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Jakarta Post

Call for reform amid Jiwasraya fiasco

  • Riska Rahman

    The Jakarta Post

Jakarta   /   Fri, January 17, 2020   /  09:14 am
The Jakarta Post Image
Solid evidence: A Harley Davidson confiscated from state-owned insurer PT Asuransi Jiwasraya’s former president director, Hendrisman Rahim, sits parked on the terrace of the Attorney General’s Office (AGO) building in South Jakarta on Thursday. The AGO has named Hendrisman and four others suspects in a corruption case related to Jiwasraya’s failure to pay out on policies.(JP/Dhoni Setiawan)

President Joko “Jokowi” Widodo called for reform of the country’s financial services industry as the government moves to salvage ailing state-owned insurer Asuransi Jiwasraya. “The nonbanking financial services industry that consists of insurance and pension funds [among other services] needs reform, improvements in terms of regulations, supervision, as well as capital,” he said in his remarks at the financial services industry annual meeting in Jakarta on Thursday. The reforms, he went on to say, were needed to encourage prudence and transparency in the industry and for it to adopt a proper risk management system to maintain the public’s trust. “Don’t let a lack of trust undermine our economy,” Jokowi stressed. He said the government was ready to assist the Financial Services Authority (OJK), which supervises the financial i...