Jakarta, CNBC Indonesia – The Financial Services Authority (OJK) is giving last chance for PT Asuransi Jiwa Kresna (AJK) or Kresna Life to submit proof of agreement from policyholders to convert the policy claim into a subordinated loan. OJK gave a deadline of 13 February 2023 for AJK to submit proof of approval from these customers.
This date is one month since OJK received the financial restructuring plan (RPK) and held discussions with AJK shareholders, directors and commissioners.
“This is the last opportunity. We emphasize to shareholders, directors and customers, this is the last opportunity. And this must be fulfilled within one month of the last meeting,” said the Chief Executive of OJK’s IKNB Supervision, Ogi Prastomiyono at a press conference Development of Non-Bank Financial Industry (IKNB) Policy and Supervision, Thursday (2/2/2023).
He explained a number of things that became the conditions for proof of approval. Among other things, the policyholder must agree in writing that it is converted from a policy debt to a subordinated loan. Then, AJK is required to provide complete information regarding the impact of the conversion.
Ogi emphasized that his party would wait for this week how many policyholders agree. Then OJK will calculate the impact of the conversion, related to solvency, RKI (investment adequacy ratio) meets the requirements, and liquidity meets the requirements.
He also explained that AJK had submitted RPK several times but his party had always refused. Most recently, on December 30 2022, the RPK was submitted with a scheme for converting a policy claim debt into a subordinated loan.
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