OJK Transfers Prolife Life Insurance Case Suspect to South Jakarta Prosecutor's Office

The Financial Services Authority (OJK) has transferred the suspect and evidence (phase II) in the alleged insurance crime case of PT Asuransi Jiwa Prolife Indonesia (formerly PT Asuransi Jiwa Indosurya Sukses/PT AJIS) to the South Jakarta District Prosecutor’s Office. Agus Firmansyah, Head of the OJK’s Integrated Financial Services Sector Surveillance and Policy Department, stated in Jakarta on Wednesday that the handover follows the public prosecutor’s declaration that the case file is complete (P.21). In this case, OJK investigators named HS, the controlling shareholder of PT Asuransi Jiwa Prolife Indonesia, as a suspect. The suspect’s handover took place at the Gunung Sindur Class IIA Special Correctional Facility in Bogor on Wednesday, as HS was already in detention for a criminal fraud and embezzlement case involving the Indosurya Savings and Loan Cooperative (KSP Indosurya) based on a court ruling. Meanwhile, the evidence was handed over at the South Jakarta District Prosecutor’s Office. The OJK stated that the case originated from an alleged insurance crime committed by deliberately ignoring and/or failing to implement a written order from the OJK. The written order was contained in the Letter of the Chief Executive of Insurance, Guarantee, and Pension Fund Supervision of OJK Number S-45/D.05/2023 dated 13 October 2023. The letter ordered the company to fulfil its obligation to pay compensation to policyholders amounting to IDR 566.24 billion, in accordance with the monthly financial report as of 30 September 2023. Previously, as a follow-up to its supervisory actions, the OJK revoked the business licence of PT Asuransi Jiwa Indosurya Sukses on 2 November 2023. During the investigation process, the OJK also seized a number of assets as part of efforts to recover policyholders’ rights in accordance with statutory regulations. The seized assets include 11 plots of land and buildings in North Sumatra, Makassar, and Bogor, West Java, with an estimated value of around IDR 20.9 billion; cash in the form of deposits amounting to IDR 21.065 billion placed under another party’s name; and share ownership in a company with an estimated value of around IDR 72 billion. For his actions, the suspect is charged with violating Article 54 letter b of Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (P2SK) and/or Article 53 paragraph (1) of Law Number 21 of 2011 concerning the OJK, which carries a maximum penalty of six years’ imprisonment and a minimum fine of IDR 15 billion. In handling this case, the OJK coordinated and cooperated with various law enforcement agencies and related institutions, including the Indonesian National Police, the Attorney General’s Office, the Financial Transaction Reports and Analysis Centre (PPATK), and the Ministry of Agrarian Affairs and Spatial Planning/National Land Agency (BPN). The OJK stated that it will continue to strengthen law enforcement professionally, firmly, and sustainably against any alleged criminal acts in the financial services sector. This effort, according to the OJK, is part of its commitment to maintaining the integrity of the financial services sector, strengthening industry governance, and enhancing protection for consumers and the public.