Researching the Implementation of Good Corporate Governance of PT Asuransi Jiwasraya

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Syahmirwan reveals the irregularities of Jiwasraya’s problems (ANTARA FOTO / GALIH PRADIPTA)

Recently, many media have highlighted problems in several private companies as well as state-owned enterprises (SOEs), one of which is PT Asuransi Jiwasraya (PT AJS). Starting from the existence of decision-making errors in the internal organization of PT AJS, to cause other problems that are so complex. Although it has been going on for a long time, this feud is still a public information, because until now the payment of customer claims that have been postponed from 2018 has not been completed.

It was revealed that PT AJS had defaulted on the customer’s claim “JS Saving Plan” of Rp 16.1 trillion which will mature until the end of 2020. Based on the investigation of the Financial Supervisory Agency (BPK) from 2008 to 2018, the potential loss of the state reached Rp 16.8 trillion, using the details consisting of stock investment losses of Rp 4.65 trillion and mutual fund investment losses of Rp 12.16 trillion. Following the condition of PT AJS, the company’s flow has begun to decline since 2002 due to the economic crisis, where the company experienced insolvency (smaller reserves based on what it should be).

It is necessary to tidy up good corporate management in order to put added value to stakeholders both for private companies and SOEs. The Organization for Economic Cooperation and Development (OECD) initiated one principle that needs to be applied to each company as an indicator of whether or not management in companies, namely Good Corporate Governance (GCG). In general, GCG is a concept of good corporate management, with the aim of improving the company’s performance, protecting the interests of stakeholders, and improving compliance with applicable laws and ethical values. This concept is very important to implement, and the government has also provided guidance on GCG applications in the Regulation of the Minister of State-Owned Enterprises Number: PER-01 / MBU / 2011, which consists of the principles of transparency, accountability, accountability, independence, and fairness.

From the corruption case due to abuse of power, it can be associated with Good Corporate Governance (GCG) listed in the Regulation of the Minister of State-Owned Enterprises. The recommendations given include five principles, namely:

Transparency (Transparency)

In the principle of transparency, companies are required to apply openness in the decision-making process by talking about various material and relevant news about the company. The results of the BPK investigation stated that there was an act of falsifying financial statements from 2006, this violated the principle of transparency in GCG. Even in 2017, the company recorded a profit of Rp 360.6 billion, and this was the result of accounting engineering. Not only that, PT AJS’s delay in submitting the 2018 financial report clearly violated the rules in article 8 of OJK Regulation No. 55/POJK.05/2017, which states that the annual report of premium companies must be submitted no later than April 30 in the following year. However, PT AJS only put its financial statements in early 2020. That way, as Toto Pranoto said as an observer of SOEs that the delay in financial statements has been a factor that will worsen the company’s reputation and violate the principle of transparency in GCG, because stakeholders, the only error of customers cannot reach into synchronous actions using company information.


Accountability demands clarity of the function, implementation, & accountability of the organizational structure, so that its management can be carried out effectively. The Attorney General has determined 13 investment managers to be suspects in the alleged corruption of PT AJS, for participating in and in the investment management process carried out by the other six defendants. The defendants together (13 investment managers) were proven to have created specific mutual fund products for PT AJS so that the management of financial instruments as the underlying could be controlled by the defendants. In the CPC audit mentioned, the state’s losses from this investment cooperation are approximately Rp12 trillion more. As an investment manager, you should be able to reach into decisions objectively to generate funds for customers and for company operations. Instead, the managers abused the power they had to make decisions that were not in line with their duties.

Accountability (Responsibility)

The principle of accountability is the principle of conformity in the management of the company to the legislation and principles of a healthy corporation. The product “JS Saving Plan” spewed by PT AJS in 2013 was evaluated in violation of Law No. 40 of 2014 concerning Insurance and Regulation of the Financial Services Authority (POJK) Number 27 of 2018 concerning the Financial Health of Insurance and Reinsurance Companies, because based on Kodrat Muis as a banking, management, and investment consultant who was an expert witness in the trial revealed that the term saving plan was not known in the world of insurance contributions,because this product gives a definite return. While insurance products that combine investment products, called unit links. A healthy corporation is characterized by using good financial circulation, which can be achieved by good company management.

Independence (Independency)

Independence is a situation where the company is managed without interference and the interests and pressures of parties that are not in sync with sound corporate legislation & principles. A form of independence carried out by PT AJS is to put sponsorship for four years since 2014 for Manchester City football club, with porto up to Rp 38 billion. Former Finance Director of Jiwasraya, Hary Prasetyo, said that the reason PT AJS gave sponsorship was that the football club had millions of fans in Indonesia, and it was necessary to attract people to register their insurance with Jiwasraya. For this reason, it appears that PT AJS is trying to reach into independent decisions to improve the economic situation of its company. Unfortunately, this form of independence is not the right choice because the state of PT AJS which has been obsolete has not been good since 2006 the impact of defaulting on customer claims actually increases the debt burden of PT AJS piling up.

Every stakeholder certainly receives justice and equality in fulfilling their rights based on applicable agreements and legislation. Starting from the famous Jiwasraya with “JS Saving Plan” became its superior product because it shows very high interest beyond the fairness of similar products. As a result of this product, now PT. AJS underwrites debts reaching Rp 16.7 trillion to 17,370 policyholders. The debt that has been very large makes PT AJS’s finances a mess. As a result, PT. AJS has difficulty returning debts to customers. This tells us that this company does not fulfill the agreement in fulfilling the rights of stakeholders involved in it.

Thus, it can be concluded that there is a financial conflict that occurs in PT Asuransi Jiwasraya illustrates that corporate governance in the application of the principle of Good Corporate Governance has not been synchronized using the Regulation of the Minister of State-Owned Enterprises Number: PER-01 / MBU / 2011. PT Asuransi Jiwasraya needs to recreate the religion of customers using paying previous debts. After that, the company can carry out a synchronous restructuring of the principles of Good Corporate Governance.With the inherent GCG and can become the organizational culture of PT AJS, the implementation will be realized easily. Compliance with existing regulations can form a healthy work environment and prevent the emergence of many cases.

Halim, Devina. (2020). Six Defendants in Jiwasraya Case Were Charged with Damages to the State of Rp 16.8 Trillion.

Rina Cahyani, Goddess. (2020). Jiwasraya Starts Paying Claims, Customer: Alhamdulillah.

Sandi, Ferry. (2019). Wow, The Fantastic Cost of Sponsorship Jiwasraya to Manchester City.

Sidik, Syahrizal. (2020). Fucked! Jiwasraya Saving Plan Products Violate the Law.

Tendi. (2019). Has not issued financial statements in 2018, GCG Jiwasraya is increasingly questioned.

Thomas, V. F. (2020). BPK Said Jiwasraya Has Faked Lapkeu Since 2006.

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