Thailand's regulator, the Office of Insurance Commission (OIC), has ordered the license of Mr Chalermkiat Charamburaphong, Actuary, License No. W012/2024, to be suspended for a period of 12 months, pursuant to Order No. 47/2025.
For the duration of the suspension, Mr Chalermkiat will be barred from performing his duties and unable to apply for an actuary license.
The suspension stems from an offense Mr Chalermkiat committed by certifying a 2023 insurance policy liability calculation report that did not comply with the operating standards set by the OIC’s Actuarial Practice Standards for the Valuation of Insurance Reserves for Risk-Based Capital Maintenance, B.E. 2564. At the time, he served Siam Smile Insurance Public Company as an actuary.
The investigation found that Mr Chalermkiat’s actions did not comply with the performance standards in Sections 4.1-4.6, 4.8-4.9 , 4.16 , 5.2 (b) (3) and 5.3 (c) of the OIC’s Announcement on the Standards of Actuarial Practices on Reserve Valuation for Risk-Based Fund Maintenance B.E. 2564.
It was also considered a violation of the Code of Ethics for Actuaries, Section 5.2 on Standards of Practice and Section 5.7 on Communication and Disclosures of the OIC’s Announcement on the Code of Ethics for Actuaries under the General Insurance Act B.E. 2552 (2009). This was an offense under the General Insurance Act B.E. 2535 (1992) and its amendments, Section 78/7 in conjunction with Section 78/8 (1).