TEMPO.CO, Jakarta - The Financial Services Authority (OJK) has revoked the business license of life insurance company Asuransi Jiwa Nusantara. The revocation was stipulated under the OJK Board of Commissioner Directives No. KEP-42/D.05/2013 issued on June 12.
Supervisory deputy commissioner Ngalim Sawega said that Asuransi Jiwa Nusantara has failed to fulfill the requirements on financial health, including risk based capital, investment consideration ratio of technical reserves to claim debts, and subordination repayments. The company has been given the chance to meet the requirements and was sanctioned to postpone their business activities until June 10.
"However, until the designated deadline, the company could not overcome [its financial situation]; therefore, based on existing law, an annulment is in order," said Ngalim in a press release on Thursday, June 13.