You are using an outdated browser and your browsing experience will not be optimal. Please update to the latest version of Microsoft Edge, Google Chrome or Mozilla Firefox. Install Microsoft Edge

August 26, 2019

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

Subscribe to Updates

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].

Related Professionals

Industries

Insurance

Location

RELATED INSIGHTS​ 

May 12, 2011
The Report: Thailand 2011, published by Oxford Business Group, provides an in-depth analysis of various sectors of the Thai economy. In the legal section of the publication, Tilleke & Gibbins examines the government’s recent push for further liberalization of foreign investment laws. In addition to foreign investment, the article examines forms of business organization, capital markets, property law, labor and employment issues, and intellectual property.
Read More
May 3, 2011
Thailand has had insurance companies for over half a century, and the industry is regarded as competent and well regulated. The insurance industry was supervised and regulated by the Ministry of Commerce through the Casualty Insurance Act B.E. 2535 (A.D. 1992) and Life Insurance Act B.E. 2535 (A.D. 1992) until the recent amendments imposed by the Casualty Insurance Act (No. 2) B.E. 2551 (A.D. 2008) and Life Insurance Act (No. 2) B.E. 2551 (A.D. 2008), which transferred the supervisory and regulatory role of the Ministry of Commerce to the Ministry of Finance.
Read More
April 30, 2011
Within the past two years, Thailand has experienced a number of events that have called into question the country’s political stability. In this article, David Lyman reflects on the situation and sees a number of promising signs which indicate that the rule of law is continuing to be strengthened and that the political infighting can be overcome.
Read More