Bumiputera Insurance Case, Victim's Fate is Still Questionable
The case of failure to pay the Bumiputera Joint Life Insurance (AJB) has not subsided. A new problem arose again regarding the election of the Member Representative Body (BPA) which was formed to resolve this default problem. However, it turns out that the selection of the BPA committee can only be done by an active police officer. Thus, inactive police officers do not have the right to vote to ratify the BPA election committee and also cannot vote for a new BPA. Responding to this, the Research Director of CORE Indonesia, Piter Abdullah Redjalam said the directors of AJB Bumiputera must be wiser. It is not possible to solve problems in AJBB without including policyholders whose rights have not been paid yet. "Policyholders whose rights are due and whose rights have not been paid so far have been harboring disappointment and anger. They have been patient for a long time. Removing their voting rights is like sparking a fire on hot oil. It will cause an explosion that can destroy hopes of solving the problem. at AJBB," he explained in a written statement, Tuesday (19/10/2021). He reminded that in closing AJBB's already mounting deficit, the Financial Services Authority (OJK) had ordered AJB Bumiputera to carry out the mandate of Article 38 of AJBB's AD which, among other things, regulates the mechanism for sharing losses to all policyholders. "How will the directors of AJB Bumiputera invite policyholders whose claims are due and whose claims have not been paid to share losses when their voting rights are not recognized?" he said. According to him, ignoring policyholders who are no longer active can make BPA's presence meaningless and destroy hopes for AJB Bumiputera's settlement. The fate of the victims of AJB Bumiputera's default is not over. Previously, hundreds of Bumiputera policyholders decided to start legal action by making a mass subpoena to the management of AJB Bumiputera with a copy to the Financial Services Authority (OJK) on Thursday, September 2, 2021. The first and last summons was given directly to the Director of AJB Bumiputera Dena Chaerudin on the 21st floor of Bumiputera's head office, Jalan Jenderal Sudirman, South Jakarta. The hundreds of policyholders came from all over Indonesia and gathered in a group called Customer Victims of Default or better known as the 'Blue Team'. In addition, the victims in several areas also protested because the claims did not go away. Even though AJB Bumiputera has promised to pay the policy claim. The national insurance industry still has many problems. Starting from Jiwasraya insurance to Bumiputera Joint Life Insurance (AJB). The oldest life insurance in Indonesia has had problems for a long time. Since its establishment or almost 109 years, this company has had no paid-in capital because it is in the form of a mutual and not a limited liability company (PT), cooperative, or BUMN. Insurance observer and author of the book The Collapse of Our Insurance, Irvan Rahardjo, revealed that problems also occur due to weak governance, weak supervision of the Financial Services Authority (OJK), and lack of understanding of asset-liability management. "The failure to pay Bumiputera was due to the same problem, namely governance and insolvency for a long time which was not handled properly," he said, Thursday (11/3/2021). Previously, Irvan also said that the regulator had never explained to the public and provided education. if AJB Bumiputera belongs to the members, then the members are responsible. In February, customers held a peaceful protest for the third time at the Bumiputera head office and the OJK office. The coordinator of the Bumiputera Default Customer Group, Fien Mangieri, revealed that there were two demands for the peaceful protest at the OJK after two similar actions were held at Bumiputera's head office last year. "The first demand is that OJK immediately approves the disbursement of excess Bumiputera reserve funds at OJK so that Bumiputera management can pay the claims of policyholders of our group members whose data has been submitted to OJK. Second, ask OJK to cancel the decision letter regarding the moratorium on Bumiputera because it makes it difficult for shareholders the police filed for termination of their claim," said Fien. Fien explained that his group gathers policyholders from Jabodetabek and West Java, as well as several regions in Indonesia. This group has collected and submitted data on policyholders whose contracts have expired (HK), redemption, death, and learning continuity funds (DKB). to the management of Bumiputera and OJK. In total there were around 500 policies collected with a cash value of claims of around Rp. 18 billion. "We have carried out this peaceful demonstration three times because the promise of disbursement has not been completed. Our needs during the pandemic are increasing. Even though the claims are liquid, it helps us to meet our daily needs.