HEAD of the Financial Services Authority (OJK) Literacy, Financial Inclusion, and Communication Department Aman Sentosa revealed that 99.7% of Jiwasraya customers have agreed to the policy restructuring scheme.
The policies of these customers have also been transferred to PT Asuransi Jiwa IFG (IFG). However, there are still 0.3% of Jiwasraya policyholders who reject the restructuring scheme.
Aman emphasized that policyholders who do not agree with the restructuring scheme can take legal action by suing Jiwasraya.
“OJK respects all ongoing legal processes,” he said in an official statement quoted on Tuesday (20/8).
OJK, said Aman, appealed to the parties including PT Asuransi Jiwasraya to respect the ongoing legal process and follow up on it in accordance with applicable laws and regulations.
Since 2020, OJK has asked Jiwasraya management to address its inability to fulfill obligations to policyholders due to the large financial deficit at that time.
Also read: Jiwasraya Policyholder Rescue Program Ends, IFG Life Accepts Transfer of Restructuring Policies
To address the financial deficit, OJK has asked Jiwasraya to prepare a financial recovery plan (RPK) that has received shareholder approval by involving relevant ministries/institutions.
The RPK in question has been finalized through an action plan submitted to the OJK in 2023 with consideration of consumer protection aspects, in this case the interests of all policyholders.
Aman explained that the RPK in question essentially contains a policy restructuring scheme that provides a voluntary choice to all Jiwasraya policyholders to adjust future liabilities with a healthier product structure that is more relevant to current conditions.
If the Jiwasraya policyholder agrees to the scheme, the policy will be transferred to IFG Life and will then continue the coverage of the former Jiwasraya policyholder with other products in accordance with the policy provisions so that the policyholder’s rights can be better guaranteed at IFG Life.
“68% of policyholders who initially rejected the restructuring have agreed to the scheme. OJK continues to encourage PT Asuransi Jiwasraya to complete the handling of policyholder rescue comprehensively,” concluded Aman. (J-3)
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