Insurance specialists from Tilleke & Gibbins in Bangkok have contributed the Thailand chapter to the newly released 2025 edition of Thomson Reuters’ Practical Law guide to insurance and reinsurance. The Thailand chapter offers a comprehensive Q&A-style overview of the legal and regulatory framework governing insurance and reinsurance in the country. It provides key insights for businesses, insurers, reinsurers, and intermediaries operating in or entering the Thai market. Key topics covered include: Market structure and common types of insurance; Regulatory framework and oversight by the Office of Insurance Commission (OIC); Authorisation requirements for insurers, reinsurers, and intermediaries; Ownership restrictions and foreign investment rules; Corporate governance, capital requirements, and solvency obligations; Reinsurance arrangements, including fronting, risk transfer, and common contractual clauses; Policy content requirements, standard clauses, and consumer protections; Claims procedures, statutory time limits, and subrogation rights; Dispute resolution mechanisms, including OIC arbitration and court proceedings; Insolvency protections for policyholders; Tax treatment of insurance and reinsurance businesses in Thailand; Recent legal developments, including pending amendments to the Life and Non-Life Insurance Acts and updated OIC regulations on reinsurance and investment activities. The 2025 edition reflects Thailand’s evolving regulatory environment, including proposed legislative reforms to strengthen corporate governance, risk-based capital requirements, and financial stability in the insurance sector. It also highlights practical considerations for foreign insurers, reinsurers, and intermediaries seeking to participate in Thailand’s insurance market. Tilleke & Gibbins contributes regularly to the Practical Law series of guides for various jurisdictions in Southeast Asia, providing trusted legal insight for multinational companies. To access the latest Thailand chapter of the insurance and reinsurance guide, please visit the Practical Law website and enroll in the free Practical Law trial to gain full access.

The Bank of Thailand (BOT) has released draft guidelines establishing principles for managing artificial intelligence (AI) risks in the financial sector. The draft guidelines provide a structured framework for the responsible adoption of AI technologies. Financial service providers will be able to use the guidelines as a reference to appropriately manage their risks in a manner that aligns with internationally recognized best practices. The BOT is accepting public comments on the draft guidelines until June 30, 2025. Scope and Application The draft guidelines apply to all financial service providers, including financial institutions and special financial institutions under the Financial Institution Business Act, as well as payment providers under the Payment Systems Act. These guidelines supplement existing BOT risk management guidelines covering IT risk management, third-party risk management, data governance, and market conduct. The guidelines define AI systems as systems that mimic human intelligence, including machine learning, deep learning, generative AI (such as large language models), and agentic AI. This definition specifically excludes rule-based automation systems like robotic process automation and condition matching. Key Risk Management Principles The guidelines lay out two main principles in managing AI risk. Governance: Financial service providers should define and establish clear roles and responsibilities for their personnel and AI system supervision structures to uphold FEAT (fairness, ethics, accountability, and transparency) principles as follows: Stakeholder roles and responsibilities. Financial service providers should define roles and responsibilities for boards and executives on AI risk oversight. Responsibilities include establishing an AI system usage policy, designating personnel responsible for AI risk management, and building awareness of AI-related risk within the organization. AI system usage policy. The AI system usage policy should be aligned with organizational objectives, regulatory requirements, and FEAT principles. These policies should be reviewed regularly to respond to technological advancements and evolving risk profiles. Risk management

Thailand’s Ministry of Finance has issued a royal decree placing the business of hire purchase and leasing of cars and motorcycles under the scope of the Financial Institution Business Act B.E. 2551 (2008), effective December 2, 2025. This is to ensure appropriate regulatory oversight of these business activities, as they function similarly to credit granting and serve as a source of funding for the public with a broad impact on the overall economic system and consumers at large. The business operators that this royal decree applies to include corporate entities engaging regularly in the business of hire purchase or leasing of cars or motorcycles, currently excluding: Financial institutions and specialized financial institutions. Individuals operating such businesses (noncorporate entities). Cooperatives. Key regulatory obligations of this royal decree include the following: Business operators must disclose interest rates, service fees, and other relevant business information to the public and report to the Bank of Thailand (BOT). Business operators must display how the annual percentage rate (APR), including all annual charges covering interest and service fees, is calculated. Business operators must maintain accurate accounting records in accordance with recognized accounting standards. The BOT may issue warnings or suspend operations if business operators fail to comply with this royal decree or act unfairly in a way that may result in serious harm to customers. Directors, managers, and responsible persons of any business operator that violates this royal decree may also be subject to the prescribed penalties. Before the royal decree takes effect, business operators should conduct internal assessments and engage with counsel to prepare for regulatory implementation. The BOT is expected to issue further subordinate regulations and guidance regarding: Interest, service fees, deposits, collateral, benefits, and penalties that may be charged by business operators. Contract content, methods of benefit calculation, and format in conducting

Myanmar’s Ministry of Commerce has established new regulatory measures for importing electric vehicles (EVs) as part of a pilot project running from January 2025 to March 31, 2026, while the Ministry of Planning and Finance has reduced customs duty rates for fuel-powered vehicles manufactured domestically under semi-knocked down (SKD) and completely knocked down (CKD) systems, effective June 1, 2025, to May 31, 2026. Importation of EVs On May 29, 2025, Myanmar’s Ministry of Commerce (MOC) issued an announcement regarding the importation of EVs from abroad as part of its pilot project, detailed in MOC Notification No. 40/2025. The MOC notification establishes the following regulatory measures to support the development of EVs and related businesses: Approval must be obtained from the National-Level Steering Committee for the Development of Electric Vehicles and Related Enterprises. A registration certificate for an EV sales showroom must be secured. Vehicles must be imported in accordance with the permitted number and standards defined by the National-Level Steering Committee for the Development of Electric Vehicles and Related Enterprises. The importing company must provide necessary arrangements for warranties on imported EVs, spare parts, and after-sales services. For companies wishing to open a sales showroom, the following requirements apply: The company must be a registered national or joint venture entity with the Directorate of Investment and Company Administration. The company must be officially appointed as a distributorship or dealership by the original company or regional office for each brand. A permit from the respective state or regional government and a business license from the respective Municipal Committee must be obtained. The company must provide evidence of tax clearance issued by the Internal Revenue Department. Standards for the showroom, building, and warehouse, as issued periodically by the MOC, must be adhered to, including: Compound area: 10,000 square feet (the total