Thailand's Office of the Insurance Commission (OIC) has launched an investigation into individuals promoting Singapore-based life insurance products to Thai consumers through social media, warning that such activities may violate the country's Life Insurance Act.
The regulator said it had identified individuals using platforms including Facebook, Instagram and TikTok to advertise and encourage Thai nationals to purchase life insurance policies from insurers in Singapore. The posts included promotional messages highlighting estate planning benefits, high-value life insurance cover and slogans such as offering "free life insurance coverage" with long-term savings plans.
According to the OIC, the advertisements claimed that more than 100 Thai nationals had already purchased the policies and were clearly targeted at high-net-worth individuals.
The regulator's investigation also found that some of those promoting the products held licences as non-life insurance brokers in Thailand. Checks against the Monetary Authority of Singapore's (MAS) register showed that some were also operating as financial advisers and insurance brokers under Singapore's Financial Advisers Act.
The OIC said such conduct demonstrates an intention to solicit, advise or persuade individuals to enter into insurance contracts with overseas life insurers, potentially exposing consumers to significant risks.
It warned that policyholders purchasing insurance from foreign insurers may receive inaccurate or incomplete information about policy benefits and coverage.
In the event of disputes or claims, they would not be able to seek assistance through the OIC and could face difficulties pursuing legal action across jurisdictions.