Indonesia’s Financial Services Authority, OJK, has referred the controlling shareholder of PT Asuransi Jiwa Prolife Indonesia to the South Jakarta District Prosecutor’s Office after completing its investigation into alleged insurance-sector crimes. The case centers on the shareholder’s failure to comply with a 2023 OJK order to pay policyholders IDR 566.24 billion, roughly USD 33.7 million, in compensation.
Key Facts At A Glance
- OJK revoked Prolife’s business license on November 2, 2023, after the insurer, formerly known as PT Asuransi Jiwa Indosurya Sukses, failed to meet solvency and equity requirements.
- The controlling shareholder, identified by OJK only by the initials HS, was named a suspect for allegedly ignoring a written OJK order issued October 13, 2023, and for obstructing OJK’s regulatory authority between 2020 and 2023.
- The compensation obligation tied to the case totals IDR 566.24 billion, approximately USD 33.7 million, based on Prolife’s financial statement as of September 30, 2023.
- Investigators seized 11 parcels of land and buildings across North Sumatra, Makassar, and Bogor valued at roughly IDR 20.9 billion, about USD 1.2 million.
- Additional assets seized include IDR 21.065 billion, around USD 1.3 million, in time deposits held under third-party names, plus corporate shares valued at approximately IDR 72 billion, or USD 4.3 million.
- The case file was declared complete by prosecutors on July 15, 2026, prompting OJK to formally hand over the suspect and evidence.
- The suspect faces charges under Indonesia’s Financial Sector Development and Strengthening Law and the OJK Law, carrying a maximum sentence of six years in prison and a minimum fine of IDR 15 billion, about USD 893,000.
- The investigation involved coordination among OJK, the national police, the attorney general’s office, and Indonesia’s financial transaction reports and analysis centre, PPATK.
Case Background
PT Asuransi Jiwa Prolife Indonesia, previously operating as PT Asuransi Jiwa Indosurya Sukses, lost its business license in late 2023 after OJK determined the company could not resolve solvency shortfalls within the timeframe set under special supervision status. Before revoking the license, OJK had attempted a structured recovery route known as a Policy Holder Buy Out, intended to let the company settle claims without full liquidation. That option collapsed after the company failed to secure agreement from all policyholders or attract fresh capital from shareholders or new investors.
Handover To Prosecutors
OJK’s Department of Surveillance and Integrated Financial Sector Policy said the handover followed a multi-stage process that moved from special supervision to special examination, then investigation, before the case file was certified complete. The suspect was transferred to prosecutors at a correctional facility in Gunung Sindur, where the individual is already serving a sentence in a separate case.
Asset Recovery Efforts
Throughout the investigation, OJK worked with police and prosecutors to identify and seize assets linked to the suspect, aiming to support eventual compensation for affected policyholders. Authorities have described the recovery effort as ongoing, with total seized assets potentially exceeding the individual categories disclosed in the initial announcement.