The Financial Services Authority (OJK) officially revoked the life insurance license of PT AXA Life Indonesia. It was stated in the Decree of the OJK Board Commissioners No. KEP-2/D.05/2018 January 19, 2018.
In a copy letter obtained on Sunday, February 4, it was issued by the OJK Board of Commissioners No. 2/2018. The revocation of AXA Life Indonesia's business license is a continuation of the merger process into PT AXA Financial Indonesia, which has started effectively as of November 1, 2017.
AXA Life Indonesia license revocation letter is stipulated by the approval of DK OJK member as well as the Chief Executive of Non-Bank Financial Industry Supervisor and IKNB OJK Acting Director of Institution and Product, Asep Iskandar.
The letter stated that AXA Life Indonesia has submitted its merger plan to OJK since November 1, 2017. It coincides with the resolution of the AXA Life Indonesia Shareholders Meeting on the same date.
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