On August 31, 2018, the Office of Insurance Commission passed the draft notification referred to in this article into law without substantial amendments, effective September 1, 2018. The key changes discussed in the document below are now in force.
Thailand’s Office of the Insurance Commission (OIC) recently released a draft notification that will replace the Notification of the OIC Re: Rules, Procedures, and Conditions on Reinsurance of Life and Non-life Insurance Company B.E. 2555 (2012) when it comes into force. The draft notification is currently at the public hearing stage, after which it is expected to be finalized and implemented later this year.
A few key changes have been made that are important for insurers and reinsurers to be aware of. For a full analysis of these changes, please see the pdf below. If you have any questions about this draft OIC notification, please contact Athistha (Nop) Chitranukroh at [email protected] or +66 2056 5600.