Guidelines for Preparing Liquidation Work Plans and Budgets and Providing Fair Incentives for Liquidation Teams of Insurance, Sharia Insurance, Reinsurance, and Sharia Reinsurance Companies

To:

Board of Directors of Insurance Companies;
Board of Directors of Sharia Insurance Companies;
Board of Directors of Reinsurance Companies;
Board of Directors of Sharia Reinsurance Companies; and
Liquidation Teams of Insurance Companies, Sharia Insurance Companies, Reinsurance Companies, and Sharia Reinsurance Companies,
At their respective locations.

COPY

CIRCULAR LETTER OF THE FINANCIAL SERVICES AUTHORITY NUMBER 15 /SEOJK.05/2018

CONCERNING

GUIDELINES FOR PREPARING LIQUIDATION WORK PLANS AND BUDGETS AND PROVIDING FAIR INCENTIVES FOR LIQUIDATION TEAMS FOR INSURANCE COMPANIES, SHARIA INSURANCE COMPANIES, REINSURANCE COMPANIES, AND SHARIA REINSURANCE COMPANIES

In relation to the mandate of Article 20 paragraph (6) and Article 21 paragraph (8) of Financial Services Authority Regulation Number 28/POJK.05/2015 concerning the Dissolution, Liquidation, and Bankruptcy of Insurance Companies, Sharia Insurance Companies, Reinsurance Companies, and Sharia Reinsurance Companies (State Gazette of the Republic of Indonesia Year 2015 Number 294, Supplement to the State Gazette of the Republic of Indonesia Number 5776), it is necessary to regulate implementation provisions regarding guidelines for preparing liquidation work plans and budgets and providing fair incentives for liquidation teams for insurance companies, Sharia insurance companies, reinsurance companies, and Sharia reinsurance companies in this Financial Services Authority Circular Letter as follows:

I. GENERAL PROVISIONS

Company means insurance companies, Sharia insurance companies, reinsurance companies, and Sharia reinsurance companies.
Company Liquidation, hereinafter referred to as Liquidation, is the action to settle all assets and liabilities of the Company as a result of the revocation of the Company's business license and dissolution.
General Meeting of Shareholders, hereinafter abbreviated as GMS, is the GMS as referred to in Law Number 40 of 2007 concerning Limited Liability Companies for Companies in the form of limited liability companies or equivalent to the GMS in cooperative legal entities.
Liquidation Team is a team tasked with conducting Liquidation formed by the GMS or the Financial Services Authority.
Liquidation Work Plan and Budget, hereinafter referred to as Liquidation RKAB, is the activity plan of the Liquidation Team in carrying out Liquidation and the estimated cost of Liquidation during the assignment period of the Liquidation Team.
Fair Incentive, hereinafter referred to as Incentive, is a sum of money given to the Liquidation Team for the realization of assets and/or collection of the Company's receivables in Liquidation, considering the type of investment and the amount of incentive as approved by the GMS for Liquidation Teams formed by the GMS or the amount of incentive as approved by the Financial Services Authority for Liquidation Teams formed by the Financial Services Authority.
Creditor is any party that has receivables or claims against the Company, including policyholders, insured parties, participants, or other parties entitled to insurance/Sharia insurance benefits and Company employees.
Day means calendar day.

II. PREPARATION OF LIQUIDATION RKAB

The Liquidation Team prepares the Liquidation RKAB in the framework of implementing Liquidation referring to the Liquidation RKAB guidelines.
The Liquidation RKAB as referred to in item 1 is submitted to the Financial Services Authority no later than 30 (thirty) Days from the formation of the Liquidation Team or from the start of the extension of the Liquidation Team's assignment period.
In the event that the Liquidation Team is formed by the GMS, the Liquidation Team must first request approval of the Liquidation RKAB from the GMS before submitting it to the Financial Services Authority to obtain approval.
In the event that the Liquidation Team is formed by the Financial Services Authority, the Liquidation Team must first request approval of the Liquidation RKAB from the Financial Services Authority and subsequently submit the approved Liquidation RKAB to the GMS.

III. GUIDELINES FOR PREPARING LIQUIDATION RKAB

The preparation of the Liquidation RKAB as referred to in Roman numeral II item 1 must refer to the guidelines for preparing the Liquidation RKAB and its preparation uses the Liquidation RKAB format as contained in the Appendix which is an integral part of this Financial Services Authority Circular Letter.
The guidelines for preparing the Liquidation RKAB as referred to in item 1 do not apply to Liquidation RKABs that have been approved by the Financial Services Authority before this Financial Services Authority Circular Letter was established.

IV. REMUNERATION OF LIQUIDATION TEAM

Members of the Liquidation Team are given remuneration determined by:
a. The GMS for Liquidation Teams formed by the GMS; or b. The Financial Services Authority for Liquidation Teams formed by the Financial Services Authority.
Remuneration as referred to in paragraph (1) consists of:
a. Honorarium; and b. Income/other facilities.
Other income/facilities as referred to in item 2 letter b only include holiday allowances, Incentives, and participation in national social security programs in accordance with applicable legislation.
Incentives as referred to in item 3 must first request approval from the GMS for Liquidation Teams formed by the GMS or the Financial Services Authority for Liquidation Teams formed by the Financial Services Authority.

V. AMOUNT OF INCENTIVE

The amount of Incentive as referred to in Roman numeral IV item 3 given to the Liquidation Team is a certain percentage of the proceeds from the realization of assets and/or collection of receivables of the Company in Liquidation, calculated for each asset of a specific type.
The certain percentage as referred to in item 1 is established as follows:

No.	Asset Type	Timeframe <= 1 yr	>1 to <= 2 yrs	>2 to <= 3 yrs	>3 to <= 4 yrs
1.	Investment Assets<br>- Problematic<br>- Non-problematic	4%<br>2%	3%<br>1%	2%<br>0.5%	0.5%<br>0%
2.	Non-Investment Assets<br>- Problematic<br>- Non-problematic	4%<br>2%	3%<br>1%	2%<br>0.5%	0.5%<br>0%

The certain percentage as referred to in item 2 applies to the determination of incentive amounts for Liquidation Teams formed by the GMS and Liquidation Teams formed by the Financial Services Authority.
The distribution of Incentives among members of the Liquidation Team is determined by the Liquidation Team with the approval of the GMS for Liquidation Teams formed by the GMS or the Financial Services Authority for Liquidation Teams formed by the Financial Services Authority.

VI. PROVISION OF INCENTIVES

The Liquidation Team is given Incentives for the realization of assets and/or collection of receivables of specific asset types, namely:
a. Assets in the form of investments but excluding investment results, including:
1. direct participation;
2. land, buildings with strata title, or land with buildings for investment;
3. financing through cooperation mechanisms with other parties in the form of credit provision cooperation (executing); and/or
4. loans guaranteed by mortgage rights; and
  b. Assets in the form of non-investments, including:
5. direct closing premium receivables, including co-insurance premium receivables that are part of the Company;
6. buildings with strata title or land with buildings, for own use;
7. other fixed assets; and/or
8. other assets not included in asset types permitted based on applicable legislation.
In the framework of providing Incentives as referred to in item 1, realized assets are grouped referring to the asset grouping in the interim liquidation balance sheet as referred to in Article 31 of Financial Services Authority Regulation Number 28/POJK.05/2015 concerning the Dissolution, Liquidation, and Bankruptcy of Insurance Companies, Sharia Insurance Companies, Reinsurance Companies, and Sharia Reinsurance Companies.

VII. APPLICATION FOR INCENTIVE PAYMENT

The Liquidation Team submits an application for Incentive payment for the realization of assets and/or collection of receivables in a three-monthly period, calculated from the date of approval of the interim liquidation balance sheet, to:
a. The GMS for Liquidation Teams formed by the GMS; or b. The Financial Services Authority for Liquidation Teams formed by the Financial Services Authority.
The Incentive payment application as referred to in item 1 is exempted for the final Incentive payment, namely no later than 15 (fifteen) Days before the submission of the final liquidation balance sheet and accountability report.
The Incentive payment application as referred to in items 1 and 2 must contain at least the following information:
a. period of realization of assets and/or collection of receivables; b. type of assets realized;
c. value of realization of assets and/or collection of receivables, including:
1. book value of assets;
2. gross sale value;
3. costs of realization of assets and/or collection of receivables; and
4. net sale value; and
  d. calculation of the amount of Incentive requested.
The costs of realization of assets and/or collection of receivables as referred to in item 3 letter c item 3) that can be deducted from the value of realization of assets and/or collection of receivables are costs paid to third parties in connection with the realization of assets and/or collection of receivables.
The value of realization of assets and/or collection of receivables is the net sale value calculated from the gross sale value minus the costs of realization of assets and/or collection of receivables.
In addition to the information as referred to in item 3, the incentive payment application must be accompanied by supporting documents including:
a. documents proving the type of assets realized; b. documents proving the fair value of assets at the time of realization;
c. receipts or proof of receipt of proceeds from the realization of assets and/or collection of receivables; and
d. proof stating costs in the context of realizing assets and/or collecting receivables.

VIII. APPROVAL OF INCENTIVE PAYMENT

The Financial Services Authority or the GMS gives a decision on the Incentive payment application no later than 15 (fifteen) Days after the Incentive payment application letter is received complete with correct calculations.
In the event that the Financial Services Authority or the GMS does not give a decision within the time period as referred to in item 1, the Financial Services Authority or the GMS is deemed to have approved the Incentive payment application.
Payment of Incentives to the Liquidation Team is borne by the Company in Liquidation.
Income tax on Incentive payments becomes the burden of each member of the Liquidation Team receiving the Incentive payment.

IX. CLOSING

This Financial Services Authority Circular Letter takes effect on the date it was established.

Established in Jakarta on 29 November 2018

EXECUTIVE HEAD OF INSURANCE, PENSION FUND,
FINANCING INSTITUTION, AND OTHER FINANCIAL SERVICES INSTITUTIONS SUPERVISOR FINANCIAL SERVICES AUTHORITY,

s/d
RISWINANDI

APPENDIX

CIRCULAR LETTER OF THE FINANCIAL SERVICES AUTHORITY NUMBER 15 /SEOJK.05/2018

CONCERNING

PART ONE
GUIDELINES FOR PREPARING LIQUIDATION RKAB

The Liquidation RKAB is prepared in 2 (two) parts, namely:

Work Plan
The work plan must contain at least:
a. Types of activities to be carried out and the completion schedule for each type of activity. Each type of activity to be carried out for the period during the estimated Liquidation process and the completion schedule for each type of activity are described. The Liquidation implementation activity groups consist of 12 (twelve) groups, each consisting of several activities. Each activity is given a weight according to the level of difficulty of completion. The activity groups and their details, including the determination of weights for each activity in full, are presented in the Liquidation RKAB format. The completion schedule for each activity is prepared throughout the assignment period of the Liquidation Team. For example, if the Liquidation implementation period is 2 years as the assignment period of the Liquidation Team, the Liquidation Team must create a table containing the activity implementation plan for 24 months. For example, if the Liquidation Team is appointed on April 15, 2017, for a period of 1 (one) year, the Liquidation RKAB period is from April 15, 2017, to April 14, 2018. Filling in the implementation schedule for each type of activity is done by shading or blackening the column where the activity will be carried out. The completion plan is written in percentage form in the month where the activity will be carried out. Example of filling in the work plan in the event that the Liquidation Team of PT .... (DL) or Cooperative ... (DP) is formed on April 15, 2017:

No.	Activity	Weight	Month 1 (Apr'17)	Month 2 (May'17)
1.	Submit Liquidation RKAB
a.	Prepare Liquidation RKAB	1	50%	50%
b.	Submit Liquidation RKAB	1	100%
c.	Obtain Liquidation RKAB Approval	1	50%	50%
2.	Follow up legal aspects of Company dissolution
a.	Notify dissolution to competent authority	2	100%
b.	Notify dissolution
-	In State Gazette of the Republic of Indonesia	1	100%
-	In 2 (two) daily newspapers with wide circulation	1	100%
3.	Etc.

b. Plan and method for realization of assets and/or collection of receivables.
Realization of assets and/or collection of receivables is done by methods, including:
1) conducting inventory of assets of the Company in Liquidation;
2) assessing the net realizable value for each asset of the Company in Liquidation;
3) determining the asset sale schedule;
4) selling assets using the value/price according to the asset assessment results against the estimated net realizable value;
5) determining the sales method, e.g., through auction, sold as a package, sold separately; and/or
6) collecting receivables.

c. Plan and method for paying liabilities/liabilities to Creditors.
Example plan and method for realization of assets and/or collection of receivables and payment of liabilities/liabilities to Creditors:

NO.	Asset Type and Liability/Liability	Method of Settlement
I ASSETS
Investment
1.	Time Deposits and Certificates of Deposit	Realize and transfer to the current account of PT .... (DL) or Cooperative ... (DP)
2.	Shares	Conduct retail or package sales on the exchange
3.	Corporate Bonds	Conduct retail or package sales on the exchange
4.	MTN	Conduct retail or package sales on the exchange
5.	Securities Issued by the Republic of Indonesia	Conduct retail or package sales on the exchange
6.	Etc.
II LIABILITIES/LIABILITIES
1.	Estimated Liquidation Costs	Pay liquidation costs according to the budget contained in the Liquidation RKAB
2.	Obligations to Policyholders
a.	Claim Debts	Calculate claim debts that can be paid
b.	Claim Reserves	Calculate claim payments that can be paid
c.	Premium Reserves	Portfolio transfer considering premium reserves
d.	Reserves for Premiums Not Yet Revenue	Inventory policies that can be transferred to Companies with the approval of policyholders
3.	Etc.

d. Number of supporting personnel required for the Liquidation Team.
The estimated number of supporting personnel needed to assist the Liquidation Team is described. In determining the number of supporting personnel, the Liquidation Team must consider efficiency, effectiveness, expertise, and the financial capacity of the Company in Liquidation to pay honorariums. The number determined at the initial stage must be reviewed according to the future workload of the Liquidation Team. In the event that the workload of the Liquidation Team decreases because most of the Company's assets have been realized, the use of Liquidation Team supporting personnel must be adjusted.

Liquidation Budget
The Liquidation Budget is calculated for the period during the Liquidation implementation according to the assignment period of the Liquidation Team. In the event that the Liquidation implementation period is more than 1 (one) year, the budget is grouped annually. For the first year, the budget is prepared in detail per type of activity for each month of activity implementation. For the second year, the budget does not need to be prepared in detail per type of activity. The details of the budget for the second year are made together with the preparation of the adjustment of the Liquidation RKAB for the second year by the Liquidation Team. The Liquidation budget plan must contain at least:
a. Honorarium of the Liquidation Team
The honorarium of the Liquidation Team for the period during the estimated Liquidation process is described. b. Honorarium of supporting personnel for the Liquidation Team The honorarium of supporting personnel for the Liquidation Team is described in detail for the period during the estimated Liquidation process.
c. Office operational costs and other operational costs
Office costs and their operational costs are described in detail, for example:
1. electricity, telephone, and water costs;
2. office supplies costs;
3. office rental costs; and/or
4. meeting costs.
  d. Liquidation Costs
  Costs required for the implementation of Liquidation stages per activity group are described in detail, including:
5. submitting the Liquidation RKAB;
6. following up legal aspects of Company dissolution;
7. settling obligations to employees and appointing supporting personnel;
8. preparing and submitting the closing balance sheet audited by a public accountant to the Financial Services Authority;
9. conducting inventory of assets and liabilities/liabilities;
10. settling obligations/liabilities of parties who committed negligence and/or illegal acts causing losses or endangering the continuity of the Company's business;
11. submitting the interim Liquidation balance sheet to obtain approval from the Financial Services Authority;
12. realizing assets and/or collecting receivables;
13. paying obligations/liabilities according to regulations;
14. accounting for the implementation of Liquidation; and
15. following up the termination of the Liquidation process.

PART TWO
FORMAT FOR PREPARING LIQUIDATION RKAB

Number : (City), (Date/Month/Year)
Attachment :
Subject : Work Plan and Budget of PT .... (DL) or Cooperative ... (DP) Period Month ... to ...

To: Executive Head of IKNB Supervisor
Financial Services Authority in Jakarta

Hereby we submit the Work Plan and Budget of the Liquidation Team of PT .... (DL) or Cooperative ... (DP) with the following description:

Basis for Liquidation Implementation
a. Law Number 40 of 2014 concerning Insurance. b. Financial Services Authority Regulation Number 28/POJK.05/2015 concerning the Dissolution, Liquidation, and Bankruptcy of Insurance Companies, Sharia Insurance Companies, Reinsurance Companies, and Sharia Reinsurance Companies.
c. Decision of the Board of Commissioners of the Financial Services Authority Number ... Date ... concerning the Revocation of Business License of PT .... (DL) or Cooperative ... (DP).
Work Plan
The Work Plan of the Liquidation Team of PT .... (DL) or Cooperative ... (DP) Period ... (date) to ... (date) as contained in Appendix A.
Method for Realization of Assets and/or Collection of Receivables and Payment to Creditors
a. Insurance Companies and Reinsurance Companies

No.	Asset Type and Liability/Liability	Method of Settlement
I ASSETS
Investment
1.	Time Deposits and Certificates of Deposit
2.	Shares
3.	Corporate Bonds
4.	MTN
5.	Securities Issued by the Republic of Indonesia
6.	Securities Issued by Countries other than the Republic of Indonesia
7.	Securities Issued by Bank Indonesia
8.	Securities Issued by Multinational Institutions
9.	Mutual Funds
10.	Asset-Backed Securities
11.	Real Estate Investment Funds
12.	Securities Transactions via Repurchase Agreement (REPO)
13.	Direct Participation
14.	Land, Buildings with Strata Title or Land with Buildings for Investment
15.	Financing via Cooperation with Other Parties
16.	Pure Gold
17.	Loans Guaranteed by Mortgage Rights
18.	Policy Loans
19.	Other Investments
Non-Investment
20.	Cash and Bank
21.	Direct Closing Premium Receivables
22.	Reinsurance Premium Receivables
23.	Reinsurance Assets
24.	Co-insurance Claim Receivables
25.	Reinsurance Claim Receivables
26.	Investment Receivables
27.	Investment Result Receivables
28.	Buildings with Strata Title or Land With Buildings for Own Use
29.	Other Fixed Assets
30.	Other Assets
II LIABILITIES/LIABILITIES
1.	Estimated Liquidation Costs
2.	Obligations/Liabilities to Policyholders
a.	Claim Debts
b.	Claim Reserves
c.	Premium Reserves
d.	Reserves for Premiums Not Yet Revenue
3.	Obligations/Liabilities to Employees
4.	Obligations/Liabilities to Other Parties
5.	Accrued Costs
6.	Other Debts
7.	Subordinated Loans

The asset and liability/liability account types above can be adjusted with the accounts generally applicable to Companies using Sharia principles or Companies that have Sharia investment types.

b. Sharia Insurance Companies and Sharia Reinsurance Companies

No.	Asset Type and Liability/Liability	Method of Settlement
I ASSETS
Investment
1.	Time Deposits and Certificates of Deposit
2.	Sharia Shares
3.	Sukuk or Sharia Bonds
4.	Sharia MTN
5.	Sharia Securities Issued by the Republic of Indonesia
6.	Sharia Securities Issued by Countries other than the Republic of Indonesia
7.	Sharia Securities Issued by Bank Indonesia
8.	Sharia Securities Issued by Multinational Institutions
9.	Sharia Mutual Funds
10.	Sharia Asset-Backed Securities
11.	Sharia Real Estate Investment Funds
12.	Securities Transactions via Repurchase Agreement (REPO)
13.	Financing via Cooperation with Other Parties
14.	Sharia Financing with Mortgage Rights
15.	Direct Participation
16.	Investment Properties
17.	Pure Gold
18.	Other Investments
Non-Investment
19.	Cash and Bank
20.	Direct Tabarru’ Contribution Receivables
21.	Reinsurance Contribution Receivables
22.	Reinsurance Assets
23.	Co-insurance Claim Receivables
24.	Reinsurance Claim Receivables
25.	Investment Receivables
26.	Investment Result Receivables
27.	Non-Investment Properties
28.	Other Assets
II LIABILITIES/LIABILITIES
1.	Estimated Liquidation Costs
2.	Obligations/Liabilities to Participants
a.	Claim Debts
b.	Claim Provisions
c.	Contribution Provisions
d.	Contribution Provisions Not Yet Revenue/Rights
3.	Obligations/Liabilities to Employees
4.	Obligations/Liabilities to Other Parties
5.	Accrued Costs
6.	Other Debts
7.	Subordinated Loans

Number of Supporting Personnel Required
In addition to the members of the Liquidation Team totaling ... people according to the Decision of the Members of the Board of Commissioners of the Financial Services Authority, for Liquidation Teams formed by the Financial Services Authority, or the Decision of the GMS, for Liquidation Teams formed by the GMS, Number ... date ... concerning the Formation of the Liquidation Team of PT .... (DL) or Cooperative ... (DP), we require ... people of Liquidation Team supporting personnel to support the smoothness of the Liquidation Team's tasks. The number of supporting personnel will be reviewed according to the volume of the Liquidation Team's work.
Liquidation Budget
The Liquidation budget during the period ... (date) to ... (date) can be described as follows:

No.	Description	Budget Year Period I (Rp)	Budget Year Period II (Rp)
A. Liquidation Support Costs		XXXX	XXXX
1.	Payment of Liquidation Team Honorarium	Rp. ... x ... months	XXX	XXX
2.	Payment of Liquidation Team Supporting Personnel Honorarium	Rp. ... x ... months	XXX	XXX
3.	Payment of Holiday Allowance (proposed in advance):<br>- Liquidation Team<br>- Supporting Personnel	XXX	XXX

11 -

Office and other operational costs

Utility costs (electricity, water, telephone)
Office supplies costs
Other costs
XXX XXX
B. Liquidation Costs XXXX XXXX

Submitting the Liquidation Work Plan and Budget (RKAB).
a. Preparing the Liquidation Work Plan and Budget (RKAB). b. Submitting the Liquidation Work Plan and Budget (RKAB). XXX XXX
Following up on the legal aspects of the company's legal entity dissolution
XXX XXX
Settling obligations to employees and appointing support personnel for the Liquidation Team
XXX XXX
Preparing and submitting the closing balance sheet audited by a public accountant to the Financial Services Authority (OJK)
XXX XXX
Conducting asset and liability/liability inventory
Settling obligations to parties who committed negligence and/or illegal acts
XXX XXX

12 -
that caused losses or endangered the company's business continuity

Submitting the interim liquidation balance sheet to obtain approval from the Financial Services Authority (OJK)
XXX XXX
Conducting asset liquidation and/or debt collection
XXX XXX
Making obligation payments in accordance with regulations
XXX XXX
Accounting for the execution of Liquidation
XXX XXX
Following up on the termination of the Liquidation process
XXX XXX
Total (A+B) XXXX XXXX
Details of the Budget as per Appendix B.
This is for your information.
Liquidation Team of PT .... (DL) or Cooperative ... (DP),
.......................

13 -
APPENDIX A
FIRST YEAR WORK PLAN
PERIOD ... to ... (date)
No. Activity Weight
Month of Completion Year 1 2 3 4 5 6 7 8 9 10 11 12

Submitting the Liquidation Work Plan and Budget (RKAB).
a. Preparing the Liquidation Work Plan and Budget (RKAB).
1 b. Submitting the Liquidation Work Plan and Budget (RKAB).
1
c. Obtaining approval for the Liquidation Work Plan and Budget (RKAB).
1
Following up on the legal aspects of the company's legal entity dissolution:
a. Notifying the legal entity dissolution to the competent authority. 2 b. Notifying the legal entity dissolution

In the State Gazette of the Republic of Indonesia.
1
In 2 (two) daily newspapers with wide circulation.
1

Settling obligations to employees and appointing support personnel for the Liquidation Team:
a. Paying outstanding salaries 1

14 -
No. Activity Weight
Month of Completion Year 1 2 3 4 5 6 7 8 9 10 11 12 b. Requesting approval from the Financial Services Authority (OJK) for severance pay payment accompanied by calculations. 1
c. Terminating employment relations with employees.
1 d. Paying severance to employees who were terminated.
1 e. Appointing support personnel for the Liquidation Team.
1

Preparing and submitting the closing balance sheet audited by a public accountant to the Financial Services Authority (OJK).
a. Appointing a public accountant.
1 b. Submitting the draft audit report of the closing balance sheet to the Financial Services Authority (OJK). 1
c. Discussing the audit results (Liquidation Team and/or public accountant).
2

15 -
No. Activity Weight
Month of Completion Year 1 2 3 4 5 6 7 8 9 10 11 12 d. Submitting the closing balance sheet audited by a public accountant to the Financial Services Authority (OJK). 1

Conducting asset and liability/liability inventory.
a. Examining the physical condition, value, and ownership documentation of the company's assets. 2 b. Opening a current account in the name of the Company in Liquidation. 1
c. Ensuring assets and ownership documents are in the possession of the Liquidation Team.
1 d. Identifying assets into 2 groups, namely problematic and non-problematic.
2
Settling obligations of parties who committed negligence and/or illegal acts that caused losses or endangered the company's business continuity
5

16 -
No. Activity Weight
Month of Completion Year 1 2 3 4 5 6 7 8 9 10 11 12

Submitting the interim liquidation balance sheet to obtain approval from the Financial Services Authority (OJK).
a. Valuing company assets based on estimated realizable value (net realizable value).
2 b. Preparing and submitting the interim liquidation balance sheet to the Financial Services Authority (OJK). 2
c. Obtaining approval from the Financial Services Authority (OJK) for the interim liquidation balance sheet.
2
Conducting asset liquidation and/or debt collection
a. Placing advertisements for asset sales in newspapers or announcements.
1 b. Conducting asset sales transactions.
19
c. Sending debt collection letters to all debtors.
1

17 -
No. Activity Weight
Month of Completion Year 1 2 3 4 5 6 7 8 9 10 11 12 d. Evaluating the feasibility of granting haircuts and implementing haircuts while still considering the estimated realizable value (net realizable value). 10 e. Settling claims, including executing collateral. 15 f. Taking legal action against parties who do not pay debts. 4

Making obligation/liability payments in accordance with regulations.
a. Proposing the implementation of obligation/liability payments to the Financial Services Authority (OJK). 1 b. Paying obligations/liabilities to Creditors. 2
c. Announcing the payment deadline to Creditors through 2 (two) newspapers.
1

18 -
No. Activity Weight
Month of Completion Year 1 2 3 4 5 6 7 8 9 10 11 12 d. Handing over the remaining liquidation results (if any) to old shareholders. 1

Accounting for the execution of Liquidation.
a. Submitting the final liquidation balance sheet and the Liquidation Team's task responsibility report to the Financial Services Authority (OJK). 3 b. Obtaining approval from the Financial Services Authority (OJK). 3
Following up on the termination of the Liquidation process.
a. Announcing the end of Liquidation in the State Gazette of the Republic of Indonesia.
1 b. Announcing the end of Liquidation in 2 (two) daily newspapers.
1

19 -
No. Activity Weight
Month of Completion Year 1 2 3 4 5 6 7 8 9 10 11 12
c. Notifying the competent authority so that the company's legal entity name is removed from the company list.
1 d. Handing over all documents of the Company in Liquidation to the Financial Services Authority (OJK). 2 Total 100
20 -
SECOND YEAR WORK PLAN
PERIOD ... to ... (date)
No. Activity Weight
Month of Completion Year 13 14 15 16 17 18 19 20 21 22 23 24

Submitting the Liquidation Work Plan and Budget (RKAB).
a. Preparing the Liquidation Work Plan and Budget (RKAB).
1 b. Submitting the Liquidation Work Plan and Budget (RKAB).
1
c. Obtaining approval for the Liquidation Work Plan and Budget (RKAB).
1
Following up on the legal aspects of the company's legal entity dissolution:
a. Notifying the legal entity dissolution to the competent authority.
2 b. Notifying the legal entity dissolution

In the State Gazette of the Republic of Indonesia.
1
In 2 (two) daily newspapers
21 -
No. Activity Weight
Month of Completion Year 13 14 15 16 17 18 19 20 21 22 23 24 with wide circulation.
1

Settling obligations to employees and appointing support personnel for the Liquidation Team:
a. Paying outstanding salaries.
1 b. Requesting approval from the Financial Services Authority (OJK) for severance pay payment accompanied by calculations. 1
c. Terminating employment relations with employees.
1 d. Paying severance to employees who were terminated.
1 e. Appointing support personnel for the Liquidation Team.
1

22 -
No. Activity Weight
Month of Completion Year 13 14 15 16 17 18 19 20 21 22 23 24

Preparing and submitting the closing balance sheet audited by a public accountant to the Financial Services Authority (OJK).
a. Appointing a public accountant.
1 b. Submitting the draft audit report of the closing balance sheet to the Financial Services Authority (OJK). 1
c. Discussing the audit results (Liquidation Team and/or public accountant).
2 d. Submitting the closing balance sheet audited by a public accountant to the Financial Services Authority (OJK). 1
Conducting asset and liability/liability inventory.

23 -
No. Activity Weight
Month of Completion Year 13 14 15 16 17 18 19 20 21 22 23 24 a. Examining the physical condition, value, and ownership documentation of the company's assets. 2 b. Opening a current account in the name of the Company in Liquidation. 1
c. Ensuring assets and ownership documents are in the possession of the Liquidation Team.
1 d. Identifying assets into 2 groups, namely problematic and non-problematic.
2

Settling obligations of parties who committed negligence and/or illegal acts that caused losses or
5

24 -
No. Activity Weight
Month of Completion Year 13 14 15 16 17 18 19 20 21 22 23 24 endangered the company's business continuity.

Submitting the interim liquidation balance sheet to obtain approval from the Financial Services Authority (OJK).
a. Valuing company assets based on estimated realizable value (net realizable value).
2 b. Preparing and submitting the interim liquidation balance sheet to the Financial Services Authority (OJK). 2
c. Obtaining approval from the Financial Services Authority (OJK) for the interim liquidation balance sheet.
2

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No. Activity Weight
Month of Completion Year 13 14 15 16 17 18 19 20 21 22 23 24

Conducting asset liquidation and/or debt collection
a. Placing advertisements for asset sales in newspapers or announcements.
1 b. Conducting asset sales transactions.
19
c. Sending debt collection letters to all debtors.
1 d. Evaluating the feasibility of granting haircuts and implementing haircuts while still considering the estimated realizable value (net realizable value). 10

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No. Activity Weight
Month of Completion Year 13 14 15 16 17 18 19 20 21 22 23 24 e. Settling claims, including executing collateral. 15 f. Taking legal action against parties who do not pay debts. 4

Making obligation/liability payments in accordance with regulations.
a. Proposing the implementation of obligation/liability payments to the Financial Services Authority (OJK). 1 b. Paying obligations/liabilities to Creditors. 2
c. Announcing the payment deadline to Creditors through 2 (two) newspapers.
1 d. Handing over the remaining liquidation results (if any) to old shareholders.
1
Accounting for the execution of Liquidation.
a. Submitting the final liquidation balance sheet and the Liquidation Team's task responsibility report to the Financial Services Authority (OJK). 3 b. Obtaining approval from the Financial Services Authority (OJK). 3
Following up on the termination of the Liquidation process.
a. Announcing the end of Liquidation in the State Gazette of the Republic of Indonesia.
1 b. Announcing the end of Liquidation in 2 (two) daily

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No. Activity Weight
Month of Completion Year 13 14 15 16 17 18 19 20 21 22 23 24
c. Notifying the competent authority so that the company's legal entity name is removed from the company list.
1 d. Handing over all documents of the Company in Liquidation to the Financial Services Authority (OJK). 2 Total 100
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APPENDIX B
BUDGET DETAILS
PT .... (DL) OR COOPERATIVE ... (DP)
PERIOD .... TO .... (date)
(in millions of rupiah)
No. Activity
Month - Total
1 2 3 4 5 6 7 8 9 10 11 12 (Rp)
A. LIQUIDATION SUPPORT COSTS

Payment of Liquidation Team honoraria.
Payment of support personnel honoraria for the Liquidation Team.
Payment of Holiday Allowance (proposed earlier).

Liquidation Team.
Support Personnel.

Office and other operational costs.

Utility costs (electricity, water, telephone).
Office supplies costs.
Other costs.

Asset liquidation and/or debt collection incentives.
B. LIQUIDATION ACTIVITY COSTS
Submitting the Liquidation Work Plan and Budget (RKAB).
a. Preparing the Liquidation Work Plan and Budget (RKAB). b. Submitting the Liquidation Work Plan and Budget (RKAB).

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Liquidation.
c. Obtaining approval for the Liquidation Work Plan and Budget (RKAB).

Following up on the legal aspects of the company's legal entity dissolution.
a. Notifying the company's legal entity dissolution to the competent authority. b. Notifying the legal entity dissolution:

In the State Gazette of the Republic of Indonesia.
In 2 (two) daily newspapers with wide circulation.

Settling obligations to employees and appointing support personnel for the Liquidation Team:
a. Paying outstanding salaries. b. Requesting approval from the Financial Services Authority (OJK) for severance pay payment accompanied by calculations.
c. Terminating employment relations with employees.

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d. Paying severance to employees who were terminated. e. Appointing support personnel for the Liquidation Team.

Preparing and submitting the closing balance sheet audited by a public accountant to the Financial Services Authority (OJK).
a. Appointing a public accountant. b. Submitting the draft audit report of the closing balance sheet to the Financial Services Authority (OJK).
c. Discussing the audit results (Liquidation Team and/or public accountant).
d. Submitting the closing balance sheet audited by a public accountant to the Financial Services Authority (OJK).
Conducting asset and liability/liability inventory.
a. Examining the physical condition, value, and ownership documentation of the company's assets.

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b. Opening a current account in the name of the Company in Liquidation.
c. Ensuring assets and ownership documents are in the possession of the Liquidation Team.
d. Identifying assets into 2 groups, namely problematic and non-problematic.

Settling obligations of parties who committed negligence and/or illegal acts that caused losses or endangered the company's business continuity.
Submitting the interim liquidation balance sheet to obtain approval from the Financial Services Authority (OJK).
a. Valuing company assets based on estimated realizable value (net realizable value). b. Preparing and submitting the interim liquidation balance sheet to the Financial Services Authority (OJK).

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c. Obtaining approval from the Financial Services Authority (OJK) for the interim liquidation balance sheet.

Conducting asset liquidation and/or debt collection.
a. Placing advertisements for asset sales in newspapers or announcements. b. Conducting asset sales transactions.
c. Sending debt collection letters to all debtors.
d. Evaluating the feasibility of granting haircuts and implementing haircuts while still considering the estimated realizable value (net realizable value). e. Settling claims, including executing collateral. f. Taking legal action against parties who do not pay debts.

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Making obligation payments in accordance with regulations.
a. Proposing the implementation of obligation payments to the Financial Services Authority (OJK). b. Paying obligations to Creditors.
c. Announcing the payment deadline to Creditors through 2 newspapers.
d. Handing over the remaining liquidation results (if any) to old shareholders.
Accounting for the execution of Liquidation.
a. Submitting the final liquidation balance sheet and the Liquidation Team's task responsibility report to the Financial Services Authority (OJK). b. Obtaining approval from the Financial Services Authority (OJK).
Following up on the termination of the Liquidation process.
a. Announcing the end of Liquidation in the State Gazette of the Republic of Indonesia.

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This copy is consistent with the original
Legal Director 1
Legal Department signed
Yuliana b. Announcing the end of Liquidation in 2 (two) daily newspapers.
c. Notifying the competent authority so that the company's legal entity name is removed from the company list.
d. Handing over all documents of the Company in Liquidation to the Financial Services Authority (OJK). Total Established in Jakarta on 29 November 2018 EXECUTIVE HEAD OF INSURANCE, PENSION FUND, FINANCING INSTITUTION, AND OTHER FINANCIAL SERVICES INSTITUTIONS SUPERVISOR FINANCIAL SERVICES AUTHORITY, signed RISWINANDI

Lineage: In force