Insurance director sued

Insurance director sued

JAKARTA (JP): The Jakarta Administrative Court has accepted
the lawsuit filed by the Foundation of Indonesian Insurance
Consumers (YLKAI) against the director of insurance at the
Ministry of Finance over what the plaintiff claims is an illegal
decision.

YLKAI's lawyer Mira Amalia Malik said that the director by his
decision dated last Sept. 27, approved the transfer of 40 percent
of PT Dharmala Sakti Sejahtera's shares in PT Asuransi Jiwa
Manulife Indonesia to Manulife Financial-Canada.

She claimed that the director had violated the government
regulation that limits foreign ownership to 80 percent of the
stock in Indonesian insurance companies.

She said the YLKAI had filed the lawsuit on the grounds that
the interests of Indonesian insurance consumers must be
protected.

The hearing will resume next Wednesday to listen to the
response of the director of insurance.(01)