The Indonesia Financial Services Authority has handed over the suspect and evidence in its insurance crime case involving PT Asuransi Jiwa Prolife Indonesia, formerly PT Asuransi Jiwa Indosurya Sukses, to the South Jakarta District Prosecutor's Office after prosecutors declared the case file complete. The suspect is HS, the insurer's controlling shareholder. The case centers on allegations that the company deliberately ignored or failed to carry out an OJK written order requiring payment of IDR566.24 billion in compensation to policyholders, as reflected in the insurer's monthly financial statements as of Sept. 30, 2023. HS was handed over at Gunung Sindur Class IIA Special Prison in Bogor because he is already being detained in a separate fraud and embezzlement case involving KSP Indosurya, while the evidence was delivered to the South Jakarta District Prosecutor's Office. During the investigation, OJK seized assets to support recovery of policyholders' rights, including 11 land and building plots in North Sumatra, Makassar and Bogor valued at about IDR20.9 billion, cash deposits of IDR21.065 billion held in other parties' names, and shareholdings in a company valued at about IDR72 billion. OJK had previously revoked the insurer's business license on Nov. 2, 2023 as part of its supervisory follow-up. The suspect is alleged to have violated Article 54(b) of Law No. 4 of 2023 on Financial Sector Development and Strengthening and or Article 53(1) of Law No. 21 of 2011 on the Financial Services Authority. The offenses carry a maximum prison term of six years and a minimum fine of IDR15 billion.

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