[songyou]

2016, 26 December - 2017, 01 January - Tempo

Bumiputera?s problems began with its status as a mutual, rather than a limited, company. With this kind of model, it has not been managed with sound insurance company principles. The management is weak and the company seems to function in an extremely complex way. Boemi Poetra was established in 1912 to improve the welfare of teachers. In 1966, the name was changed to Asuransi Jiwa (Life Insurance) Bumiputera. The company grew rapidly and was once ranked among the 10 largest insurance companies in Indonesia. It has policyholders across the country, mostly outside cities. Unfortunately, this nation has yet to have a law regulating mutual companies. In April 2014, the Constitutional Court, responding to requests arising from a legal review of the Insurance Companies Law, called for legislation to deal with this problem. However, two and a half years past the Court ruling deadline, neither the government nor the House of Representatives (DPR) had followed up on it. As a result, Bumiputera continued to operate with all its complexities.

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