JAKARTA: Six general insurance and three life insurance companies are still overshadowed by business license revocation associated with the inability to meet the IDR40 billion minimum capital requirements in last March.Capital Market & Financial Institutions Supervisory Agency (Bapepam-LK) will submit warning letter to those nine insurance companies this month.Those nine companies will receive warning letter since they are still unable to meet the minimum capital requirement in accordance to the Governments Third Revision on the Operation of Insurance Company Regulation.According to Bisnis data, ten general insurance and four life insurance companies were still unable to meet the capital requirement when its deadline expired on March 31, 2011.According to the government regulation, all insurance companies must have a minimum capital of IDR40 billion in 2010 and IDR100 billion in 2014.There is an improvement in the last three months, resulting decrease in the number of insurance companies that are exposed to sanctions from regulators, the Market Watchdogs Head of Insurance Bureau Isa Rachmatawarta said.One of them, PT Asuransi Lloyd Indonesia, returns its general insurance business license on June 6, 2011. Based on the company's financial statement, Lloyds capital reached IDR11.62 billion as of December 31, 2010.Another general insurance company is proposing to restore its business license. The regulator is currently checking its liability etc, Isa said last week.The regulator will revoke a business license of one general insurance company that has exceeded the business activity restriction period (PKU). The company is not only suffered a capital issue but also other issues.There is one general insurance company that has already hooked new prospective investor. The regulator will revoke its second warning letter if the cooperation between the two sides can be realized.Failed to payPT Asuransi Jiwa Bakrie as one of the three companies that are monitored by the market Watchdog has entered the business activity restriction period.Since 2008, Asuransi Jiwa Bakrie failed to pay its Diamond Investa insurance product totaling to IDR360 billion.According to the regulator, the company is still paying its obligations until early 2012 and there is no additional capital.As earlier reported, the company is still unable to pay principal installment amounting to IDR270 billion to 250 customers of Diamond Investa insurance product.However, the company has paid monthly interest for the period of June 2011 in July 1.Bakrie Group will seek fund to settle the remaining fund. I dont exactly when it will be paid. I will follow-up the development, Bakrie Life President Director Timoer Soetanto said recently.Meanwhile, PT Asuransi Wuwungan grabbed IDR17.5 billion capital or equivalent to 25% stake from PT Batavia Prosperindo Finance Tbk last June.The Indonesian General Insurance Association (AAUI) can only remind the company to immediately fulfill the obligation. It has no authority whatsoever since its the responsibility of the shareholders in each insurance company to meet the capital requirement, Head of AAUIs Kornelius Simanjuntak said. (19)(t06/msw)

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