13 Insurance Companies Got Sanctions

The Insurance Bureau of Bapepam LK of Finance Ministry has sanctioned 13
insurance companies as they did not surrender the risk profile of
automotive insurance they have had during the provided time.

The Chairman of the Insurance Bureau, Isa Rahmatarwata, said the sanctions
have been given.

"They should pay attention to this as it will affect the process of fit
and proper test for the directors," he said over the weekend.

He said that until the deadline 17 companies did not surrender the
required data. After an investigation the authority found that two of
those companies don't have car insurance business.

"We have sent them letters not to sell automotive insurance before they
file their report that includes the premium rate," Isa said.

Two other companies have car insurance business, but they are in the
process of clearing out the business as they are in merger process. But he
declined to mention their name.

Until the deadline of November 30 2007, 31 companies filed their data on
risk and loss profile of their cars insurance. The Finance Ministry data
shows that 67 insurance companies have not filed their required data. They
have to collect the data base on the tariff set by PMK No.74/2007 on car
insurance business.

He said that among the sanction is warning that will be effective in one
month. If within that period they still do not file their report, the
sanction will be business limitation.

An official of Indonesian General Insurance Association (AAUI), Julian
Noor, said that he did not know yet about the sanction as the association
will arrange a meeting with the regulator this week.

regards-

SYAMSUL SUNDUSENG
PT. Asuransi Tokio Marine Indonesia
Jl. A. P. Pettarani No. 18 B-2
Makassar
Phone : +62-411-4660 816/17
Fax : +62-411-4660818
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