Thailand's insurance regulator, the Office of the Insurance Commission (OIC), has signed a Memorandum of Understanding (MoU) on data linkage for insurance with the Department of Energy Business at the Ministry of Energy.
According to OIC Secretary-General Chuchat Pramoonphol, the MoU aims to link and exchange insurance data related to Category 3 controlled businesses under the Fuel Control Act. Category 3 controlled businesses under the Act are high-risk operations requiring a licence from the Department of Energy Business due to fire or explosion hazards. These include specific fuel storage premises and oil depots.
Additionally, it will enhance government operations towards a transparent and verifiable digital system.
Department of Energy Business Director-General Sarawut Kaewtathip also noted that the collaboration will promote and develop insurance standards that are consistent with energy sector regulation.
In terms of public protection, the data linkage will ensure that in the event of accidents or unforeseen incidents arising from energy business operations, relevant agencies can immediately verify insurance coverage information.
This will allow affected individuals or third parties to access prompt and fair compensation for damages to life, body and property, as well as reduce the risk of not receiving compensation.
Furthermore, it enhances transparency in law enforcement, increases confidence in government oversight and promotes insurance literacy among entrepreneurs and the public
“[This MoU] marks a significant step for Thailand in integrating energy regulation and digital data systems to strengthen the security, safety and continuity of the country's energy system,” said Mr Chuchat.
“It also builds confidence among the public, entrepreneurs and investors that Thailand’s regulatory system can effectively, transparently and sustainably handle risks and potential situations.”