The Indonesia Financial Services Authority announced that it is pursuing a criminal investigation into alleged insurance-sector offenses at PT Asuransi Jiwa Prolife Indonesia, formerly PT Asuransi Jiwa Indosurya Sukses, with the company’s controlling shareholder HS named as a suspect. The case centers on allegations that the suspect deliberately ignored or failed to carry out a written order from the authority requiring payment of the company’s compensation obligations of IDR566.24 billion, based on the monthly financial statement as of Sept. 30, 2023. The investigation also covers alleged acts from 2020 to 2023 that intentionally ignored, failed to comply with, or obstructed the authority’s exercise of its powers. The authority linked the criminal case to its earlier supervisory action against the insurer. It revoked Prolife Indonesia’s business license on Nov. 2, 2023, after the company failed to meet solvency, equity and investment adequacy requirements and did not implement its financial recovery plan. A policy holder buy out scheme also failed because it did not receive support from all policyholders or additional capital from shareholders or new investors. As part of the investigation, the authority has traced and secured assets allegedly connected to the suspect, including 11 plots of land and buildings in North Sumatra, South Sulawesi and West Java valued at about IDR20.9 billion, cash deposits of IDR21.65 billion held under another party’s name, and shareholdings in a company valued at about IDR72 billion. The case file has been transferred to prosecutors in phase 1 and has been declared complete under P.21. The authority is now coordinating with prosecutors for phase 2, the handover of the suspect and evidence, scheduled for July 13, 2026, at the South Jakarta District Prosecutor’s Office.

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