Govt sanctions insurers

Thu, 20 Apr 1995

JAKARTA (JP): The Ministry of Finance announced yesterday that it has prohibited two insurance companies, PT Maskapai Asuransi Teladan and PT Maskapai Asuransi Timur Besar, from making new transactions due to their excessive losses.

"This decision was made to prevent losses to the public," a ministry statement disclosed yesterday.

The statement, however, did not explicitly say whether the two insurers were allowed to continue deals with their existing clients. (hdj)

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