JAKARTA (Yosefardi) – Financial Services Authority (OJK) has revoked insurance business license of financial-trouble life insurance company PT Asuransi Jiwa Bumi Asih.
Bumi Asih is required to settle all oblgations/debts. The insurer’s operation had been limited since May 1, 2009. By end of last year, Bumi Asih recorded liability of Rp1.3 trillion, including claim payment, while its assets only reached Rp294.14 billion.
Bumi Asih booked premium income of Rp168.29 billion in 2012, dropped 20.7% from Rp203.14 billion in 2011. It booked loss of Rp148.24 billion.