Thailand: OIC to establish regulatory framework for e-insurance
Source: Asia Insurance Review | Jun 2016
The Office of Insurance Commission (OIC), in collaboration with local insurance associations, is establishing a regulatory framework to conduct e-insurance business.
This is part of the Thai government’s promotion of the digital economy. The framework is intended to promote e-insurance with sufficient controls to secure and protect consumers when conducting digital insurance transactions via websites, mobile applications, etc.
The main points of the framework would include: e-insurance must not preclude customers’ right to choose whether to obtain their policy documents in an electronic version, known as an e-policy, or in a traditional hard copy. Insurers must implement a search engine system, allowing each customer to access his or her insurance policy and the coverage provided.
Ms Athistha Chitranukroh, of the law firm Tilleke & Gibbins, said in a commentary that issuing e-insurance policies is currently subject to general requirements under the Electronic Transactions Act. The new regulations, however, will be designed to address the specific requirements of the insurance industry and will aim to ensure that when insurance transactions take place online, policyholders will receive the same legal protections as when they purchase insurance via traditional channels.
She said: “We expect to see a series of e-policy regulations followed by e-insurance regulations issued for public hearing and consultation during the second half of this year.”