News - Thailand: Foreign ownership of insurance companies raised to 49%
Source: Asia Insurance Review | May 2012
Thailand has raised the foreign ownership limit for domestic insurance companies to 49% from 25%, the industry regulator, the Office of Insurance Commission (OIC), has announced.
The move will help strengthen the financial position and competitiveness of Thai insurance companies, Mr Pravej Ongartsittigul, OIC Secretary-General says on the agency’s website. The agency approved the increase in March.
According to the local media, Mr Pravej said that the liberalisation would be carried out in three phases as companies will need some time to adjust as the competition will get stronger. Proposals to raise the foreign ownership ceiling to over 50% would have to be endorsed by the Cabinet and parliament.