Within the financial services industry, insurance and reinsurance businesses stand out as extraordinarily multifaceted and challenging. This is because they are faced with a wide array of issues that arise from customers and extend all the way to regulators and capital providers.
To address these issues as they affect Thailand, Aaron Le Marquer, a consultant in Tilleke & Gibbins’ dispute resolution department who has broad expertise in insurance and reinsurance matters, and Noppramart Thammateeradaycho, an attorney-at-law in our dispute resolution group, have coauthored the Thailand chapter of Getting the Deal Through – Insurance & Reinsurance 2013. They cover the following topics:
- Regulation: Regulatory agencies, formation and licensing, authorizations and qualifications, capital and surplus requirements, reserves, product regulation, change of control, acquisition financing, foreign investment, reinsurance agreements, ceded reinsurance and retention of risk, collateral, insolvent and financially troubled companies, and intermediaries.
- Insurance claims and coverage: Third-party actions, late notice of claim, wrongful denial of claim, defense of claim, indemnity policies, incontestability period, punitive damages, excess insurer obligations, self-insurance default, claim priority, and allocation of payment.
- Reinsurance: Reinsurance disputes, common dispute issues, arbitration awards, power of arbitrators, and appeal of arbitration awards.
- Reinsurance principles and practices: Obligation to follow cedant, good faith, facultative reinsurance and treaty reinsurance, third-party action, insolvent insurer, notice and information, allocation of underlying claim payments or settlements, review, and reimbursing of commutation payments.
Getting the Deal Through – Insurance & Reinsurance 2013 is the sixth edition in a series of annual reports that provide international analysis in key areas of law and policy for corporate counsel, cross-border legal practitioners, and business people.
Reproduced with permission from Law Business Research Ltd. This article was first published in Getting the Deal Through – Insurance & Reinsurance 2013 (published in July 2013; contributing editor: E Paul Kanefsky, Edwards Wildman Palmer LLP). For further information, please visit www.GettingTheDealThrough.com.