OJK Monitoring 11 Troubled Insurance Companies

Chief Executive for Supervision of Insurance, Securities, and Pension Funds of the Financial Services Authority (OJK), Ogi Prastomiyono, revealed the development of surveillance of troubled insurance companies.

According to him, the OJK is now conducting special supervision of 11 troubled insurance companies. Special supervision is carried out on companies that are categorized as not normal. Ogi explained that there are three kinds of supervision for non-bank financial services institutions, namely normal supervision, intensive supervision, and special supervision. Special supervision is carried out for troubled insurance companies.

However, Ogi refused to reveal the names of the troubled insurance companies. He only gave a clue that out of the 11 companies, there are 9 insurance companies; 6 life insurance companies and three general insurance companies. There is one reinsurance, and one insurance company in liquidation.

The number of problematic insurance companies this year decreased. In 2022, Ogi said, previously stated that there were 13 problem insurance companies. However, the two companies have been running well and are now under normal supervision.