The Office of the Insurance Commission (OIC), Thailand's insurance regulator, is looking to upgrade the supervision standards of Thai insurance business. This includes enhancing the readiness of all sectors related to the supervision mechanism, including the audit committee, compliance supervision unit from both life insurance and non-life insurance companies and relevant associations.
Supervision and inspection will be jointly enhanced by the OIC and insurance business sector, and will include the enforcement of TFRS17, which has been in effect since January 2025.
To help with the enforcement and adoption of TFRS17, the OIC has developed a “Supervisory Framework” and a tool called the “Early Warning System (EWS)” to systematically screen and assess a company’s risk level, while emphasising the role of the ERM/ORSA report.
This year, the OIC has also required all companies to establish their risk appetite, which will be used as a risk management framework and leveraged to push companies to the highest criteria in the EWS system.
Additionally, in order to keep up with changing business structures of insurance companies, the regulator has noted it will begin to push for group-wide supervision of insurance businesses at the full consolidation level from 1Q2026 onwards to increase investment flexibility under a strict framework.