OJK Reveals Henry Surya's Scheme to Embezzle Prolife Policyholder Funds

The Financial Services Authority (OJK) has seized assets linked to a criminal insurance case involving PT Asuransi Jiwa Prolife, formerly known as PT Asuransi Jiwa Indosurya Sukses. The case implicates Henry Surya, a defendant in the Koperasi Simpan Pinjam (KSP) Indosurya corruption case. Head of the OJK’s Policy and Investigation Support Directorate, Greta Joice Siahaan, revealed that Henry Surya embezzled hundreds of billions of rupiah in policyholder funds. ‘HS carried out investment activities that were not in accordance with OJK regulations during the 2018 to 2019 period,’ she stated at the OJK building in Jakarta on Thursday (9/7/2026). She explained that the case spanned from 2016 to 2019. Henry Surya was affiliated with four companies issuing Medium Term Notes (MTN) and controlled the principal funds of 545 Prolife policyholders. Furthermore, during 2018-2019, HS also requested the issuance of MTNs purchased by Prolife. ‘HS ordered the conversion of MTNs into shares, whereby PT AJ Prolife purchased shares from HS and the proceeds from the purchase were returned to PT AJ Prolife,’ she disclosed. During the same period, Henry Surya also failed to meet the obligation to pay a 14 per cent coupon on the policy investments. ‘This was never realised, and in 2019, when the market value of the shares declined, HS did not execute a buyback but instead requested the board of directors to convert the shares back into MTNs with a value of Rp 597 billion,’ she added. In the same press conference, Wisnu Widarto, Director of the OJK Financial Services Sector Investigation Group, stated that Henry Surya faces a maximum criminal sentence of 12 years and a fine of up to Rp 300 billion for violating Article 54 of Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (P2SK). ‘This is the first case handled by the OJK regarding a written order that was not executed by the recipient,’ he noted. Additionally, Surya violated Article 53 of Law Number 21 of 2011 concerning OJK for ignoring and obstructing the authority’s powers, making him liable for criminal fines ranging from Rp 500 billion to Rp 1 trillion. The OJK had previously seized and secured hundreds of pieces of evidence and assets from the insurance crime case worth Rp 113.97 billion. The seizure was conducted due to the alleged neglect and/or obstruction of the OJK’s authority. Furthermore, Prolife failed to execute a 2023 OJK written order to pay compensation to consumers amounting to Rp 566.24 billion.