capital is in the trillions. So, they have the funds. However, why don’t they show good intentions to repay customer funds?” said Harry. Investor trust.id has not yet obtained confirmation from IFG Life management regarding the progress of the policy restructuring and offers extended to customers who have consistently rejected the program.
About Jiwasraya Insurance
PT Asuransi Jiwasraya, a renowned insurance company in Indonesia, has faced various issues shaking its stability and reputation. One major issue plaguing the company is the default of policies, especially in unit-linked products, which shocked and raised concerns among customers.
Not only that, the former management of Jiwasraya was involved in a corruption scandal related to investment management and customer funds. This scandal not only caused financial losses but also tarnished the company’s overall image.
To address financial issues and settle customer claims, Jiwasraya decided to undertake policy restructuring. However, these steps were not well-received by some customers, including prominent figures like lawyer OC Kaligis, who rejected the program and opted for legal action.
Legal demands from several customers added complexity to the issues faced by Jiwasraya. Despite the government providing financial support through State Capital Participation (PMN), the company still faces significant challenges in regaining public trust and restoring its reputation.
In this context, Jiwasraya strives to resolve its crisis while dealing with legal claims, customer claim demands, and pressure to regain public trust. The journey toward full recovery poses a complex and weighty challenge for the company.
In recent years, PT Asuransi Jiwasraya has encountered significant challenges, especially related to policy defaults, corruption scandals, and controversial fund management. Customers, including well-known figures like lawyer OC Kaligis, strongly reject the proposed policy restructuring, considering it unilateral and detrimental.
The financial crisis involving significant claims from unit-linked products has fueled public distrust in the insurance industry, leading to an increase in complaints. Restructuring efforts, although viewed by some as a positive step to resolve financial issues, are not fully accepted and face legal challenges from several customers.
Despite government financial support through State Capital Participation (PMN), Jiwasraya still faces immense pressure to regain public trust and restore its reputation. The company’s journey toward recovery, stability, and public confidence is intricate and complex.
In this context, Jiwasraya’s success in overcoming its crisis depends not only on financial restructuring efforts but also on its ability to build transparency, and accountability, and restore customer confidence. In conclusion, PT Asuransi Jiwasraya needs to take wise strategic steps to salvage its future and re-establish confidence in its insurance services.
This article is part of the book “BANGKITNYA ASURANSI KAMI” with keynote speaker Professor Muhammad Eddi Purnawan, Member of the OJK Supervision Board. February 2024. ISBN, IPB Press Publishers.
This article is part of the book “BANGKITNYA ASURANSI KAMI” with keynote speaker Professor Muhammad Eddi Purnawan, Member of the OJK Supervisory Board. February 2024. ISBN, IPB Press Publishers.
The price of this book is IDR 155,000 and can be ordered through ligasuransi.com.
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