Wait for OJK’s blessing, Jiwasraya will issue a new product as part of the restructuring

Reporter: Ferrika Sari | Editor: Herlina Kartika Dewi

KONTAN.CO.ID – JAKARTA. PT Asuransi Jiwasraya (Persero) is planning to issue a new insurance product and until now it is still waiting for a business permit from the Financial Services Authority (OJK).

“Medium Staged Products filling at OJK. The principle is insurance products that contain protection and installation features or gradual payments, “Jiwasraya President Director Hexana Tri Sasongko said, Wednesday (7/22).

Later, Jiwasraya customer policies will be exchanged for new products. This is part of the policy restructuring through the new Nusantara Life company.

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In this case, Jiwasraya is already burdened by cost burden (cost of fund) JS Saving Plan products. To reduce the burden, the policy will be exchanged for new products and Jiwasraya will also reduce interest.

At the moment, Jiwasraya is still working on a restructuring scheme. One of the schemes, related to the reduction in insurance product yields from 12% – 14% to around 6% -7%.

The plan, Jiwasraya will begin to restructure the policy in August. After receiving confirmation of funding from shareholders.

This has also been communicated to the OJK and the House of Representatives (DPR).

Hexana said that the joint management of the Ministry of SOEs and the Ministry of Finance, as shareholders, was developing a new strategic plan in order to improve company performance and fulfill obligations to customers.

“Restructuring is the main agenda of the company’s restructuring and will soon begin. The success of the restructuring requires the support of all parties. I ask for cooperation that has previously been going well,” he explained.

Victims of Failure Victims Forum BUMN Jiwasraya spoke out related to the government’s plan to restructure.

The forum consists of Jiwasraya Saving Plan policy holders through seven selling banks namely BRI, BTN, SCB, Hana, QNB, DBS / ANZ, and Victoria.

“With the restructuring, we hope that the rights and protection of customers will not diminish in the slightest and the certainty and guarantee of payment will be clearer, not only through newly formed companies. A clear and explicit implementation guarantee is required from the State as the sole owner and controller of the Jiwasraya BUMN,” said Ivander, forum representative.