Thailand’s Office of Insurance Commission (OIC) has opened a public hearing period on its amendments of notifications concerning the timeframe for an insurance company to submit its annual financial statements and financial and operating reports (called “XML reports”). The amended notifications also require insurance companies to submit some data sets from the quarterly capital maintenance reports and XML reports to the OIC in advance, before the full reports are submitted.
Key changes in these amended notifications are summarized below.
Financial Statements
Audited annual financial statements will need to be submitted to the OIC within two months from the last day of each calendar year (i.e., by the end of February of the following year), instead of within four months as currently required.
Capital Maintenance Reports
While the deadline for submitting quarterly capital maintenance reports is still 45 days from the last day of the quarter, the OIC will now require life and non-life insurance companies to submit a set of data from the report in advance, within 21 days from the last day of each quarter. This data set includes the following information from the capital maintenance report:
- Form 1 – Calculation of Capital Adequacy Ratio (CAR)
- Form 2 – Calculation of Total Capital Available (TCA)
- Form 4 – Calculation of Capital for Insurance Risk (Table 4.1, 4.2, 4.4, and 4.5 for life insurance companies; Table 4.1 and 4.2 for non-life insurance companies)
Financial and Operating Reports (XML Reports)
Similar to the audited annual financial statement, the annual XML report will need to be submitted to the OIC within two months from the last day of each calendar year, instead of within the current four-month timeframe.
For quarterly XML reports, which must still be submitted within 45 days from the last day of each quarter, there is a new requirement for life and non-life insurance companies to submit a set of data from the XML report in advance, including the following information:
- L1210 / NL1210 – Assets
- L1220 / NL1220 – Liabilities and Equity
- L1300 / NL1300 – Operating Report
- L1400 / NL1400 – Equity
- L3301 / NL3301 – List of Legal Assets and Liabilities
The above set of data, whether audited or unaudited, must be submitted to the OIC within 21 days from the last day of each quarter.
Outlook
The amended rules are set to take effect from September 1, 2025. It is therefore essential for insurance companies to prepare for the upcoming regulatory changes, as the timeframe for submitting the reports and the data sets will be tightened.
In the meantime, if there are any comments or concerns, the public hearing is open until August 18, 2025.
