Indonesian president Jokowi urges regulator to step up monitoring insurers

The president flagged that several complaints last year have not yet been resolved.

Indonesian president Joko Widodo (Jokowi) urged the Financial Services Authority (OJK) to step up the monitoring of insurance companies, online loans, and investments on the back of several public complaints received of losses in recent times.

Jokowi mentioned that complaint reports from 2022 to 2023 have yet to be resolved.

The president mentioned the incidents of misuse of customers' funds in insurance companies like PT Asabri Persero and PT Jiwasraya Persero and said that this should no longer occur.

The president also mentioned cases in KSP Indosurya and PT Asuransi Jiwa Adisarana Wanaartha (WanaArtha Life) that ruined people's lives.

Jokowi appealed to the regulator to comprehensively monitor the performance of insurance companies. 

Earlier, the OJK placed 11 insurance companies on the special monitoring list or category that requires improvement in financial conditions.

On February 2, 2023, Executive Head of OJK's Non-Banking Financial Industry Monitoring Ogi Prastomiyono reported earlier that there were 13 such companies, though two insurance companies had managed to improve and return to normal monitoring.

Meanwhile, the business license of one company, WanaArtha Life, was revoked, while additional companies were placed on the special monitoring list, he added.

In addition to WanaArtha Life, three other companies comprise the Kresna Life, AJB Bumiputera and Jiwasraya, while the rest of the 11 companies cannot be referred to by name.