Insurance specialists from Tilleke & Gibbins’ Bangkok office have provided an update to the Thailand chapter of Thomson Reuters’ Practical Law guide to insurance and reinsurance. The guide is a Q&A-style overview of insurance and reinsurance law in dozens of jurisdictions worldwide. The Thailand contribution provides a detailed overview of the legal framework for the insurance and reinsurance market in Thailand, covering the following issues: Market trends; Regulatory framework; Authorization for insurers and reinsurers and insurance intermediaries, exemptions and foreign insurers, fronting, legal forms, and restrictions on insurance activities; Ownership restrictions; Ongoing requirements and penalties for noncompliance; Sales and marketing; Transfer of risk; Reinsurance contracts and risks; Contracts and policies, including content requirements and common clauses, implied terms, customer protections, and standard policies or terms; Dispute resolution; Insovency; Tax; InsurTech; and Reform. Practical Law produces a number of guides to key legal practice areas around the world for business lawyers. Tilleke & Gibbins contributes many overviews to these guides for all of the firm’s jurisdictions in Southeast Asia. To read the full Thailand insurance and reinsurance chapter, please visit the Practical Law website.

Sale and leaseback structures and pledges of an aircraft are primary tools in Thailand for lenders to secure aircraft financing. However, these prevalent approaches come with certain limitations. Sale and leaseback structures usually require lots of documentation, while the use of pledges requires delivery of the pledged property to the pledgee and the pledged property must always remain in the possession of the pledgee or a third-party custodian as agreed to by the parties, because the pledge will be legally discharged if the pledged property is returned into the possession of the pledgor. Since 2015, there has been another alternative for securing aircraft financing in Thailand. This came with the introduction of the Business Security Act B.E. 2558 (“BSA”). The BSA allows creation of a security interest over movable property (including aircraft) as collateral to secure debt repayment or other obligations without having to deliver the property to the secured party. Therefore, it is now possible for a security interest to be created over an aircraft on a non-possessory basis. To realize this type of security interest, the BSA requires that a business security agreement be made in writing and registered with the Business Security Registration Office. Unless the parties agree otherwise, the security providers still retain the right to transfer or dispose of the secured property. However, the BSA prohibits the security providers from transferring or selling the secured property when there is a cause for enforcement of the secured property and the security receivers have notified the security providers about this cause in writing. According to the BSA, entities that are eligible to be a security holder and take business security as a secured creditor include financial institutions and other persons prescribed in ministerial regulations issued by the Ministry of Commerce or the Ministry of Finance. However,

Attorneys from Tilleke & Gibbins’ offices in Vietnam have provided the Vietnam chapter for the Aviation Finance & Leasing 2023 guide from Chambers and Partners. The guide covers the most important legal developments affecting aircraft lessors, lessees, and financiers in 32 jurisdictions worldwide. In addition to the Vietnam chapter, Tilleke & Gibbins also contributed the Thailand chapter for Aviation Finance & Leasing 2023. Each chapter provides in-depth details on the legal regimes affecting all aspects of aircraft sale and purchase, aircraft and engine leasing, and aircraft debt finance, including sale and lease agreement terms; taxation; lease registration and enforcement; lease assignment/novation; insurance and reinsurance; debt structuring; securities; liens; and many others that affect the day-to-day operations of leading players in the aviation industry. Chambers and Partners’ Global Practice Guides provide in-house counsel with expert legal commentary focusing on practical legal issues affecting business, enabling readers to compare legislation and relevant procedures across a range of key jurisdictions. The Vietnam chapter of Aviation Finance & Leasing 2023 is available as a PDF through the button below, courtesy of Chambers and Partners. The full guide is accessible for free on the Chambers and Partners website.

Aviation specialists from Tilleke & Gibbins’ Bangkok office have contributed the Thailand chapter for Aviation Finance & Leasing 2023 from Chambers and Partners. The guide covers the most important legal developments affecting aircraft lessors, lessees, and financiers in 32 jurisdictions worldwide. In addition to the Thailand chapter, Tilleke & Gibbins also provided the Vietnam chapter for Aviation Finance & Leasing 2023. Each chapter provides in-depth details on the legal regimes affecting all aspects of aircraft sale and purchase, aircraft and engine leasing, and aircraft debt finance, including sale and lease agreement terms; taxation; lease registration and enforcement; lease assignment/novation; insurance and reinsurance; debt structuring; securities; liens; and many others that affect the day-to-day operations of leading players in the aviation industry. Chambers and Partners’ Global Practice Guides provide in-house counsel with expert legal commentary focusing on practical legal issues affecting business, enabling readers to compare legislation and relevant procedures across a range of key jurisdictions. The Thailand chapter of Aviation Finance & Leasing 2023 is available as a PDF through the button below, courtesy of Chambers and Partners. The full guide is accessible for free on the Chambers and Partners website.