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August 26, 2019

New Amendments to OIC Regulatory Plan to Boost Competitiveness in Thailand’s Insurance Industry

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On August 13, 2019, Thailand’s Office of Insurance Commission (OIC) held a meeting to clarify its regulatory plan, which focuses on amendments to the approval process for insurance products and standard health insurance contracts. The amendments are expected to be implemented within this year.

Amendments to the Approval Process for Insurance Products

The OIC plans to introduce a new approval system for insurance products. The amendments will reduce the timeline for approvals for insurance products as follows:

Amendments to Standard Health Insurance Contracts

The OIC also plans to amend standard health insurance contracts. The key amendments will affect coverage, benefits, definitions, conditions, and exclusions for standard health insurance contracts.

Tilleke & Gibbins will continue to monitor the developments of these planned amendments and update you accordingly. If you have any questions, please contact Athistha (Nop) Chitranukroh at [email protected].

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