Saturday, 9 Rabiul Awwal 1440 / 17 November 2018

Saturday, 9 Rabiul Awwal 1440 / 17 November 2018

OJK hopes merger of state owned reinsurance companies completed this year

Selasa 12 Nov 2013 13:50 WIB

Rep: Satya Festiani/Mutia Ramadhani/ Red: Julkifli Marbun

Muliaman D Hadad

Muliaman D Hadad

Foto: Republika/Aditya Pradana Putra

REPUBLIKA.CO.ID, JAKARTA -- Financial Services Authority (OJK) expects that merger four state owned reinsurance companies will be completed by the end of this year.  OJK continues to review the transformation of four companies into a new state owned reinsurance company.

"We hope it will be completed in the end of the year, so that we can announce it in the beginning of 2014," Chairman of OJK, Muliaman S Hadad said recently.

The four companies are PT Reasuransi Nasional Indonesia (a subsidiary of PT Askrindo), PT Tugu Reasuransi Indonesia (a subsidiary of PT Pertamina) and PT Reasuransi Internasional Indonesia (a subsidiary of PT Reasuransi Umum Indonesia Group). It will be merged into PT Asuransi Ekspor Indonesia (ASEI) with minimum asset of 70 trillion IDR.

OJK has prepared related regulation. The merger is expected to improve balance of payment, so there will be not lots of Indonesia's foreign exchange to go abroad. During this, Indonesia pays its premium reinsurances to foreign companies abroad.

Hadad said that Indonesia needed a strong insurance company that could provide good services, especially reinsurance. OJK will handle reinsurance project abroad, so that Indonesia can do a saving. 

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