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INSURANCE - JAKARTA. The Jakarta State Administrative Court (PTUN) has issued a ruling to grant the lawsuit of the Plaintiffs, namely Plaintiff I PT Duta Makmur Sejahtera and Plaintiff II Michael Steven, against Defendant I the Board of Commissioners of the Financial Services Authority (OJK) of the Republic of Indonesia and Defendant II the Executive Head of Insurance, Guarantee, and Pension Fund Supervision of the OJK related to the licensing case of PT Asuransi Jiwa Kresna. The case number is 475/G/2023/PTUN.JKT..
Based on Kontan's observation at the SIPP PTUN Jakarta, the Plaintiffs filed their lawsuit on September 21, 2023. According to the ruling of February 22, 2024, PTUN Jakarta granted the lawsuit of the Plaintiffs, which ordered the Defendants to revoke the Decision on the Revocation of Business License in the Field of Life Insurance for PT Asuransi Jiwa Kresna (Kresna Life).
Read Also: PTUN Kabulkan Gugatan Pemegang Saham Soal Pencabutan Izin Usaha Kresna Life
The content of the ruling is that PTUN declares the Stipulation of Postponement Number 475/G/2023/PTUN.JKT, dated February 22, 2024, remains valid and in effect. In addition, it declares that the exceptions of Defendant I and Defendant II are not accepted.
Meanwhile, PTUN decided In the Main Case, namely granting the lawsuit of the Plaintiffs and the Intervening Plaintiffs in full. PTUN declares Null and Void regarding the Decision of the Board of Commissioners of the Financial Services Authority Number KEP-42/D.05/2023 dated June 23, 2023, About the Revocation of Business License in the Field of Life Insurance for PT Asuransi Jiwa Kresna.
PTUN also declares Null and Void regarding the Written Order of the Executive Head of Insurance, Guarantee, and Pension Fund Supervision of the Financial Services Authority Number S-30/D.05/2023 dated June 23, 2023.
Therefore, PTUN obliges Defendant I to revoke the Decision of the Board of Commissioners of the Financial Services Authority Number KEP-42/D.05/2023 dated June 23, 2023, About the Revocation of Business License in the Field of Life Insurance for PT Asuransi Jiwa Kresna. In addition, it obliges Defendant II to revoke the Written Order of the Executive Head of Insurance, Guarantee, and Pension Fund Supervision of the Financial Services Authority Number S-30/D.05/2023 dated June 23, 2023. PTUN fines Defendant I and Defendant II to pay court costs amounting to IDR 452,500.
Regarding this, the Legal Representative of the Policyholder (Pempol) of Kresna Life, Benny Wullur, explained that Kresna Life is no longer in liquidation. He said that with the PTUN ruling, Kresna Life is demanded to be able to optimally run the company so that the policyholder's funds can be returned.
Read Also: OJK Sebut Telah Dapat Informasi Soal Putusan PTUN Soal Pencabutan Izin Kresna Life
"After the business license revocation is canceled, in my opinion, the shares should be able to rise again," he told KONTAN.
Benny explained that most likely the SOL scheme will still be implemented by Kresna Life. However, he hopes that Kresna Life can recover first.
Benny said that his party may sue the OJK in the future regarding unlawful acts. This is because the OJK's decision is considered to harm the interests of many policyholders.
"It can be said that the OJK was wrong in setting the policy of revoking business licenses and can be considered discriminatory as well. So, policyholders can sue the OJK on suspicion of unlawful acts," he revealed.
Read Also: Michael Steven Dikabarkan Gugat OJK ke PTUN, Soal Cabut Izin Usaha Kresna Life?
Benny mentioned that his party will first see the OJK's actions. If, for example, they appeal and further complicate the policyholders, of course, a lawsuit against the OJK could be filed.
Regarding the lawsuit for unlawful acts, he stated that the policyholders have made peace with Kresna Life through the SOL scheme. However, the OJK still revoked the business license and it is considered an incorrect action.
"With the revocation of the business license, of course, the policyholders feel disadvantaged. If they want to revoke the business license, the OJK can certainly do it when the policyholders' losses are only tens of billions, not when they are already in the trillions," said Benny.
One of the Kresna Life policyholders, Christian Tunggal, welcomed the PTUN ruling that requires the revocation of the OJK's decision on the revocation of Kresna Life's business license.
"Because the majority of customers agree with the Subordinate Loan (SOL) scheme and want to settle it through peace by installments. If the business license is revoked and only liquidation is done, we see minimal results and cannot fully return the policyholders' money," he revealed to Kontan.
