Minister to withdraw 'lottery' license

JAKARTA: Minister of Social Affairs Bachtiar Chamsyah promised on Monday to withdraw a license given to a company to run a "lottery-style" life insurance program that offers prizes to customers.

"If it can be proven that the insurance is a lottery in the guise of life insurance, the ministry will be ready to withdraw the license for the insurance company," the minister said.

He said the ministry granted the license to PT Provisi last month after receiving a recommendation from the Jakarta Social Affairs Agency.

Under the company's insurance program, apart from compensation from the company, policyholders also have the chance to win a variety of prizes if the numbers on their premium cards match numbers announced on TV.

The insurance program is scheduled to kick off this August. -- Antara