Unprotected Insurance: a Case from Jiwasraya

. This paper aims to highlight the un prudent governance of insurance companies and explores the causes of the bankruptcy of the Indonesian state-owned insurance company, Jiwasraya. It is a general discussion using the Indonesian regulatory regime, company financial reports, and investigative reports as the central reference point. This study's findings are un prudent corporate governance, unclear business models, and weak supervision are the causes of bankruptcy and default. The novelty of this research is that there are no studies that specifically highlight the Jiwasraya bankruptcy case that practices unethical practices, namely the Ponzi scheme, window dressing, and financial statement fraud.