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Jakarta Post

Ministry to restructure Jiwasraya policies, establish new life firm

  • Riska Rahman

    Jakarta

Jakarta   /   Tue, July 14 2020   /  01:00 am
Office of state-owned insurance company PT Asuransi Jiwasraya in Jakarta(Antara/Galih Pradipta)

The State-Owned Enterprises (SOEs) Ministry is planning to restructure state-owned insurance company PT Asuransi Jiwasraya’s policies before carrying them over to a new company and dissolving the ailing insurer. Deputy Minister Kartika “Tiko” Wirjoatmodjo said the ministry made a proposal to the House of Representatives to restructure all of Jiwasraya’s life insurance policies. Should the House agree to the scheme, the ministry will instruct state-owned insurance holding firm PT Bahana Pembangunan Usaha Indonesia (BPUI) to start negotiations with policyholders in August. The negotiations are expected to conclude in December 2021. In the meantime, BPUI will establish a new life insurance company, PT Nusantara Life, which will then hold all of Jiwasraya’s restructured policies. Following the transfer, the ministry will then completely dissolve the ail...