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AJB Bumiputera Will Not Reduce Customer Benefits

Reporter: Fransiska Firlana | Editor: Johana K.

JAKARTA. Asuransi Jiwa Bersama Bumiputera 1912 (AJB Bumiputera) will not reduce benefits for policyholders due to solvency problems. The reason is that AJB Bumiputera is confident that they can meet the 100% solvency requirement if the government wishes to extend the enforcement of the Minister of Finance Decree (KMK) 504 of 2004.

KMK regulates financial health for insurance companies that are not limited liability companies. One of the points in the regulation, non-PT insurance companies must have a solvency level of 100% by the end of this year.

Director of AJB Bumiputera Dirman Pardosi said, his party
have not yet thought about realizing the benefit cuts for holders
insurance policy. “The cut is indeed possible because it has been regulated in Article 36 of the company’s articles of association. But until now we have not thought about it,” said Dirman, Monday (22/3).

Dirman believes that without applying the article that is detrimental to customers, his party will be able to survive. “We are sure that we can fulfill 100% of solvency. When it comes to solvency, just look at the last 5 years since the KMK was implemented, we have been able to increase it,” he said.

Just a note, the solvency in 2004 was only around 45%, then in 2009 the solvency could increase to 80%. “That means there is good development. If it reaches 100% as mandated in the KMK, we estimate it will be achieved in the next 5 years. We hope that the government will extend the enforcement of the KMK,” he explained.

Dirman said that management is currently proving that they are capable of going through it with various measurable programs, including including operational programs and financial projections. “This means that if we say five years there must be milestone every year, so we can see whether we can fulfill the progress we have planned, “he said.

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