The government and the House of Representatives have agreed to a Rp 22 trillion (US$1.49 billion) state capital injection to rescue ailing state-owned insurance company PT Asuransi Jiwasraya. State-owned insurance holding company PT Bahana Pembangunan Usaha Indonesia (BPUI) president director Robertus Biliteus said on Sunday the funds would be injected into BPUI in two tranches. “The government will inject Rp 12 trillion in 2021 and the remaining Rp 10 trillion in 2022, with the funds to be used to form a new state-owned life insurer, namely IFG Life,” he said during a virtual press briefing. All of Jiwasraya’s restructured policies would then be transferred to and settled and managed by IFG Life. The policies include Jiwasraya’s traditional and JS Saving Plan products, he said. Jiwasraya is embroiled in a corruption and money laundering case following…
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