PBNU Chairperson Reveals the Loss of Insurance Management in Indonesia

PBNU Chairperson Said Aqil Siroj also spoke about the Jiwasraya case. Said said, the management of the state-owned insurance company was so bad.

His statement was considered as criticism so that the management of a subsidiary of a State-Owned Enterprise (BUMN) could be better than before.

“Cases of default on several insurance companies such as Jiwasraya, and indications of Bumi Putera, as well as Asabri, don’t let Taspen also open our knowledge about how poor management of the insurance industry in Indonesia is,” Said in the PBNU Office, Jalan Kramat Raya, Jakarta, Friday (1/31) night

Therefore, Said stressed, the management of institutions both SOE subsidiaries and those that do not have to be managed properly. Said said, not to have fraudulent practices that harm the country and also the community.

“Mistakes in investment placement to over-priced stock engineering are among the economic tyranny that should not occur,” he said.

Therefore, Said said that hopefully the problems of the state-owned company could be quickly resolved. So that no party is harmed.

“So Nahdlatul Ulama hopes that this condition does not lead to distrust (distrust) of the community in the insurance industry,” he said.

It is known, Jiwasraya’s problem began when the state-owned company delayed the payment of claims for the Saving Plan insurance product amounting to Rp 802 billion in October 2018.

This product is distributed through several banks such as PT Bank Tabungan Negara Tbk (BTN), PT Bank ANZ Indonesia, PT Bank QNB Indonesia Tbk, PT Bank Rakyat Indonesia Tbk (BRI), PT Bank KEB Hana, PT Bank Victoria Tbk, and PT Bank Standard Chartered Indonesia.

In a letter circulating at the time, Jiwasraya stated that the fulfillment of funding for payments was still being processed. The company also offers policyholders to extend their maturity (roll over) to the next one year.

After a year, the problem increased. Jiwasraya told the DPR that the company needed funds of Rp 32.98 trillion. This was done to improve capital in accordance with the minimum provisions stipulated by the FSA or Risk Based Capital (RBC) of 120 percent.

While the Attorney General’s Office (AGO) has also arrested five people related to the alleged corruption scandal at PT Asuransi Jiwasraya (Persero).

The five are Director of PT Hanson International Tbk (MYRX) Benny Tjokrosaputro, President Commissioner of PT Trada Alam Minera Tbk (TRAM) Heru Hidayat, former Finance Director of Jiwasraya Jiwasraya for the period of January 2013-2018 Hary Prasetyo, former Director of Jiwasraya for the period 2008-2018 Hendrisman Rahim and former Head of Investment and Finance Division Jiwasraya Syahirwan.

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