May 3, 2011
Thailand has had insurance companies for over half a century, and the industry is regarded as competent and well regulated. The insurance industry was supervised and regulated by the Ministry of Commerce through the Casualty Insurance Act B.E. 2535 (A.D. 1992) and Life Insurance Act B.E. 2535 (A.D. 1992) until the recent amendments imposed by the Casualty Insurance Act (No. 2) B.E. 2551 (A.D. 2008) and Life Insurance Act (No. 2) B.E. 2551 (A.D. 2008), which transferred the supervisory and regulatory role of the Ministry of Commerce to the Ministry of Finance.