Jakarta, CNBC Indonesia – The government, through the Ministry of BUMN, finally chose the scheme bail in or a capital injection of IDR 22 trillion to save PT Asuransi Jiwasraya (Persero).
Later, these funds will be injected into IFG Life, a new life insurance company formed by the government under PT Bahana Pembimbing Usaha Indonesia (BPUI) or Bahana as an Insurance and Guarantee BUMN Holding.
Special Staff of the Minister of BUMN, Arya Sinulingga, explained that there are several reasons why the government and BUMN, as shareholders, inject this State Capital Participation (PMN).
First, Jiwasraya is a state-owned company whose shares are owned by the government.
“This concerns the credibility of the government towards BUMN, so it is very natural that as a shareholder the government must be responsible with its own company,” Arya said in an online press conference on Sunday night (4/10/2020).
Arya continued, the Jiwasraya case has been going on for a decade, so that the government has to do something like it or not bail in to solve the Jiwasraya problem by investing or covering Jiwasraya’s losses.
Furthermore, the Ministry of BUMN ensures that it will fulfill obligations for policyholders in installments for all policyholders, which until August 31, 2020, the number has reached 2.63 million people, of which more than 90% of customers are pension program policy holders and the lower middle class. .
Next, said Arya, policyholders can still receive most of their rights, this option is better than liquidation.
“For AJS [Jiwasraya] liquidation will get smaller, this is better even though it does not fulfill all the rights obligations of policyholders, “he said.
The Ministry of BUMN also hopes that this rescue will maintain public trust in BUMN, the government and the insurance industry in general.
“Fourth, we prevented AJS ‘greater losses. We don’t want that,” he said.
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