The alleged IDR54bn (US$3.04m) investment fraud and payroll-related embezzlement could lead to further losses, weighing on the insurer's capital and profitability.
The sentencing includes a HK$3.7m (US$471,626) restitution order in favour of CCB Asia, reflecting the value of cryptocurrency bribes accepted by the former banker.
The insurer's potential exposure will hinge on legal and contractual proceedings following the project's termination over force majeure and war-risk circumstances.
Jain, at the insurer since 2015 and CIO since 2020, moves to the new role, while Bhatia steps up from fund manager with over 18 years' investment experience
The industry's next priorities include stepping up anti-fraud awareness work, embedding new distribution rules, advancing risk management reforms and preparing for future catastrophe events.
