Thereafter, Jiwasraya will operate as an asset management company, coupled with the policies of Jiwasraya's customers who are unwilling to have their policies transferred to a new insurer IFG, reported CNBC Indonesia.nal stage
State owned Asuransi Jiwasraya's Restructuring Acceleration Team has said that it would return the insurer's business licence to the Financial Services Authority (OJK) after all customers' policies with the insolvent life insurer have been handled.
Thereafter, Jiwasraya will operate as an asset management company, coupled with the policies of Jiwasraya's customers who are unwilling to have their policies transferred to a new insurer IFG, reported CNBC Indonesia.
Jiwasraya technical director Angger P Yuwono revealed that the number of customers who were willing to be restructured up to 18 May in the bancassurance category reached 95% or 16,567 policies. Corporate policyholders who have participated in this programme reached 91.7% or 1,948 policies. Meanwhile, in the retail category, the proportion reached 81.6% consisting of 142,844 policies.
He added, "However, there are thousands of Jiwasraya's policies and many of the places where they live are remote. So it is impossible to achieve 100% completion, there will be someone left behind."
Another issue is that many policyholders could not be contacted because they had changed their telephone numbers and correspondence addresses without informing Jiwasraya.
Customers have up to the deadline of 31 May 2021 to decide whether or not to have their policies transferred to IFG Life. Mr Angger said that Jiwasraya will further discuss the fate of customers who do not transfer their policies.
IFG Life was created by the government to take over the business of Jiwasraya which suffers liquidity problems because of mismanagement and bad investment decisions. The new insurer started operations this month.
He added, "However, there are thousands of Jiwasraya's policies and many of the places where they live are remote. So it is impossible to achieve 100% completion, there will be someone left behind."
Another issue is that many policyholders could not be contacted because they had changed their telephone numbers and correspondence addresses without informing Jiwasraya.
Customers have up to the deadline of 31 May 2021 to decide whether or not to have their policies transferred to IFG Life. Mr Angger said that Jiwasraya will further discuss the fate of customers who do not transfer their policies.
IFG Life was created by the government to take over the business of Jiwasraya which suffers liquidity problems because of mismanagement and bad investment decisions. The new insurer started operations this month.
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