3 Insurance return licenses

JAKARTA: Three insurance companies shall return their operating licenses to Capital Market and Financial Institutions Supervisory Agency (Bapepam LK) since the companies no longer run their business activities.

Head of Insurance Bureau at Bapepam-LK Isa Racmatarwata revealed that of those three companies, one is a life insurance company while the other two are non-life.

According to him, those companies had already discussed the plan with the authorities. The life insurance company which returned its operating license apparently owned a subsidiary running the same business. Meanwhile the non-life insurance companies had long been not active.

Isa further revealed that this business closure will trigger a decline in total assets of insurance industry which are estimated more than IDR2 trillion. The life insurance company that will return the license in fact owns huge amount of assets.

Until now, Bapepam-LK has not released the report over the national insurance business performance during the first half of 2010. However, the total assets of domestic insurance industry reached IDR347.49 trillion during the first quarter 2010. The total assets of the period jumped 145.6% compared to the same period last year, amounting IDR141.46 billion.


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