Jakarta (ANTARA) - President Joko Widodo (Jokowi) urged the Financial Services Authority (OJK) to step up the monitoring of insurance companies, online loans, and investments in the wake of several public complaints received of losses in recent times.

During the 2023 Financial Service Industry Annual Meeting here, Monday, Jokowi highlighted that complaint reports from 2022 to 2023 had yet to be resolved.

The head of state expected that the incidents of misuse of customers' funds in insurance companies PT Asabri Persero and PT Jiwasraya Persero would no longer occur.

The president also brought up cases in KSP Indosurya and PT Asuransi Jiwa Adisarana Wanaartha (WanaArtha Life) that ruined people's lives.

The president appealed to the OJK to comprehensively monitor the performance of insurance companies. Jokowi shared his experience of meeting with victims of these insurance companies that were in tears and asked for their money to be returned.

During the event, Jokowi also urged the banking industry to not neglect the funding for micro, small, and medium enterprises (MSMEs) amid high lending and net interest margins (NIM) of banks.

Earlier, the OJK has placed 11 insurance companies on the special monitoring list or category that requires improvement in financial conditions.

On February 2, 2023, Executive Head of OJK's Non-Banking Financial Industry Monitoring Ogi Prastomiyono reported earlier that there were 13 such companies, though two insurance companies had managed to improve and return to normal monitoring.

Meanwhile, the business license of one company, WanaArtha Life, was revoked, while additional companies were placed on the special monitoring list, he added.

In addition to WanaArtha Life, three other companies comprise the Kresna Life, AJB Bumiputera and Jiwasraya, while the rest of the 11 companies cannot be referred to by name.

In future, the OJK will extensively strengthen monitoring of insurance companies, including of firms that provide supporting service to insurance companies, such as actuary consultants.

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Translator: Indra Arief P, Fadhli Ruhman
Editor: Azis Kurmala
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