Home » Business » Discrete OJK! This is a series of sanctions for Kresna Life

Discrete OJK! This is a series of sanctions for Kresna Life

Jakarta, CNBC Indonesia – Cases of default on insurance policy benefits experienced by customers of PT Asuransi Jiwa Kresna or Kresna Life have received strong attention from Financial Fervices Authority (OJK). The authority which also oversees the life insurance industry has finally issued a sanction to restrict business activities (PKU) to Kresna Life.

According to OJK, the Kresna Group life insurance company has violated the provisions regarding the implementation of recommendations on the results of the previous examination.

Sanctions are stipulated by letter OJK number S – 342 / NB.2 / 2020 dated 3 August 2020.


“After the imposition of this sanction, then Life Insurance Kresna is prohibited from carrying out new coverage closing activities for all lines of business for the insurance company from 3 August 2020 until the results recommendation is fulfilled OJK examination, “said Deputy Commissioner for Public Relations and Logistics of OJK, Anto Prabowo, in an official statement, received by CNBC Indonesia this Friday (14/8/2020).

Photo: Dozens of Kresna Geruduk Insurance Policy Holders, OJK Office (CNBC Indonesia / Andrean Kristianto)
Dozens of Kresna Geruduk Insurance Policy Holders, OJK Offices (CNBC Indonesia / Andrean Kristianto)-

Previous, OJK has conducted an inspection for the period 2019 which was carried out in February 2020. In that examination, OJK found a number of violations committed by PT Asuransi Jiwa Kresna especially in K-productsLITA.

Of these violations, OJK perform supervisory actions including:

1. Requiring Kresna Life to pay for the claim that has been filed by the police holder.

2. Memerintahkan Kresna Life to compile a financial restructuring plan that contains steps for the Company’s financial restructuring, the commitment of Controlling Shareholders to overcome problems Kresna Life, as well as a detailed claim payment plan.

3. OJK has ordered Kresna Life to discontinue K-LITA products, in February 2020, to prevent the risk of difficulty in paying claims for policies due to greater maturity and to protect the interests of policyholders.

4. OJK keep asking the management and controlling / controlling shareholder of Life Insurance Kresna to be responsible for obligation to the policy holder because this is an agreement or bond civilization between Life Insurance Kresna with a police officer.

5. OJK ask Kresna Life immediately submits a plan to settle the Life Insurance obligations Kresna supported by realistic funding sources including from additional capital or other legitimate sources.

6. OJK also ask companies that enter the Group Kresna that is to open the widest possible communication to police holders.

OJK in the near future will facilitate the mediation of Life Insurance management meetings Kresna and police representative representation, “he said Anto.

As note, Kresna Life previously stated it had to postpone payment for two products the insurance that is Kresna Link Invest (K-LITA) and Protecto Invest Kresna (COCK).

Kresna Life also stated that it will open a dialogue with customers to complete payment of policies that previously failed to be paid according to the provisions. Previously, customers had complained to the OJK regarding Kresna Life’s unilateral settlement.

In fact, a number of customers have ‘stormed’ the Kresna Life office due to disagreements with the payment proposal submitted by Kresna Life.

Chairman of the Kresna Link Investa Life Insurance Policy Settlement Team and Protecto Investa Kresna Life Insurance, Supriyadi said, his party is committed in good faith to completing every existing process to achieve the best solution, win-win solutions through amicable consensus deliberations.

“Companies cannot go through this process properly without support from policyholders,” said Supriyadi, in a press statement obtained by CNBC Indonesia, Tuesday (12/8/2020).

Supriyadi said that currently the company has appointed a Policy Settlement Team (TPP) to help Kresna Life to improve and improve communication with Policyholders.

Later, the team will hear and accommodate every input for the company regarding the scheme and completion process

“We will serve all forms of input, complaints, questions, and submissions related to the completion of the PIK and K-LITA Policies, and assist Kresna Life during the policy settlement process to Policyholders. This also aims to avoid confusion of information regarding the existing process,” continued Supriyadi.

[Gambas:Video CNBC]

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