Life insurance case<\/p>\n
I am a retiree of PT Caltex Pacific Indonesia (CPI). CPI,
\nbeing one of the operators in the oil and gas producing industry,
\nis a contractor of Pertamina, as are 14 other companies under
\nproduction sharing contracts (PSCs).<\/p>\n
As a retiree of a PSC company -- like most retirees of all
\nPSCs, especially those participating in both the Annuity
\nInsurance Program for Pensioners (Anuitas Pensiun) and the
\nMedical Care Plan for Retirees (Prokespen) -- I am very
\ndisappointed with the move by PT Asuransi Jiwa Tugu Mandiri
\n(AJTM).<\/p>\n
The action to close down Prokespen, and the breaking of ties
\nwith the PSCs, arouses suspicion and has caused unease,
\nparticularly among active and eligible participants.<\/p>\n
Those suffering the most because of the separation are the
\neligible participants. There are 1,682 defenseless individuals
\nfrom CPI alone. That is not to mention an approximately 600 more
\nindividuals from the other PSCs, or their reasons for
\nparticipating in Anuitas Pensiun and Prokespen.<\/p>\n
Sadly enough, according to AJTM, the excuse for the failure
\nwas simply due to being already \"exhausted\".<\/p>\n
What about the Anuitas Pensiun which is also under the same
\nroof? Is it going to end up the same?<\/p>\n
With regard to the Anuitas Pensiun, I would suggest the
\nretirees pay attention to and closely watch the monthly income
\nthey are entitled to. This is in connection with bank interest
\nrates, which fluctuate from time to time. The calculation for
\nevery percentage change should be readily available and\/or
\ninformation about it should be passed on to the retirees
\nconcerned, since the net income depends a lot on the interest.<\/p>\n
According to Kompas on Oct. 6, 2000, the closure of the AJTM
\nwas justifiable owing to its very poor performance.<\/p>\n
According to CPI news on June 1, 1992, I gathered that \"the
\nProkespen is designed mainly for employees (and spouses) of
\nPertamina and its contractors aged under 56 years\" and launched
\nby AJTM in cooperation with Pertamina starting in May 1992. It is
\nthus very obvious that Pertamina is somehow in some way very
\nclosely linked to AJTM, and vice versa. By the same token, the
\nlife insurance policies between AJTM and the PSCs are based on
\nappointed principles and not through the common tender process.<\/p>\n
Now that the issue has been exposed and the PSCs, including
\nCPI, have intervened in the dispute to resolve the problem, CPI
\nis prepared to chip in US$1.9 million, or the equivalent of Rp 18
\nbillion. It is a split of 12 percent borne by CPI and 88 percent
\non Pertamina's account, for having to be \"cost recoverable\". It
\nis for the relief, so the Prokespen (a collective type of life
\ninsurance program) could be transformed into a separate insurance
\nindividual program, the Dakespen, which is still under AJTM. Note
\nalso that the \"rescue package\" is subject to approval from
\nPertamina and is still within the context of \"You rub my back and
\nI'll rub yours\".<\/p>\n
My questions are:
\n1. What is actually going on and who is being rescued, the
\neligible participants or AJTM?
\n2. Why not be transparent by going through a tender, either a
\ngeneral tender or a limited tender?
\n3. How is it possible for AJTM to return the Rp 18 billion
\n\"rescue fund\" even by installment. And to whom will it be return?<\/p>\n
V. ALBERT TILAAR<\/p>\n
Depok, West Java<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/life-insurance-case-1447893297", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }