Thailand's insurance regulator, the Office of the Insurance Commission (OIC), is implementing concrete measures to enhance the supervision of insurance intermediaries.
To do so, the OIC has instructed life and non-life insurance companies to expedite the adoption of electronic systems for both licensing information and premium payment channels, particularly in preparation for the mandatory use of electronic premium payment systems.
Electronic premium payment systems will be implemented from 1 January 2027.
These measures include:
- Urging insurance agents and brokers to register and use the e-licensing system.
- Requiring insurers to install electronic premium payment systems for agent channels.
- Expedite communication and public awareness campaigns with all relevant parties, including agents and policyholders.
The OIC has also instructed insurers to educate policyholders about paying premiums directly to the insurer to mitigate risks and losses. Insurance companies must also report progress periodically to the regulator and prepare complete systems, processes and customer communication plans to ensure a consistent industry standard.