OJK Revokes Business License of Wanaartha Life

5 December 2022 21:16 WIB

TEMPO.CO, JakartaThe Financial Services Authority (OJK) has officially revoked the business license of privately-owned life insurance company PT Adisarana Wanaartha or Wanaartha Life on Monday, December 5, 2022. 

OJK's head of executive supervisor of the non-bank financial industry, Ogi Prastomiyono, said that the revocation of business licenses was carried out because the company could not meet the risk-based capital (RBC) requirement set by OJK.

"Wanaartha Life is unable to cover the difference between liabilities and assets, either through capital deposits by controlling shareholders or inviting investors," Ogi said at a virtual press conference on Monday, December 5, 2022.

Ogi added that the high discrepancy between liabilities and assets is an accumulation of losses generated by sales saving plan products. Wanaartha Life, Ogi said, offered returns that are not matched by the company's ability to gather profits from investment management.

"This condition is engineered by the company so that the financial statements submitted to the OJK and the publication do not fit the actual conditions," said Ogi.

After the revocation of this permit, Wanaartha Life must stop its business, Ogi underlined. However, the policyholders can still the company until a liquidation team who will verify the number of policyholders is established.

RIRI RAHAYU

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