Jakarta. The Indonesian Financial Services Authority, or OJK, has revoked the business license of Asuransi Jiwa Adisarana Wanaartha, better known as Wanaartha Life, as the company failed to meet the solvency requirements set by the authority, an official said on Monday.

The revocation is the culmination of a series of supervisory actions taken by the OJK against the insurer, including the imposition of sanctions and restrictions on its activities. The OJK is also investigating allegations of criminal acts committed by Wanaartha Life's management and employees.

In addition to revoking Wanaartha Life's business license, the OJK has also coordinated with the Indonesian Life Insurance Association (AAJI) to assist policyholders in exercising their rights. Policyholders can obtain information on the exercise of their rights through the AAJI website and the OJK website.

The OJK has also coordinated with the Indonesian Deposit Insurance Corporation (LPS) to provide protection for depositors of Wanaartha Life who are eligible for deposit insurance.

"Policyholders and depositors do not need to be anxious or worried because their rights will be protected by the OJK and its related institutions," said Ogi Prastomiyono, head of the non-bank financial industry supervision division at the OJK.

The authority has also named two suspects in connection with the investigation into allegations of criminal acts at Wanaartha Life. They are the former director of the insurer Benny A. Tambunan and former director Erick D. Siahaan.

"OJK investigators have submitted the investigation results and the suspect's identity to the Attorney General's Office for further legal action," Ogi said.

Last month, the National Police's Criminal Investigation Agency has named Yanes Yaneman Matulatuwa, Wanaartha Life's president director, and six other executives as suspects in a case of fraudulent documents submitted to OJK.

The police were also reported pursuing assets worth Rp 1.4 trillion ($98 million) owned by the youngest child of one of the owners of the company, who was believed to be in the United States.

The revocation of Wanaartha Life's business license is a blow to the company, which has struggled to meet the OJK's requirements in recent years.

The insurer has been unable to close the gap between its liabilities and assets, either through capital injections from controlling shareholders or by attracting investors. The high gap between liabilities and assets is the result of the sale of saving plan-type products, according to the OJK.

The Indonesian insurance industry is regulated by the OJK, which is responsible for issuing licenses and enforcing rules and regulations. The industry is made up of a mix of foreign and domestic insurers, offering a range of products including life insurance, health insurance, and property and casualty insurance.

The insurance industry in Indonesia has been growing in recent years, with the number of insurers increasing and premiums rising. In 2020, total premiums reached Rp 469.8 trillion, up from Rp 420.8 trillion in 2019. However, the industry still faces challenges, including low penetration rates and a lack of awareness about insurance products among the population.