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The Financial Services Authority Number 28/pojk. 03/2015 2015

Original Language Title: Otoritas Jasa Keuangan Nomor 28/POJK.03/2015 Tahun 2015

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SHEET COUNTRY OF THE REPUBLIC OF INDONESIA

No. 294, 2015 FINANCIAL. OJK. The company. Insurance. Sharia. Reinsurance. Sharia Reinsurance. Kepailitan. Liquidation. Dissolution. (EXPLANATION IN ADDITION OF STATE SHEET INDONESIA NUMBER 5776)

FINANCIAL SERVICES AUTHORITY

NUMBER 28 /POJK.05/ 2015

ABOUT

DISSOLUTION, LIQUIDATION, AND PAILITAN INSURANCE COMPANY,

THE COMPANY SHARIA INSURANCE, REINSURANCE COMPANY,

AND REINSURANCE COMPANY SHARIA

WITH THE GRACE OF GOD ALMIGHTY

THE BOARD OF THE FINANCIAL SERVICES AUTHORITY COMMISSIONER,

DRAW: that to implement the provisions of Article 42 paragraph (4),

Section 44 of the paragraph (3), Section 45 of the paragraph (3), and Article 51 of the paragraph (4)

Act No. 40 of 2014 on

Perinsurance, need to establish the Regulation Authority Regulation

Finance on Dissolving, Liquidation, and Kepailitan

Insurance Company, Sharia Insurance Company,

Reinsurance Company, and Sharia Reinsurance Company;

Given: 1. Law No. 21 Year 2011 on Authority

Financial Services (Indonesian Republic Gazette

2011 Number 111, Additional Sheet Country

Republic of Indonesia No. 5253);

2. Law Number 40 Year 2014 on

Perinsurance (State Sheet of the Republic of Indonesia

in 2014 Number 337, Additional Sheet Country

Republic of Indonesia No. 5618);

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2015, No. 294 -2-

DECIDED:

Establishing: REGULATORY FINANCIAL SERVICES AUTHORITY ON

DISSOLUTION, LIQUIDATION, AND CORPORATE PAILITAN

INSURANCE, SHARIA INSURANCE COMPANY,

THE REINSURANCE COMPANY, AND CORPORATION

REINSURANCE SHARIA.

BAB I

provisions of UMUM

Article 1

In this Financial Services Authority Regulation, in question

with:

1. Companies are insurance companies, companies

sharia insurance, reinsurance companies, and

reinsurance companies sharia.

2. Insurance companies are the general insurance company

and the life insurance company as referred to

in Act Number 40 of the Year of 2014 about

Perinsurance.

3. Sharia Insurance Company is the company

sharia general insurance and life insurance company

sharia as referred to in the Act

Number 40 of the Year of 2014 about Perinsurance.

4. A Reinsurance company is a company that

provides services in a recharge to

the risks faced by the Insurance Company,

the retailer company, or the other Reinsurance Company

others.

5. The Syariah Reinsurance company is a company that

conducts risk management based on principles

sharia at the risk faced by the Company

Sharia Insurance, sharia-disposal companies, or

The Company Another Syariah Reinsurance.

6. Next Shareholders ' General Meeting

abbreviated as RUPS is RUPS as intended

in Law Number 40 of the Year of 2007 on

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Limited liability for the Company in the form

limited liability legal entity or equivalent

with RUPS on the cooperative legal entity.

7. Directors are Directors as referred to in

Act Number 40 of the Year of 2007 on

Limited liability for the Company in the form

a limited liability legal entity or equivalent

with the Board of Directors Cooperative law.

8. The Board of Commissioners is the Board of Commissioners as

referred to in Act No. 40 of 2007

about the Limited Perseroan for the Company that

is a limited liability legal entity or that

equivalent to the Council Commissioner on the legal entity

cooperatives.

9. Sharia Supervising Board is a part of the organ

The company that organizes venture activities

based on the principle of sharia, which performs the function

supervision over the hosting of insurance efforts or

reinsurance efforts In order to comply with the principle of sharia.

10. The revocation of the Company's Business Permit is called

Enterprise enterprise permission by the Financial Services Authority

because the Company does not meet the regulations

laws in the field of insurance or

stated pailit by court.

11. The subsequent dissolution of the Company is called

Dissolution is the process of termination of the status of the body

the Company's laws after the Revocation of the Venture permit

Enterprise

12. The Company's next liquidation is called Liliquidation

is the action of completion of all assets and

the Company's obligations as a result of the Revocation Clearance

The Company and the Disbandment Act.

13. The Liquidation Team is the team in charge of

Liliquidation, which is formed by RUPS or the Services Authority

Finance.

14. Policyholders are parties to the following

under the agreement with the Company for

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getting protection or management at risk

for himself, liability, or any other participant as

referred to in Act No. 40 of 2014

about Perinsurance.

15. Liability is a party facing the risk

as set forth in an insurance agreement or

a reinsurance agreement as referred to in

Act Number 40 of the Year of 2014 on

the Perinsurance.

16. Participants are parties to the risk

as set forth in the sharia insurance agreement

or the sharia reinsurance agreement as

referred to in Act No. 40 of 2014

about Perinsurance.

17. A creditor is any party that has a debt or

bill to the Company including the Polis,

Responsible, Participant, or other party entitled to

insurance benefits/sharia insurance and employees

The Company.

18. The Insurance Fund is a collection of funds that are derived from

premiums set up to meet the obligations that

arising from the policy published or from the claim

the insurance as referred to in the Act

Number 40 Year 2014 about Perinsurance.

19. Tabarru's funds are a collection of funds that are derived from the

contributions of the Participants, whose mechanisms are used

in accordance with the sharia insurance agreement or

the sharia reinsurance agreement as referred to

in Law No. 40 of 2014 on

Perinsurance.

20. A Closure Balance is a Company's balance per date

A revocation of the Company's enterprise license to be drafted in

with the applicable financial accuperation standard.

21. Balance Sheets while liquidation is the Company 's balance

per the Company' s Attempted Revocation date

compiled by Tim Likuitie based on Neraca

The closure that has been audited by taking into account:

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a. asset position based on expected value

can be realized; and

b. a position of liability after the end of the term

submission of invoices or debt by Kreditor.

22. The Liquidation End balance is the balance sheet delivered

by Tim Likuitie after the Liliquidation process is completed or

the end of the term of the implementation of Liliquidation.

23. Kepailitan is the general sita of all wealth

debitor pailit whose affairs and gifts

performed by the curator under the supervision of the judge

the supervisor as referred to in the Act

Number 37 of 2004 about Kepailitan and Delay

Utang Payment Liability.

24. Insurance Products Associated with an Investment that

subsequently called PAYDI is an insurance product that

at least provides protection against the risk

death and provides the benefit that refers to

results investment from a special collection of funds

formed for the insurance product either stated

in the form of a unit or not a unit.

25. Impact of Interests is the state where there is

a conflict between the economic interests of the Company with

the private economic interest of shareholders or

equivalent to the shareholders in the legal entity

in shape Cooperatives, members of Directors, Board members

Commissioners, and/or members of the Syariah Supervising Board.

26. The newspaper is a nationally published newspaper

Indonesia nationally.

27. Day is a calendar day.

28. The next Financial Services Authority is abbreviated as OJK

is an independent agency, which has

functions, assignments, and authority settings, supervision,

checks, and inquiries as intended

in Act No. 21 of the Year 2011 on

Financial Conduct Authority.

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BAB II

THE DISSOLUTION AND LIQUIDATION OF THE COMPANY

REVOKED

PERMIT HIS EFFORTS FOR NOT MEETING THE REGULATIONS

LEGISLATION IN THE FIELD OF PERINSURANCE

Part ATU

Obligations and Prohibition for the Company

Post Enterprise Venture Permission

Section 2

(1) The company must cease business activities as well as

immediately host RUPS to decide

Disbandment and form the Liquidation Team since

The revocation of the Company ' s Efforts Permit.

(2) Since the revocation of the Company's enterprise permit, holder

shares or equivalent to shareholders in

the cooperative-shaped legal entity, the Board

Commissioners, and the Company employees are prohibited

divert, guarantee, Click, or

use wealth, or do any other actions

that can reduce assets or decrease the asset value

The Company.

Section 3

(1) The Board of Directors shall compile and deliver Neraca

Closing to OJK tops 15 (fifteen) Days

from the date of the Company's Withdrawal Permit date.

(2) If in the timeframe as intended

on the paragraph (1) The Closing Neraca is not delivered

to OJK, OJK appoints the public accountant for

compiling the Closing Neraca.

(3) In case the Closing Neraca is compiled by the accountant

the public as intended on paragraph (2), the liability

answer of the Closing Neraca is intended to remain

on Board.

(4) The closing time limit of the Closing Neraca which

is compiled by the public accountant as intended

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in paragraph (2) must consider the location of the office,

asset condition, and complexity of the problem

The company with the longest provisions of 60 (six

days since the date of appointment of the accountant) public

that is.

(5) The drafting fee of Neraca Closing by the accountant

the public as referred to in paragraph (2) becomes

the load of the Company.

(6) OJK delivered the Closing Neraca to the Team

Liliquidation after receiving the Neraca The closure

is compiled and delivered by the Board of Directors as

referred to in paragraph (1) or composed and

delivered by the public accountant as

referred to in paragraph (2).

Second Part

Disbandment

Section 4

(1) The longest 30 (thirty) days from the date of its release

venture permit, the Company revoked its mandatory business permit

hosted RUPS for decided

Dissolution in question and form the Team

Likuitie.

(2) Members of Team Lilicates as referred to in paragraph

(1) must first obtain OJK approval.

(3) To obtain OJK approval as

referred to in paragraph (2) the Directors must convey

the document as follows:

a. photocopier proof of the identity of the candidate member Team Likuitie;

b. Member of Team Liliquidation team's life history list;

and

c. Statement of the candidate member of Team Liliquidation that

concerned willing to carry out

liquidation in accordance with the provisions of the Act

Number 40 2014 about Perinsurance and

This OJK Regulation.

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(4) Documents as referred to in paragraph (3) are mandatory

delivered to OJK at least 15 (fifteen)

The day prior to the execution date of RUPS.

(5) OJK gives the approval or rejection of

the proposed candidate member of the Liliquidation Team as

is referred to in paragraph (2) the longest of 5 (five) Days after

received the full document.

(6) If it has been skipping over the term as

referred to in paragraph (5) OJK has not provided

approval or rejection of the candidate's proposal

Team Liliquidation, OJK is considered approving the arrangement of the candidates

member of Team Likuities which submitted.

(7) In terms of OJK rejecting the proposal of prospective Team members

Likuities, Directors are mandatory convey the candidate proposal

a new member of the Liliquidation Team and present

the document as referred to in paragraph (3) the most

long 5 (five) Days after receiving the notice

from OJK.

Section 5

(1) In order of Disbandment, liquidation team formed

by RUPS as referred to in Section 4 of the paragraph (1)

register and notify the dissolution to

the authorized instance, as well as the announces it in

The news of the Republic of Indonesia and 2 (two) newspapers

the daily with a wide circulation.

(2) Actions as referred to in paragraph (1) are executed

at most 30 (thirty) days since the decision date

Dissolution by RUPS.

(3) Notice and announcement as referred to

on paragraph (1) contains:

a. Dissolution and its legal basis;

b. name and address of Team Liliquidation;

c. tata ways filing invoices; and

d. Billing term.

(4) The term of invoice submission as intended

in paragraph (3) d for the Company in the form

The longest limited liability legal entity 60 (six

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30) Days from the announcement date

as referred to in paragraph (1).

(5) The term of invoice submission as referred to

in paragraph (3) of the d-shaped letter

the most long-term cooperative legal entity 3 (three) months.

since the date of the announcement as contemplated on

paragraph (1).

Section 6

(1) If in the timeframe as referred to

in Section 4 of the section (l) RUPS cannot be held

or RUPS may be hosted, but it is not successful

decides the dissolution and the unsucceeded

forming Team Likuitie, OJK:

a. decided upon dissolution and forming the Team

Likuitie;

b. register and notify the dissolution

to the authorities, as well as

announce it in the Republic News of the Republic

Indonesia and 2 (two) of the daily newspapers

have a wide circulation;

c. ordered Team Liliquidation to carry out

liquidation in accordance with the provisions of the Act

Number 40 of the Year 2014 about Perinsurance and

This OJK Regulation; and

d. ordered Team Likuitie reporting results

implementation of Likuitie to OJK.

(2) Actions as referred to in paragraph (1) letter b

executed by OJK at most 15 (fifteen) Days

since the date of the dissolution of the Dissolution by OJK

as referred to in paragraph (1) the letter a.

(3) Notice and announcement as referred to

in paragraph (1) letter b contains:

a. Dissolution and its legal basis;

b. name and address of Team Liliquidation;

c. tata ways filing invoices; and

d. Term of the invoice.

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(4) The term of invoice submission as intended

in paragraph (3) d for the Company in the form

The legal entity of the third limited liability 60 (six

) days of the Announcement date

as referred to in paragraph (1) letter b.

(5) The term of invoice submission as referred to

in paragraph (3) of the d-shaped letter

the most long-term cooperative legal entity 3 (three) months.

since the date of the announcement as contemplated on

paragraph (1) letter b.

Section 7

(1) Since the decision of the RUPS as referred to in

Section 4 of the paragraph (1) or the OJK decision as

referred to in Section 6 of the paragraph (1), the Company

in the form of a limited liability law body is called

The Company in Liliquidation and is required to list

the word "(in liquidation)" shortened "(DL)" behind the name

The Company.

(2) Since the decision of RUPS as referred to in

Section 4 of the paragraph (1) or the OJK decision as

is referred to in Section 6 of the paragraph (1), the Company

in the form of a cooperative legal entity called the Company

in completion and mandatory use of the word

"(in completion)" (DP) " behind the name

Company.

Third Section

Liquidation Team

Paragraph 1

General

Article 8

(1) Since the formation of Team Liliquidation as

is referred to in Section 4 and Section 6:

a. The Company's responsibilities and responsibilities

in Liquidation Team are implemented by the Liliquidation Team;

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b. Directors, Board of Commissioners, and Supervising Board

Shariah:

1. no longer has authority as a Board of Directors,

the Board of Commissioners, and Supervising Board

Sharia as well as being non-active;

2. not allowed to resign

before Likuitie is completed, except with

OJK approval; and

3. not entitled to receive salaries and earnings

others as Directors, Board of Commissioners, and

The Board of Trusts of Syariah Companies in

Liliquidation.

(2) Shareholders or equivalent to holders

shares on the cooperative-shaped legal entity, Directors,

Board of Commissioners, Syariah Supervising Board and employees

The company in Liliquidation is required to provide data,

information, and documents required by Tim

Liliquidation.

(3) shareholders or equivalent holders

shares on the cooperative-shaped legal entity, Directors,

Board of Commissioners, Syariah Supervising Board, and employees

Companies in Likuitie are banned from impeding

Liquidation Process.

Paragould 2

The task and authority of the liquidation team

Section 9

The liquidation team has the following tasks:

a. completed the items related to

Disbandment;

b. solve things related to employees

Enterprise;

c. perform asset testing and Corporate liability;

d. relay periodic reports and incidental reports

if required to OJK;

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e. committing the exercise responsibility of Liliquidation

to:

1. RUPS, for the Liliquidation Team set up by RUPS;

or

2. OJK, for Team Likuities set up by OJK;

and

f. perform other tasks deemed necessary to

carry out the Liliquidation process.

Article 10

In order to carry out the task as intended

in Section 9, Team Liliquidation is authorized:

a. represent the Company in Liliquidation in any way

in relation to the settlement of rights and obligations

The company is both inside and outside

the court;

b. conduct negotiations and other actions in

the asset sales and receivance of debt against

the debitors;

c. do call, negotiation, and payment

obligations to the Kreditor;

d. employ the support personnel of the Likuitie Team, both

that are from within and from outside the Company

in Likuitie;

e. designate other parties to assist in the implementation of

liquidation, among other actuarial consultants, assessors, and

legal advice/consultant/legal consultant;

f. make calls to the Kreditor;

g. requesting a revocation to the court for any

a suspected Company legal action that is suspected to be detriment

The Company and done is not in good faith; and

h. perform other actions required in order

execution of liquidation.

Article 11

In order to represent the Company in Liliquidation outside

and in the Court as referred to in Article

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10 letters a, The Liliquidation Team may use the services

legal advice/attorney/legal consultant appropriate

laws.

Article 12

(1) In order to employ Team support

Liliquidation and other party appointments as

referred to in Article 10 of the d and e letter, Tim

Likuitie is required to consider:

A. efficiencies in the execution of Liliquidation;

b. Team Liliquidation support skills or parties

another is in question; and

c. Corporate finance capabilities in Liliquidation

to pay for Team support labor remuneration

Likuitie or other parties are in question.

(2) Labour remuneration of Team Liliquidation team or other party

as referred to in paragraph (1) letter c

includes honorarium, holiday allowance, and

participation in the national social security program

pursuant to the terms of this section. Laws.

Article 13

In order to request a revocation to the court

as referred to in Article 10 of the letter g, Team Liliquidation

first did the action among others

identify the binding which still in effect on the date

The Company's suspected attempt to harm

the Company, by researching:

a. The validity of the bond is based on the rules of the rules

negotiations; and

b. natural transaction pricing.

Article 14

The liquidation team must act fair and objective in

carry out the duties and its authority.

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Paragraph 3

Liquidation Execution Term

Section 15

(1) Liquidation Execution by Team Liliquidation is mandatory

resolved in the longest term 2 (two)

year Since the date of the formation of the liquidation team.

(2) In terms of implementation of Liliquidation has not been able to be

completed in the timeframe as intended

on the paragraph (1), then:

a. RUPS authorities extend the term

implementation of the liquidation of most 2 (two) times

each of the longest 1 (one) years for

The Likuitie Team formed by RUPS after

first get approval from OJK;

b. OJK may extend the term

the execution of most 2 (two) times

each of the longest 1 (one) years for

The Likuitie Team formed by OJK.

(3) Implementation term extension of execution

Liliquidation as referred to in paragraph (2), most

little should be supplemented with:

a. the reason for extension of the term of execution

Liliquidation;

b. Liquidation process progress report until

with date of request and proof

supporters; and

c. work plans and cost budgets during

extension of the term of the Liquidation Execution.

(4) The Request the term of the term extension

The liquidation as referred to in paragraph (2) is submitted

at least 4 (four) months prior to the expiration of the term

the time of the implementation of Liliquidation as contemplaed

paragraph (1) or the end of the term extension

first.

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(5) In terms of implementation of Likuitie is not yet completed

in the timeframe as referred to in paragraph (2),

OJK can:

a. wait until there is a court ruling that

a force of the law remains, in the event of not

the completion of the liquidation of Liliquidation to the term

the time as referred to in paragraph (2)

due to a lawsuit or dispute on

The Company ' s troubled assets in Liliquidation; or

b. set another completion step in the

with the provisions of the laws

in effect.

Paragraph 4

Member of Team Liliquidation

Article 16

(1) Member of Team Liliquidation for each Company in

The least 2 (two) people and most 5

(five) people.

(2) The number of Liquidated Team Members is done with

considering the effectiveness and efficiency of implementation

Liliquidation.

(3) In terms of required, one of the shareholders

or the equivalent of a shareholder on the body

the cooperative-shaped law, the Board of Commissioners, or the Board of Commissioners

may be appointed as a member of the Team Likuities with

considering an understanding of the problem that

occurs in the Company, being cooperative, and not

has an interest in the interests that can be detriable to

the Company.

(4) One member of the Likuitie Team is assigned as chairman

Liquidation Team.

Article 17

(1) The Liquidation Team Designation is conducted with

considering integrity, competence, and reputation

the candidate finance member Tim Likuitie.

(2) The membership of Team Likuities is at least comprised of:

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a. 1 (one) the person with knowledge and

the shortest 10 (ten) years experience in

the field of perinsurance; and

b. 1 (one) person who has knowledge and

at least 10 (ten) years of experience in

the legal, auditing, financial, and/or

fields of accounting.

(3) Sesama member Tim Liliquidation and between Team members

Liliquidation with support personnel Tim Likuitie or

other designated parties should not have a relationship

marriage, temporary family relationship, or relationship

family as blood to the top, down, and sideways until

with the first degree.

Article 18

In case of a clash of interests between interests

shareholders or the equivalent holder of the shares

on the cooperative-shaped legal entity and interests

Polis Holder, Liability, or Participant, Team Liliquidation

must prioritse the interests of the Polis Holder,

Responsible, or Participant.

Article 19

(1) In terms of Team Liliquidation members are set up by RUPS, OJK

can ordered the RUPS to dismiss

and/or appoint a replacement member of the Liliquidation Team which

stopped prior to the term of the liquidation team

ending with consideration if Team member

Liliquidation:

a. does not perform the task well;

b. committing a violation of the provisions

the statute of negotiations;

c. withdrew;

d. Fixed impediation; or

e. dead.

(2) In terms of OJK commands the RUPS as

referred to in paragraph (1), but RUPS is not

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dismiss and/or appoint member replacements

Team Liliquidation, then OJK may dismiss

and/or appoint replacement Team member Likuidasi

that stops.

(3) In terms of member Likuitie Team formed by OJK, OJK

may dismiss members of Team Liliquidation before

the term of the Liliquidation Team assignment expires

based on consideration as in question

paragraph (1).

(4) OJK may designate a replacement member of the Likuitie Team which

is dismissed as referred to in paragraph (3) for

the remainder of his term.

Paragraph 5

Remuneration Tim Liliquidation

Section 20

(1) Members of Team Likuities are given remuneration set

by:

a. RUPS for Likuitie Team formed by RUPS;

or

b. OJK for Likuitie Team formed by OJK.

(2) Remuneration as referred to in paragraph (1) consists of

of:

a. honorarium; and

b. earnings/other facilities.

(3) The amount of the remuneration of Team Likuities as intended

on the verse (1) is set to consider the factor-

factor among others:

a. the amount of assets and liabilities;

b. the condition and severity of the asset thawing

and/or the receivation of debt as well as the completion of

Corporate liability;

c. Corporate office network in Liliquidation; and

d. Liquidation team qualifications.

(4) Other facilities as referred to in the paragraph

(2) the b letter includes only a day allowance, an incentive that

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reasonable, and participation in the social security program

national under the provisions of the laws.

(5) Liquidation Team's Remuneration is a cost component

The liquidation of the Company in Liliquidation.

(6) The provisions of reasonable incentives

as referred to in paragraph (4) are set in the Letter

The OJK Roundup.

Paragraph 6

The Work Plan and Budget Cost Tim Liliquidation

Article 21

(1) The Liliquidation team compiled a work and budget plan

fees in the framework of implementation of Liliquidation refers to

the work plan guidelines and budget.

(2) The liquidation team compiled a work and budget plan

fees in the course of the implementation of the most

implementation of little loading:

a. type of activities to be performed;

b. the completion schedule of each activity;

c. the plan and means of an asset fluid and/or

debt collection;

d. plans and means of payment of liabilities to

Kreditor;

e. the number of support personnel Tim Likuitie

is required; and

f. Liquidation fee.

(3) The work plan and cost budget as intended

in paragraph (1) are compiled for the period during the term

The liquidation of the Liquidation Team is monthly.

(4) In case there is an improvement work and budget plans

year-running costs, Team Liliquidation must deliver

work plan improvements and cost years of running

to OJK to get approval.

(5) Repair of work plan and cost budgets as

referred to paragraph (4) approved by OJK most recently 20

(twenty) Days after OJK received a plan improvement

the work and cost budget were meant.

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(6) In terms of OJK not or does not provide consent

for the improvement of the work plan and cost budget

as referred to in paragraph (4), the Liliquidation Team remains

using the work plan and the OJK-approved

approved cost-and-budget.

(7) In terms of OJK prolonging the term of execution

Liliquidation and/or Team Liliquidation duties, Team Likuities

deliver a work plan and budget fee for

the extension to OJK.

(8) Further provisions on the work plan guidelines

and the cost budget as referred to in paragraph (1)

is set in the OJK Circular Letter.

Section 22

(1) The cost and budget plan as referred to

in Section 21 is delivered to the OJK most 30

(thirty) days since the Likuitie Team is formed or since

commencing the renewal period team Liliquidation team.

(2) OJK may request improvements to the work plan and

The budget cost the longest 10 (ten) days since

received a work plan and cost budget.

(3) In terms of OJK requests for improvement over the work plan and

budget cost, Team Likuitie is required to deliver

improvement over the plan work and cost budgets accordingly

OJK requests for at least 10 (ten) days since

received an improved request from OJK.

(4) OJK provides approval of the work plan and

the most long cost budget of 20 (twenty) days after OJK

received a work plan and cost budget as

referred to in paragraph (1) or repair of the plan work

and the budget charge as referred to in paragraph (3).

Fourth Section

Completion Of Corporate Obligations To Employees

Section 23

(1) In order to carry out the task of completing things

relating to the Company employees as

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referred to in Article 9 of the letter b, Likuitie Team

counts the debt salary and severance of the employee

being the Company's liability to the employee who has

performed the termination of the work relationship.

(2) The debted salary payment as referred to in paragraph

(1) is done by taking into account the employee's obligations

that has been due.

(3) The severance payment as referred to in paragraph (1)

is done by taking into account the entire liability

employee.

(4) The liquidation team may delay severance payments

to members of the Board of Directors and employees of the Company

indicated on a perinsurance criminal

and/or other malicious acts that may be detritable

Company.

(5) The liquidation team is required to disconnect the working relationship

the longest employee of 3 (three) months since the formation of the Team

Likuitie.

(6) The liquidation team is required to create a calculation of the employee's rights

others arising as a result of the termination of the relationship

work as set up in the perinvite rule-

invitation in the employment field to note as

Corporate obligations in Liliquidation in groups

obligations to other Kreditor.

(7) In terms of Team Liliquidation has not yet been formed and payment

employee salaries have been due, then by OJK approval,

Directors may make such salary payments

along the funds for The payment payment is available.

Fifth Section

Payment of Corporate Oblicity To

Polis Holder, Responsible, or Participant

Section 24

(1) The Rights of the Polis, Responsible, or Participant on the

The share of the Company's wealth in Liliquidation

has a higher standing than the rights

the other party.

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(2) Insurance and Corporate Insurance Fund

Reinsurance in Liliquidation must be used first

first to meet the obligations to Licensee

Polis, Terliabilities, or other parties entitled to

insurance benefits.

(3) In terms of the Insurance Fund not sufficient to

pay the entire liability to the Polis Holder,

Responsible, or any other party entitled to the benefit

insurance, payment obligation intended to be done

proportionally.

(4) In terms of after entire liability to Holder

Polis, Responsible, and other parties entitled to

insurance benefits have been met with excess

Insurance Fund, the Insurance Fund is meant to be

used to meet obligations to the party

third other than the Polis, Responsible, or other parties

other entitled to insurance benefits.

(5) Licensee's investment fund Polis insurance PAYDI only

can be used to pay an obligation to

Policyholders are concerned.

(6) the tabarru fund 'and the Participant' s investment fund Enterprise

Sharia Insurance or Sharia Reinsurance Company

in Liliquidation cannot be used to pay

obligations other than to Participant.

Section 25

(1) In order of payment of Licensee's rights Polis,

liability, or Participant as referred to in

Article 24 of the paragraph (1), the Liquidation Team of the insurance company

the soul or the sharia life insurance company in Liquidation

must seek to be dependadled for the performance of the liability. insurance policy

the soul or insurance of syariah soul still in effect (in force)

may continue to apply by means of switching portfolios

dependents to life insurance companies or

other syariah life insurance companies.

(2) In order to create a portfolio diversion

the liability to a life insurance company or

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2015, No. 294 -22-

Another syariah life insurance company as

referred to in paragraph (1), The Liliquidation Team must first

notify that transfer plan to

Polis Holder, Terminus, or an Participant.

(3) The assignment of the liability portfolio as intended

in paragraph (1) must meet the requirements as follows:

a. performed on a life insurance company or

a sharia life insurance company that has a field

the same effort; and

b. does not cause a life insurance company or

a sharia life insurance company that accepts

a diversion of a liability portfolio in violation of

the financial health related provisions applicable in

the perinsurance field.

(4) In the case of the Polis Holder, Responsible, or Participant

refuses the liability is transferred to the company

life insurance or other sharia life insurance company,

The liquidation team returns the premiums or contributions Appropriate

with the remainder of the term.

Article 26

(1) Payment the policy benefit claim is performed

full, unless the Company's assets are smaller than

Enterprise liability, the payment is done

proportional.

(2) In terms of insurance or sharia insurance coverage

that still applies (in force) at the time of Revocation

The Company Business is not being transferred to the Company

another, the payment of the rights of the Polis, Liability, or

Participants are done as follows:

a. for insurance policy or sharia insurance that is not

having a savings element is as large as the amount

calculated proportionally based on the remainder of the term

the time of the liability on the date of the revocation of the permit

Effort The company (unearned premium), after

minus the premium portion or contribution that has been

paid to the insurance brokerage firm

and/or the insurance agent commission;

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2015, No. 294 -23-

b. for an insurance policy that has a savings element

is of the value of cash at the time of the Permissions Revocation

Enterprise Effort;

c. for the PAYDI insurance policy:

1. for premiums or risk contributions apply

conditions as set in the letter a;

and

2. For the participant's investment fund is the value of

cash neto on the date of the Attempted Revocation

Company,

unless the Company's assets are smaller than

Corporate liabilities then the payment is done

proportionally.

Section 27

(1) Asset thawing results other than the Insurance Fund or Fund

Tabarru 'is used to pay the Company' s obligations

to the Polis Holder, Responsible, Participant, or party

others entitled to the benefits of insurance/sharia insurance,

after deductable salary deductable and the implementation fee

Liliquidation.

(2) The payment of the Company ' s liability to the Polis Holder,

Responsible, Participant, or any other party entitled to

insurance benefits/insurance sharia as intended

on paragraph (1) is done if the Insurance Fund or Dana

Tabarru ' does not adequately pay all obligations to

Polis Holder, Responsible, Participant, or other party

entitled to the benefits of insurance/sharia insurance.

(3) The payment of the obligation to Kreditor as

referred to paragraph (1) of the asset thawing result may

be done gradually or at the end of the term

The liquidation of the entire rules does not violate the rules of

other legislation.

(4) The payment of the obligation to Kreditor as

referred to the paragraph (3) must be more Previously got

OJK approval.

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Article 28

(1) In terms of the remainder of the Liliquidation results after it was done

payment of the Company's entire liability in

Liliquidation, the remainder of the Liliquidation result is the right

shareholders or equivalent holders

shares on a cooperative-shaped legal entity.

(2) The remainder of the Liliquidation results as referred to in paragraph (1)

may only be shared to shareholders or

equivalent with the shareholders on the legal entity

the shape of the cooperative after the end of the term 2

(two) years since the Liliquidation process is completed.

(3) The Kreditor has not submitted a bill to the Team

The liquidation as referred to in Article 5 of the paragraph (4)

or paragraph (5), may submit a bill in the term

time 2 (two) the year since the Liliquidation process is completed

as it is referred to in paragraph (2).

(4) The bill as referred to in paragraph (3) is submitted

via OJK to shareholders or equivalent

with shareholders on the form of the form law

the cooperative.

(5) OJK may request an authorized instance to

block the remainder of the liquidation result which is entitled

shareholders or equivalent holders

shares on the cooperative-shaped legal entity in

term as it is in verse (2).

(6) The bill as referred to in paragraph (3)

is charged to the remainder of the Liliquidation result which is

the holder's rights or equivalent to the holder

shares on the cooperative-shaped legal entity.

(7) Based on list of shareholders or which

equivalent to shareholders in the legal entity

in the form of a cooperative, OJK may request an agency that

authorized to revoke the blocking of the remainder of the results

The liquidation of the bill is referred to to pay

a bill that has been verified.

(8) If after the term time as intended

on paragraph (2) ended no bill submitted

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2015, No. 294 -25-

via OJK to shareholders or equivalent

with shareholders on the legal entity shaped

cooperatives or any bills but there are still remains

Liliquidation results, OJK requested Blocking revocation

to the agency authorized for the remainder of the liquidation result

to be taken by the shareholders or who

equivalent to the shareholders in the legal entity

in the form of a cooperative.

Sixth Section

Asset Liabilities And Corporate Obligations

Article 29

In Enterprise asset and liability requirements

as referred to in Section 9 of the letter c, Team Liliquidation

carry out the following actions:

a. designate a registered public accountant in OJK for

auditing the Closing Neraca;

b. Perform inventory of assets and liabilities;

c. compiling the Balance Sheet While Liquidation;

d. implement asset fluids and/or billing

receivy;

e. exercised liability payment to para

Kreditor; and

f. Leave the untaken part of Kreditor

to the court.

Article 30

(1) After receiving the Closing Neraca of OJK, Tim

Likuitie appoints a registered public accountant in OJK

for auditing the Closing Balance.

(2) The implementation of the Closing Neraca audit as

referred to the paragraph (1) is done by referring to

the work reference framework compiled by Team Likuities.

(3) the work reference framework as referred to in paragraph (2)

at least contain the purpose and scope of the audit.

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(4) The appointment of a public accountant as referred to

paragraph (1) the longest 30 (thirty) days since Neraca

The closure received Team Liliquidation.

(5) The Liliquidation team delivered Neraca. The closure that has been

is audited by the public accountant as referred to

paragraph (1) to the OJK tops 90 (ninety) days

since the date of the appointment of the public accountant.

Article 31

(1) The Liliquidation team performs Asset inventory and the

liability for the Company.

(2) Assets are grouped in unproblematic assets and

problematic assets.

(3) Assets are specified in the troubled group if

have a legal impediment in its obscenity that

is caused among others:

a. incomplete document;

b. the full document but the physical of the asset is unknown

its existence;

c. the binding is not perfect;

d. assets and/or agunan not marketable; and/or

e. be an object of dispute outside or inside

the court.

(4) In order to perform an inventory of liabilities

The Company to the Polis Holder, Responsible,

Participant, or any other party entitled to the benefit

insurance, The Liliquidation Team may appoint an independent

.

(5) The results of asset inventory and liabilities as

referred to in paragraph (1) are used as the basis in

drafting and is the Temporary Neraca attachment

Likuitie.

Article 32

(1) The Liliquidation Team compiled the Balance Sheet While Liquidation

by referring to the Neraca drafting guidelines

While Liliquidation.

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(2) Liquidation Team delivered Balance Sheet While Liquidation

to OJK tops 60 (sixty) Days after Team

Likuities received an audited Neraca Closing.

(3) OJK can approve or request an improvement of Neraca

While liquidated if drafted does not correspond to

the guidelines as referred to in paragraph (1) most slowly

7 (seven) days since Balance Sheet While Liquidation is accepted

OJK.

(4) The Liliquidation team is required to meet OJK requests

as referred to in paragraph (3) at most 15 (five

twelve) days from the date of Neraca repair request

While Likuitie by OJK.

(5) Compulsory Liquidation Team announces Temporary Neraca

Liliquidation that OJK has approved on 2 (two) Newspapers

at least 7 (seven) Days since Neraca While

Likuitie is referred to OJK's approval.

(6) Further provisions on the drafting guidelines

The Balance Sheet While Liquidation as referred to

paragraph (1) is set in the OJK Circular Letter.

Article 33

(1) The asset irrigation is not problematic as intended

in Article 31 of the paragraph (2), performed after Neraca

While Liliquidation is approved by OJK.

(2) In terms of the Balance Sheet While Liquidation has not been approved of OJK,

the asset liquefaction is not problematic as intended

on the paragraph (1) may be done after receiving approval

from OJK.

(3) The irrigated asset irrigor as referred to

in paragraph (1) and verse (2) must use the market price

reasonable.

(4) Asset watering and/or receivable billing is performed by

The liquidation team corresponds to the plan and the way that

is set forth in the work plan and cost budget

as referred to in Section 21 of the paragraph (2) of the c.

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Article 34

The entire cost of the implementation of Liliquidation listed in

The list of Liliquidation costs becomes the Company's asset load in

Liliquidation and issued first of any results

dissired it.

Seventh Section

Oversight and Reporting Liquidation Implementation

Article 35

(1) OJK performs supervision over the execution of Liliquidation.

(2) The supervision of the implementation of Liliquidation as

referred to in paragraph (1) was done indirectly

by analyzing the report delivered by

The Liliquidation team to OJK.

(3) In terms of view of need, OJK may perform

directly supervision in the Company in

Likuitie.

(4) OJK may designate a public accountant or any other party

for and on behalf of OJK performing the supervision

directly as in paragraph (3).

Article 36

(1) The Liliquidation team delivers a report of the realization of a work plan

and the budget cost to OJK each month the longest

date 10 (ten) the next month.

(2) If the deadline is final the delivery of the plan realization report

work and budget expenses as referred to

paragraph (1) falls on the holiday, the final delivery limit

the report is the next first working day.

(3) The realization report work plans and cost budgets

as referred to in paragraph (1) the least load:

a. the development of Liliquidation activities;

b. target unmisfit problem;

c. cash flow report;

d. existing asset positions and liabilities that

has been resolved;

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e. budget realization details; and

f. barriers encountered and follow-up plans.

Eighth Quarter

Liquidation Termination

Section 37

Liquidation Execution is completed in terms of:

a. The Company's entire liability in Liliquidation has been

paid and/or no more assets can

be used to pay any obligations before

the end of the term of the implementation of Liliquidation; or

b. the end of the term of the implementation of Liliquidation

as referred to in Article 15.

Article 38

(1) In terms of the execution of Liliquidation shall terminate

as referred to in Article 15 of the paragraph (1) and the paragraph (2),

at least 3 (three) months prior to the forecast

end of the implementation of Liliquidation, the Compulsory Liquidation Team

announces the last payment date to

Kreditor includes a follow up if Kreditor is not

takes its right in the term up to

the last payment date.

(2) The last payment date as referred to

paragraph (1) the longest 30 (thirty) days from the date

announcement.

(3) Announcement as referred to in paragraph (1)

done in 2 (two) Newspapers.

(4) In terms of the Kreditor has not taken its right until

with the time limit as referred to in paragraph (2)

then the funds The rights to the Kreditor are granted

to the court.

(5) The funding pan is referred to in paragraph (4)

performed at least 30 (thirty) days from the time limit

payment as contemplated in paragraph (2).

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(6) The liquidation team is stated to have exercised the payment

obligations to the Kreditor are concerned after

at the fund which became the Kreditor rights that is not

taken as It is in verse (4).

(7) If within 30 (thirty) years of funding that

becomes the right of Kreditor as referred to in paragraph (4)

not taken by the concerned Kreditor, then the funds

is submitted to the state coffers.

Ninth Section

Liquidation Team Liquidation

Article 39

(1) In case the Liliquidation Team is set up by RUPS

as referred to in Article 4 of the paragraph (1), Team

Liquidation shall deliver the Final Neraca Liquidation

to OJK and Team assignment accountability report

Liliquidation to RUPS the longest 10 (ten) Days

after the execution of Liliquidation is completed.

(2) In terms of the Liliquidation Team formed by OJK as

referred to in Section 6 of the paragraph (1), the Compulsory Liquidation Team

delivered the Liquidation End Balance and report

liability responsibility Tim Liliquidation to OJK

by busan to shareholders or that

equivalent to the shareholders on the legal entity

in the form of the longest cooperatives 10 (ten) days after

The liquidation implementation is complete.

(3) the liability report as referred to

in paragraph (1) and the verse (2) at least contains:

a. acceptance of Liliquidation results;

b. Liquidation fee;

c. payment of liability to Kreditor;

d. the rest of the cash assets or the cash equivalent;

e. the rest of the troubled assets; and

f. the remainder of the obligations unpaid.

(4) OJK appoints the public accountant for and on behalf of OJK

conduct the Liquidation Final Balance Sheet as

referred to paragraph (1) and paragraph (2).

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Article 40

In terms of the Liliquidation Team formed by RUPS

as referred to in Section 4 of the paragraph (1) has

delivered the Liquidation End Balance and approved OJK

as well as the report Accountability has been accepted by RUPS, then

RUPS:

a. asked Team Liliquidation for:

1. announced the end of Liliquidation with

placing it in the Republic News of the Republic

Indonesia and in 2 (two) Newspapers;

2. notifies the authorities

regarding the delete of the legal entity status

The Company; and

3. notifies the authorized instance,

in order for the Company name to be removed from the list

the company; and

b. dismissed Tim Liliquidation.

Article 41

(1) In terms of the Likuitie Team formed by OJK

as referred to in Section 6 of the paragraph (1) has

delivered the Balance Sheet of the End of the liquidation and report

liability to OJK, OJK decides

accepts or does not receive Team liability

Liliquidation tops 10 (ten) Days since OJK accepts

the audit results report as referred to in Article 39

paragraph (4).

(2) In terms of the Team Likuitie accountability report

has been accepted by OJK, then OJK:

a. asked Team Liliquidation for:

1. announced the end of Liliquidation with

placing it in the State News

Republic of Indonesia and in 2 (two) Letters

News;

2. notifies the agency that

authorities regarding the removal of the body status

Corporate law;

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3. notifies the agency that

authorities, in order for the Company name to be removed from

the company list; and

4. submitted the entire Company document

in Likuitie to OJK.

b. dismissed Tim Liliquidation; and

c. dismiss the Directors, Board of Commissioners, and

(3) Actions as referred to paragraph (2) letters a

conducted by Team Likuitie for longest 30 (three) (20)

The day since the responsibility is accepted by OJK.

(4) In terms of OJK decided not to accept

responsibility Team Liliquidation, OJK can:

a. report Team Liliquidation to the party

is mandatory if Team Likuities are indicated

performing:

1. cheating in performing the Liliquidation process;

or

2. criminal charges; or

b. do other steps in accordance with the provisions

applicable laws.

Section 42

The legal entity's liquidation status expires

since the date of the announcement of the expiration of Liliquidation in

The Republic of Indonesia State News as referred to

in Article 40 letter a figure 1 and Article 41 of the paragraph (2) letter a

figure 1.

BAB III

TERMINATION OF THE BUSINESS ACTIVITIES

AT THE COMPANY ' S REQUEST

Article 43

(1) The company that stops its business activities is mandatory

first reported a termination plan

venture activities to OJK.

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(2) Companies that report termination plans

venture activities as referred to in paragraph (1)

must meet the requirements as follows:

a. have low or moderate risk levels

and the assets that are belonging to the group

The Company that represents only a certain amount

of the total industrial assets in accordance with the provisions

regarding the rate assessment risk; and

b. has listed the activity termination plan

efforts in the Company business plan.

(3) The risk level as referred to in paragraph (2) the letter

a is based on the assessment performed by

OJK.

Article 44

(1) The termination plan of the Company ' s business activities must

get approval from OJK.

(2) To get the approval as intended

in paragraph (1), the termination plan of the business activities must

load the least of the things as follows:

a. the reason of termination of the business activities;

b. The description of the Company's condition, including data

on the number of policies that still applies (in force),

the number of Polis, Responsible, or Participant numbers,

the number of Corporate liabilities to Licensee

Polis, Liability, or Participant and liability

others;

c. planned completion of the Company's obligations to

all Kreditor; and

d. Dissolution plans or other plans after

The Company completes its obligations to

all Kreditor and the Company's venture permit has

revoked by OJK.

(3) The termination plan of the venture activities as

referred to in Article 44 of the paragraph (1) must be lamped with

the document as follows:

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a. original copy of the decision on granting permission

Enterprise effort or if original copy

missing decision must be lamped with copy

a copy of the decision regarding the attempted permissions

which has been legalized and The statement of the Board of Directors

that original copy of the decision is missing;

b RUPS decisions regarding approval of

Enterprise business activities termination plan;

c. Company's last financial report;

d. proof of tax settlement and other obligations

to the country; and

e. Evidence of OJK levies and fines

outstanding administrative.

Article 45

(1) OJK conducts research on the termination plan

The activities of the venture delivered by the Directors

as it means in Section 44.

(2) Based on the results of the research as referred to

on the paragraph (1), in the most prolonged period of 30 (three

tens) of the day since the receipt of the termination plan

complete business activities, OJK publishes mail

approval or resignation letter termination plan

venture activities.

(3) In the case of OJK publishing a consent letter

as referred to in paragraph (2), the Company

is required to:

a. pause the company ' s entire business activities;

b. announces an activity termination plan

the business and obligations settlement plan

The Company in the Newspaper for 3 (three) Days

consecutive days 10 (ten) days since

the date of the plan approval letter outage

venture activity;

c. complete the entire Company liability in

longest term of 4 (four) months since

date of termination of the termination plan

venture activities; and

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d. designate a public accountant to compose a balance sheet

end includes performing verification for

ensuring completion of all obligations

The Company.

Section 46

(1) Company's liability to all

Kreditor including Polis, Responsible, or

Participants should not harm or decrease the rights

Keditor including the Polis Holder, Terresponsibilities, or

Participants.

(2) In terms of the Company stopping activities

insurance efforts and reinsurance efforts with the principle

sharia has no Participants, existing Tabarru Fund

is mandatory to top social institutions

consideration of the Syariah Board of Regents.

(3) In terms of the completion of the obligations to Licensee

Polis, Responsible, or Participant is conducted in the manner

diverting the portfolio of dependents to

Other Companies, Companies required to notify

plan diversion portfolio of such dependents

to the Polist Holder, Responsible, or Participant

through:

a. The announcement of the termination plan of the business activity

in the Newspaper as referred to in

Section 45 of paragraph (3) letter b; and

b. letter to any Polis Holder, Responsible,

or Participant.

(4) The assignment of the liability portfolio as

referred to in paragraph (3) must meet the requirements

as follows:

a. not to reduce the rights of the Polis, liability,

or Attendees;

b. performed on a Company that has a field

the same effort; and

c. does not cause the Company to receive

breach of the breach portfolio breach

a provision in the field of insurance.

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Section 47

(1) Polis Holder, Responsible, or Participant of

The company that will perform the entire diversion

the liability portfolio as referred to in

Section 46 of the paragraph (3) entitled to decline

The liability was transferred to another Company.

(2) The company must provide an opportunity to

Polis Holder, Responsible, or Participant for

relayed the diversion the liability

to another Enterprise in the term of 1 (one)

the month since the announcement as specified in

Section 46 of the paragraph (3).

(3) In the case of the Polis Holder, Responsible, or Participant

refuses the liability is transferred to

Another company, the liability is over and

The company is required to restore the rights of the Polis,

Liable, or Participant.

(4) The company is required to notify the rights of the Polis,

liability, or Participant as referred to in

paragraph (2) and the result of a diversion rejection

the contemplating as contemplated on paragraph (3)

in the announcement and letter as referred to

in Section 46 verse (3).

Article 48

The rights of the Polis, Responsible, or Participant rights

as referred to in Article 47 of the paragraph (3) are performed

as follows:

a. for insurance policy or sharia insurance that is not

having a savings element is as large as the amount

calculated proportionally based on the remainder of the term

the time of the event on the date of the Polis Holder,

Liability, or Participant conveyting the above rejection

the transfer of the fee (unearned premium), after

minus the premium portion or contribution that has been

paid to the insurance brokerage firm and/or

agency commission;

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b. for an insurance policy that has a savings element

is as large as the value of cash on the date of the Polis Holder,

Responsible, or the Participant convex a rejection of

the diversion of the liability;

c. for the insurance policy PAYDI:

1. for premiums or risk contributions apply

terms as set in the letter a; and

2. For an Attendees ' investment fund is as big as the value

cash neto on the date of the Polis Holder,

Responsible, or the participant convex a rejection

for the diversion.

Article 49

After the whole The Company's obligations as

referred to in Section 46 are resolved, the mandatory Directors

relayed the report to the least OJK

loading:

a. execution of the Company ' s business activities;

b. implementation of the announcement as intended

in Section 45 of the paragraph (3) letter b;

c. implementation of the completion of the Company's obligations;

d. The Company ' s final balance sheet has been audited by the auditors

independent; and

e. a statement letter from a shareholder or equivalent

with a shareholder in the form of a legal entity

the cooperative which stated that the entire liability

The Company has been resolved and if there is

the demands on then the day becomes the responsibility

shareholders or equivalent holders

shares on the cooperative-shaped legal entity.

Article 50

(1) OJK conducts research into the report that

delivered by Directors as referred to in

Article 49.

(2) Based on the results research as intended

in paragraph (1), in the most prolonged term of 30

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(thirty) Days since the receipt of the report

complete, the OJK publishes the decision on

The revocation of the Company's enterprise permit.

Section 51

Since the date of the Revocation Of The Business Permit Enterprise

as referred to in Section 50 of the paragraph (2), if at

then the day of the Company's not to be required

is resolved, shareholders or equivalent to

shareholders in the form of a legal entity The cooperative

is responsible for the intended liability.

BAB IV

CORPORATE PAILITAN

Part Kesatu

Requirements and Tata Cara

Request for the company pailit statement

section 52

(1) The creditor based on its assessment that the Company

meets the requirements of stated pailit as invited-

invite about pailitan, able to convey

a request to OJK for OJK to submit

a request for the Company's bankruptcy statement

in question to the court of business.

(2) The company could not submit a request

a pailit statement for him own.

(3) Requests as referred to in paragraph (1)

are submitted in the Indonesian Language and

signed by Kreditor or whose power

contains at least:

a. Kreditor identity, at least includes the full name

and the Kreditor address;

b. The name of the Company is honed to be stated

pailit by the court of commerce;

c. description of the matter which is the basis of

which includes:

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1. The court authority of the business;

2. legal (legal standing) Kreditor that

contains a clear description of Kreditor's right

to apply; and

3. the reason for the pailit statement is described

clearly and in detail; and

d. things are being moved to be disconnected by

the court of commerce.

(4) In addition to fulfilling the provisions of the paragraph (3), the plea

as referred to in paragraph (1) is equipped with

a proof tool in favor of a statement plea

the Company pailit, the least of which is:

a. proof of Kreditor ' s self-identity;

b. proof of mail or writing related to

reason for pleas;

c. list of potential witnesses and/or experts with statements

short of the matters to be explained

related to the reason of the application, as well as the statement

willing to attend the trial, in terms of Kreditor

intends to file a witness and/or expert; and

d. a list of other proofs that may be information that

is stored in or sent through the media

electronic, if seen as necessary.

(5) Next to be submitted in a written form, the request

is also filed in the format digital in electronic media

is a compact disc (compact disk) or similar

with it.

Article 53

(1) Application as referred to in Article 52 of the paragraph (1)

addressed to the Chairman of the Board OJK Commissioner with

gust to Supervising Chief Executive

Perinsurance, Dana Pensions, Financing agencies, and

Other Financial Services Instituts OJK.

(2) OJK checks the following application of the evidence tool

delivered by Kreditor.

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2015, No. 294 -40-

(3) If the request is not yet complete, OJK notified

to Kreditor about the application that

must be met, and Kreditor should complete it in

at the slowest time of 10 (ten) Days of acceptance

(4) If the completeness of the plea is not met in

the term as referred to in paragraph (3),

the request is considered to be lost and next OJK

return the application file to Kreditor.

Section 54

(1) OJK agrees or rejects an application for

applying for the Company's pailit statement

at most 30 (thirty) days since the request

is complete.

(2) In the term time as intended in paragraph

(1), OJK can:

a. requesting a statement related to a statement

pailit to Kreditor, the Company is honed

pailit, and/or any other party; and/or

b. conducting an inspection of the Company.

Article 55

(1) OJK approved or rejected a Kreditor application

to apply for a pailit statement

The Company to the Court of Commerce with

consider:

a. The fulfilment of the requirements is specified as

is set in law regarding the pailitan;

b. The fulfillment of the submission requirements

as referred to in Section 52 of the paragraph (3);

c. The Company's financial ability to pay

debts or liabilities;

d. Enterprise oversight status;

e. administrative sanction charges against the Company;

and

f. a certain condition.

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2015, No. 294 -41-

(2) In terms of the OJK refusal to submit

a request for a Company pailit statement, OJK

conveyors a rejection of such a plea

written to Kreditor accompanied by reasons

rejection.

(3) In terms of OJK rejecting an application as

referred to in paragraph (2), OJK can:

a. suggest to Kreditor to complete

dispute with the Company through the agency

alternative dispute resolution or judicial

data;

b. facilitate a dispute resolution outside

court peacefully; or

c. do other actions that can help

settlement dispute.

(4) If OJK approves the request to submit

application for the Company pailit statement, then OJK

promptly relayed a pailit statement

The Company to the court of commerce pursuant to

the provisions of the laws.

(5) Charges of pailit statement to the court

niaga is borne by Kreditor.

Article 56

(1) In order to protect the interests of the consumer, OJK

may apply for the Company's pailit to

the court of commerce without a plea from

Kreditor.

(2) In submitting a pailit request as

referred to in paragraph (1), OJK considers things

as referred to in Article 55 of the paragraph (1) unless

letter b.

Article 57

(1) During a ruling over a pailit statement

not yet spoken, OJK may apply

to the court for:

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2015, No. 294 -42-

a. put the warranty sita against some or

the entire Company's wealth; or

b. designate a temporary curator to oversee:

1. Enterprise enterprise management; and

2. the payment to the Kreditor, the diversion, or

the Company's deep wealth admirer

The pailitan is the curator's authority.

(2) The Curator as referred to in paragraph (1) is:

a. Property Hall of Legacy; or

b. other curators.

(3) In filing the curator as referred to

paragraph (1) letter b, OJK considers things as

following:

a. independent and do not have a clash

interest;

b. have special expertise in taking care of

and/or cleaning up the treasury;

c. is not handling the Kepailitan case and

delay of debt repayment obligations more than

3 (three) matters;

d. understand the terms of the perinsurance; and

e. is listed on the ministry of the scope and

its responsibility in the field of law and regulation

legislation.

Second section

Implementation and Advanced

Finally the Corporate Pailitan

Article 58

In terms of the Company treasury stated pailit is

in the state of insolvation and done property vindicated

pailit, provisions regarding property share of wealth

The Company in Liliquidation as intended in

Article 24 to Article 28 mutatis mutandis applies

for the share of the treasury of wealth The specified company

pailit.

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2015, No. 294 -43-

Section 59

In terms of the Company's treasury requirements stated

pailit has been performed and the Company's bankruptcy expires,

OJK revoked the Company's pertinated venture permit.

BAB V

SANCTION

Section 60

The breach of the provisions in Article 2 of the paragraph (1), Section

3 paragraph (1), Section 4 of the paragraph (1), paragraph (2), paragraph (4), paragraph (7), Section 7,

Section 8 of the paragraph (2), paragraph (3), Section 12 of the paragraph (1), Section 15 of the paragraph (1),

Article 22 paragraph (3), Article 23 of the paragraph (5), paragraph (6), Section 32 of the paragraph (4),

paragraph (5), Section 38 of the paragraph (1), Section 39 of the paragraph (1), paragraph (2), Section 43

paragraph (1), Section 46 of the paragraph (2), paragraph (3), Article 47 of the paragraph (2), paragraph (3),

paragraph (4), and Section 49. the administrative sanction is subject to:

a. written warning; and/or

b. prohibition of being a shareholder or equivalent

with shareholders in the form of a legal entity

cooperatives, Directors, Board of Commissioners, or Council

Regents of Sharia in the Company.

BAB VI

PROVISIONS

Article 61

This OJK Regulation shall begin in effect on the date of the promulctest.

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2015, No. 294 -44-

For everyone to know, ordered

An OJK Regulation invitational with its placement

in the Republic of Indonesia State Sheet.

specified in Jakarta

on December 7, 2015

CHAIRMAN OF THE BOARD OF COMMISSIONERS

FINANCIAL SERVICES AUTHORITY,

ttd.

MULIAMAN D. HADAD

Reundrased in Jakarta

on December 11, 2015

MINISTER OF LAW AND HUMAN RIGHTS

REPUBLIC OF INDONESIA,

ttd.

YASONNA H. LAOLY

www.peraturan.go.id