Govt asked to declare PT Asuransi Jiwa Tugu Mandiri bankrupt

Formers workers of PT Caltex Pacific Indonesia (CPI) have appealed the government to declare PT Asuransi Jiwa Tugu Mandiri bankrupt if the life insurance company had no more financial capability to settle the claims of its clients, Riau Pos reported on Thursday.

The association of former Caltex workers (HPC) said in Pekanbaru on Wednesday that they made the appeal because most of the claims made by the association members were turned down. "It will be better to declare the insurance company bankrupt and we share its assets," he added.

The association's chairman Moeslim Roesli said that the life insurance company often made illogical reasons on its refusal to pay the claims to the association members, indicating that the company did not have good faith any more to pay its obligation.

Moeslim said that the association would formally ask Caltex to act on their behalf to ask for the bankruptcy of the insurance company.

In a normal procedure, a bankruptcy appeal against a company or an individual should be filed through the country's commercial courts. (*)