Jiwasraya’s Restructuring Program Completed, Liquidation Imminent

By Editorial Team 03/01/2024
Insurance
Summary

The Indonesian government is set to liquidate PT Asuransi Jiwasraya (Persero) following the completion of the policy restructuring program with PT Asuransi Jiwa IFG or IFG Life. Kartika Wirjoatmodjo, Deputy Minister of State-Owned Enterprises, revealed having communicated this plan to the Financial Services Authority (OJK). "Following discussions with the OJK, the direction for Jiwasraya is towards liquidation," she stated on Dec 29, 2023. However, Kartika did not specify the timeline for the liquidation.

Mahelan Prabantarikso, Acting CEO of Jiwasraya, said liquidating the company must first go through stages supervised by the OJK. According to him, in the initial phase, Jiwasraya will return its license to the OJK, which will be revoked. The process continues with the appointment of a liquidation team by the shareholders. "The liquidation process takes two to three years. Following that, a dissolution will occur within two to three years," he remarked.

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