TRIBUNNEWS.COM, JAKARTA – Financial Services Authority (OJK) has officially revoked the business license of PT Life insurance Adisara Wanaartha Life (Wanaartha Life).

His move to do business in the life insurance industry has come to an end.

The insurance company is also said to still have debts to pay off obligations to its customers of around Rp. 15 trillion.

Also read: Quarter III Asuransi Jasindo Disburses IDR 1.9 Trillion to Pay Claims

“This cancellation was made because Wanaartha Life unable to meet the solvency ratio or risk based capital set by OJK in accordance with applicable regulations,” said the Chief Executive of the Non-Bank Financial Industry Supervisory Ogi Prastomiyono in a press conference, Monday (5/12/2022).

Ogi said that this was due to: Wanaartha Life unable to cover the difference in liabilities with assets either through capital injections from shareholders or inviting investors.

“The high difference between liabilities and assets is an accumulation of losses due to the sale of a product similar to a saving plan,” he said.

Meanwhile, the revocation of this business license is indeed carried out in accordance with the Regulations OJK (POJK) 17 of 2017 article 6 paragraph 1 namely the sanction imposed after a violation of the full suspension of business activities (PKU) is not fulfilled, namely revocation of business licenses.

Previously, Wanaartha received a full PKU sanction on August 30, 2022.

Also read: About Reducing Employees, This is the Explanation of the Managing Director of Asuransi Jasindo

If you refer to POJK 17 of 2017 article 4 paragraph 5b which says the sanction is a maximum of three months, which means it ended on 30 November.

Meanwhile, the Main Director Wanaartha Life Adi Yulistanto doesn’t have much more to say about the fate of this company.

Bearing in mind, his party had submitted his resignation at the end of last October even though the resignation was rejected by OJK.

Financial Condition Wanaartha Life

The OJK also discovered that the financial report manipulation had been carried out PT Life insurance Adisara Wanaartha Life (Wanaartha Life).

Chief Executive of Non-Bank Financial Industry Supervisory (IKNB) OJK Ogi Prastomiyono disclose, the financial condition engineered by the company so that the financial statements submitted to OJK and published financial reports do not match actual conditions.

#OJK #Revokes #Wanaartha #Lifes #Business #License #Alleged #Engineering #Financial #Statements #Bankruptcy #Application #Tribunnewscom