Insurance Payments for AirAsia Passengers Expected t5o be Completed January

Jakarta (Antara) -- The Financial Services Authority (OJK) of Indonesia has asked the insurance companies concerned to pay the insured claims of the 155 victims of the crashed AirAsia QZ8501 plane no later than the end of January. The three insurance companies that bear the ill-fated AirAsia flight's passengers have already begun inventorying data of the victims and looking up their heirs, the Executive Head of the Non-Bank Industry Supervision of the OJK, Firdaus Djaelani, said here on Tuesday. "The insurance companies and AirAsia are inventorying the victims' heirs. It will most likely be completed by the end of this month, and the compensation awarding ceremony will be held in Surabaya after completion of all processes," Djaelani stated. Based on the Transportation Ministry's Regulation Number 77 of Year 2011 on the responsibility of airlines carriers of air transportation, the value of insurance cover to be paid by an insurance company to each passenger is Rp1.25 billion. The OJK has assured that insurance cover will be provided for the 155 passengers of the AirAsia QZ8501 aircraft, which crashed on December 28, despite the flight being an unauthorized one, the Transportation Ministry noted. (*)