EAIC Today and Intelligent Insurer have published an article featuring an interview about the evolving regulatory environment in Thailand with Aaron Le Marquer, a partner in the insurance group at Tilleke & Gibbins.
Aaron shared insights relating to recent reinsurance disputes handled by Tilleke & Gibbins. “Reinsurance contracts may be subject to local Thai laws, but drafted based on common law principles which conflict with the laws applicable to the underlying contract and the reinsurance contract itself,” Aaron explained. “So we find that frequently the risk transfer process is not realized in the way intended by the local cedant.”
During the course of the interview, Aaron also discussed foreign investment in the insurance sector, the expected impact of Thailand’s new class action legislation on the local insurance market, and the move toward liberalization of the market.
Intelligent Insurer publishes EAIC Today during the annual East Asian Insurance Congress (EAIC) event. The 28th EAIC took place in Macau on October 11-15, 2016. To read the full article, please visit the Intelligent Insurer website (subscription required).