Thailand: Regulator unveils insurance product liberalisation blueprint
Source: Asia Insurance Review | Jan 2019
The Office of Insurance Commission (OIC) has proposed a blueprint to develop the Thai insurance industry further, after carrying out a study on the liberalisation of insurance products. Explaining the regulator’s plans, OIC secretary general Suttiphol Taveechai said that the OIC recognised the importance of creating an environment conducive to competition.
The development plan will be implemented in three phases as follows:
- The short-term plan (2018-2023) focuses on consumer protection, to ensure that consumers have sufficient information to make the decision to buy life insurance products that meet their needs.
- The medium-term plan (2018 - 2020) focuses on corporate governance and risk management.
- The long-term plan (2020 onwards) focuses on assessing the readiness of the market for regulators to liberalise insurance product rules and improve the product approval process. A