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Ada Pertanyaan? Hubungi Kami Christina Desy, Fitri Novi Heriani
As part of its efforts to maintain the stability of the insurance sector, the Financial Services is being challenged by a no longer operational insurance company. PT Bumi Asih Jaya (“Bumi Asih Jaya”), a now-defunct insurance company, questioned the OJK’s move to submit a bankrupty petition to the Commercial Court at the Central Jakarta District Court.The bankruptcy petition was filed by the OJK after Bumi Asih Jaya was deemed financially incapable and not able to pay its customers’ insurance claims which have fallen due and payable. Consequently, the OJK revoked Bumi Asih Jaya’s business license in 2013, a move which was also challenged at the administrative court and is now being processed through the Supreme Court.
OJK has taken the position that current circumstances justify and are sufficient for it to file a bankruptcy petition. However, Bumi Asih Jaya challenged this, by filing a rebuttal against the Commercial Court’s competence to hear the petition.
According to Wilsye Damanik, one of Bumi Asih Jaya’s legal counsel, the bankruptcy petition is a mere gesture by the OJK to accelerate the revocation of her client’s business license, while waiting for the final decision from the Supreme Court.
In this regard, Ms. Damanik says that the OJK has no standing to submit a bankruptcy petition. Referring to Article 51 (1) of the Insurance Law, Ms. Damanik is arguing that the OJK can only submit a bankruptcy petition based on a request from Bumi Asih Jaya’s creditors.
“Meanwhile, this petition was initiated by the OJK only, not the company’s policy holders,” said Ms. Damanik elaborating on her statement.
In addition, Ms. Damanik is also arguing that insurance claims cannot be categorized as debts under the definition set out in the Bankruptcy Law. To that end, Ms. Damanik believes that her client does not fall under the criteria of a bankrupt company.
Responding to these arguments, Tongam L. Tobing, OJK’s attorney, argues that the OJK may submit a bankruptcy petition on its own volition. In support of this argument, the OJK drew on expert opinion from Hadi Subhan of the Law Faculty of Universitas Airlangga, who explained that the OJK may take such actions based on its authority to maintain protection of relevant parties in every financial institution.
Furthermore, Mr. Tobing also clarified that Bankruptcy Law has a broad definition of debt which includes every obligation arising from a debtor’s activities and that Bumi Asih Jaya’s obligation to settle insurance claims is a debt and provides a basis for the OJK to submit a bankruptcy petition.
(hot/kc)
Christina Desy, Fitri Novi Heriani
As part of its efforts to maintain the stability of the insurance sector, the Financial Services is being challenged by a no longer operational insurance company. PT Bumi Asih Jaya (“Bumi Asih Jaya”), a now-defunct insurance company, questioned the OJK’s move to submit a bankrupty petition to the Commercial Court at the Central Jakarta District Court.The bankruptcy petition was filed by the OJK after Bumi Asih Jaya was deemed financially incapable and not able to pay its customers’ insurance claims which have fallen due and payable. Consequently, the OJK revoked Bumi Asih Jaya’s business license in 2013, a move which was also challenged at the administrative court and is now being processed through the Supreme Court.
OJK has taken the position that current circumstances justify and are sufficient for it to file a bankruptcy petition. However, Bumi Asih Jaya challenged this, by filing a rebuttal against the Commercial Court’s competence to hear the petition.
According to Wilsye Damanik, one of Bumi Asih Jaya’s legal counsel, the bankruptcy petition is a mere gesture by the OJK to accelerate the revocation of her client’s business license, while waiting for the final decision from the Supreme Court.
In this regard, Ms. Damanik says that the OJK has no standing to submit a bankruptcy petition. Referring to Article 51 (1) of the Insurance Law, Ms. Damanik is arguing that the OJK can only submit a bankruptcy petition based on a request from Bumi Asih Jaya’s creditors.
“Meanwhile, this petition was initiated by the OJK only, not the company’s policy holders,” said Ms. Damanik elaborating on her statement.
In addition, Ms. Damanik is also arguing that insurance claims cannot be categorized as debts under the definition set out in the Bankruptcy Law. To that end, Ms. Damanik believes that her client does not fall under the criteria of a bankrupt company.
Responding to these arguments, Tongam L. Tobing, OJK’s attorney, argues that the OJK may submit a bankruptcy petition on its own volition. In support of this argument, the OJK drew on expert opinion from Hadi Subhan of the Law Faculty of Universitas Airlangga, who explained that the OJK may take such actions based on its authority to maintain protection of relevant parties in every financial institution.
Furthermore, Mr. Tobing also clarified that Bankruptcy Law has a broad definition of debt which includes every obligation arising from a debtor’s activities and that Bumi Asih Jaya’s obligation to settle insurance claims is a debt and provides a basis for the OJK to submit a bankruptcy petition.
(hot/kc)