Thailand: Regulator to overhaul insurance product approval process
Source: Asia Insurance Review | Sep 2019
The Office of the Insurance Commission (OIC) has held a meeting with the insurance industry to revamp the process for the approval of insurance products and to improve the standard health insurance contract.
OIC secretary general Dr Suthiphon Thaveechaiyagarn said that the meeting was held on 13 August with the Thai Life Insurance Association, the Thai General Insurance Association, and top executives of insurance companies, reported Bangkok Business.
He said that improving the process of approving insurance products aims at preparing the industry to be more competitive. In this regard, he emphasised the importance of good governance in insurance companies in considering and screening the quality of insurance products.
It is expected that the new approval process for insurance products will be implemented within this year.
As for the standard health insurance contract, updating is needed to be in step with changing technology and medical evolution, including the coverage list.
The public can compare benefits, coverage and choose to buy health insurance appropriately according to their needs. Definitions, terms and exclusions will be made clearer. The new standard policy will set out terms for pre-existing medical conditions, waiting period, and surgery procedures that do not require hospitalisation, etc.
Dr Suthiphon said that following the meeting, comments and suggestions will be gathered for the working group involved with improving the process of approving insurance products and updating the standard health insurance contract. A