Indonesia's Financial Services Authority, or OJK, revoked PT AXA Life Indonesia's business license following the merger of two local AXA units to comply with a rule on sole proprietorship, Netral News reported Feb. 4.
OJK revoked the license following the merger of AXA Life Indonesia with PT AXA Financial Indonesia on Nov. 1, 2017. AXA Financial received the portfolio of liabilities from AXA Life Indonesia as part of the merger.
AXA Life Indonesia is now prohibited from conducting business activities in the field of life insurance, the OJK said.
Under an insurance law passed in 2014, a party can only become a controlling shareholder of each type of insurance company, and if it controls more than one insurance company, it must adjust to the single presence rule.
