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Friday, 16 Nov 2018

The business permit of AXA Life Indonesia has been revoked by The Financial Services Authority

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The business permit of AXA Life Indonesia has been revoked by The Financial Services AuthorityThe business permit of AXA Life Indonesia has been revoked by The Financial Services Authority

News24xx.com -  The Financial Services Authority (OJK) is an independent institution that free from the interference of other parties, which has the functions, duties and authority of regulation, supervision, inspection and investigation.


OJK is established based on Law Number 21 Year 2011 which functions to organize an integrated regulatory and supervisory system on the overall activities within the financial services sector.


And now, OJK has been revoked the business license of PT. AXA Life Indonesia as a life insurance company. This revocation is based on the decision of the Board of Commissioners of OJK Number KEP-2 / D.05 / 2018 dated January 19, 2018.


Revocation of AXA Life Indonesia's business license in line with the merger of the company into PT AXA Financial Indonesia effective November 1, 2017. Quoted from an official copy of the decision of the Board of Commissioners of OJK Number 2 Year 2018 in Jakarta, Sunday, February 4, 2018.


As already stipulated in Decree of the Minister of Finance No. KEP-05 / KMK.017 / 1997 dated January 3, 1997.


Since the effective date of the merger of November 1, 2017, AXA Financial Indonesia as the party receiving the transfer of portfolio of liabilities shall be liable for the obligations arising in the future as a result of the transfer of the insurance portfolio.


Therefore, AXA Life Indonesia has been officially banned from doing business activities in the field of life insurance. And with the stipulation of this Decree of the Board of Commissioners of OJK, Decree of the Minister of Finance No. 5 of 1997 is revoked and declared null and void.


Stipulated in Jakarta by the Chief Executive of the Insurance Supervisor, Pension Fund, Financing Institution, and other Financial Services Institution, Riswinandi.

Decision of the Board of Commissioners of OJK Number 2 Year 2018 is valid from November 1, 2017.

 

 

 

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