News Regulations09 Apr 2018

Thailand:Insurance sector urged to prepare for international assessment programme

09 Apr 2018

The insurance regulator, the Office of the Insurance Commission (OIC), is urging insurers to prepare for a new international assessment scheme that is scheduled to be adopted around the end of this year.

The new programme will require insurance intermediaries to be licensed and have information disclosure policies, the ability to conduct business ethically and a process to handle customer complaints, said Mr Suthipol Taweechaikarn, the OIC's secretary-general.

Insurers will also be required to offer products with complete and accurate information, keep customer funds safe and protect customer information, he said. In addition, they must monitor their intermediaries to ensure the latter act in a proper manner, reports The Bangkok Post.

"Insurance companies must have a system to monitor the quality of product distribution from their agents, according to the regulator's requirement," Mr Suthipol said. "For example, they must complete risk analysis and assessment, and assign persons or departments to conduct the monitoring."

Thailand is set to apply the Financial Sector Assessment Programme, which will require local insurance companies to be assessed under Insurance Core Principles (ICPs) of the International Association of Insurance Supervisors.

The ICPs will assess the effectiveness of each local regulator and business operators to meet the international standards.

Mr Suthipol said: "Insurance companies, as owners of life-insurance products, must emphasise and adhere to quality of products distributed through all channels, including agents, brokers and bancassurance to meet international standards.

"Such practices are partially to drive Thai businesses to international recognition."




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